The Nigeria’s House of Representatives has successfully secured a commitment from seven oil companies to remit a total of $37,435,094.52 (approximately N58 billion) into the Federation Account before August 2025.
The companies involved in this agreement include Belema Oil, Panocean Oil Nigeria Ltd, Newcross Exploration & Production Ltd, Dubri Oil Company Ltd, Chorus Energy, Amni International, and Network Exploration.
In a statement released yesterday, the House spokesperson, Hon. Akin Rotimi, revealed that this development followed an ongoing investigation by the Public Accounts Committee. The committee had been reviewing financial records from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and discovered significant lapses in royalty payments and discrepancies in the reconciliation processes within the oil sector.
The investigation has now prompted these companies to address the outstanding payments, ensuring they fulfill their financial obligations to the Federation Account.
The pledged repayment is part of an outstanding liability totaling N9 trillion, which was questioned by the Auditor General for the Federation in his 2021 report submitted to the National Assembly.
Rotimi stated that the debts, some of which have accumulated over the past four years, underscore long-standing revenue leakages within the oil and gas sector. The spokesperson further revealed that, in addition to the seven companies initially identified, the investigation by the Committee has uncovered a total of $1.7 billion (approximately N2.5 trillion) in unpaid royalty payments owed by 45 oil and gas companies as of December 31, 2024.
Rotimi also pointed out that nine of these companies, collectively owing $429.2 million, have disputed the reported figures and requested a reconciliation process with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to verify their true liabilities.
The companies involved in the reconciliation process include Aradel/Niger Delta, Chevron, Star Deep, Shore Line, Seplat Producing Unlimited, Esso Erha, Esso Usan, Eroton Exploration, and Seplat Energy.
Rotimi, however, emphasized that the Committee has mandated the reconciliation process to be completed within two weeks. After this period, the companies will be required to settle any confirmed debts promptly, without further delay.
