Nigeria’s House of Representatives Public Accounts Committee (PAC) has made significant progress in recovering funds owed to the country’s Federation Account. In a major development, the committee successfully retrieved ₦28.7 billion from two oil companies, marking an important step in addressing the $1.7 trillion debt owed by 45 oil firms.
Major Recoveries: Who Paid Up?
Two oil companies have settled their outstanding liabilities. Chorus Energy Limited paid ₦1.2 billion on March 11, 2025 while Seplat Production Development Limited remitted a whopping ₦27.6 billion between March 10 and March 14, 2025.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has been provided with evidence of these payments for final verification.
Companies Cleared of Debt
As a result of these payments, the PAC has officially cleared the following companies of any outstanding financial obligations to the Federation Account:
- Amalgamated Oil Company Nigeria Ltd
- Seplat Energy
- Shell Exploration and Production
- Shell Petroleum Development Company
This clearance signals compliance, but for other companies still owing, the pressure is on.
Outstanding Debts: The Clock is Ticking
While some companies have settled their debts, others are still under scrutiny. One notable case is Shoreline Natural Resources Ltd, which made an initial $30 million payment towards its $100.28 million debt and has requested a structured repayment plan for the outstanding balance.
Additionally, nine companies, disputing a combined debt of $429.2 million, have entered a reconciliation process with NUPRC. These include: Chevron, Seplat Producing Unlimited, Aradel/Niger Delta, Esso Erha, Esso Usan, STAR DEEP, Shore Line, Eroton Exploration, Seplat Energy.
The committee has given them two weeks to finalize reconciliations and pay up.
The Defaulters: Who’s Ignoring the Summons?
Some companies have failed to respond to invitations by the committee or public notices, despite owing a combined $1.23 billion. These include:
- Addax Petroleum Exploration Nigeria Ltd
- AITEO Group
- All Grace Energy
- Amalgamated Oil Company Nigeria Limited
- Total E&P Nigeria (OML 100, 102, 52 & 99)
- Bilton Energy Limited
- Enageed Resources Limited
- Waltersmith Petroman Limited
- Conoil Plc
- Continental Oil & Gas Company Ltd
- Energia Limited
- First E&P Ltd
- Frontier Oil Limited
- General Hydrocarbons Limited
- Green Energy International Ltd
- Nigeria Agip Exploration Ltd (NAE)
- Neconde Energy Limited
- Nigeria Petroleum Development Company (NPDC) – OML 60, 61 & 63
- Lekoil Oil and Gas Investments Limited
- Midwestern Oil and Gas Limited
- Millennium Oil and Gas Company Limited
- Oando Oil Ltd (OML 60, 61 & 62)
- Heirs Holdings
- Pillar Oil Limited
- Platform Petroleum Limited
- Universal Energy Limited / Sinpec
- Sahara Field Production Limited
- Oriental Energy Resources Limited
These firms have been given one final week to present their financial records and engage with the committee. Failure to comply could result in tough legislative and regulatory actions.
What This Means for Nigeria
This latest recovery accentuates the government’s renewed push for accountability in the oil sector. For too long, revenue leakages have weakened Nigeria’s economy, and the PAC is determined to reverse this trend. By enforcing financial obligations, the government aims to strengthen public revenue streams and fund critical national development projects.
With billions still outstanding, the real question remains: Will the remaining oil firms comply, or will the government have to take tougher action? Time will tell.
