Reps Expose 48 Oil Firms Owing FG N2 Trillion

The House of Representatives has announced that seven major oil and gas operators in Nigeria have committed to remitting $37,435,094.52 (approximately N58 billion) to the federation account by August 2025.

This decision follows an ongoing investigation by the Public Accounts Committee of the Green Chamber.

In a statement by House spokesperson Akin Rotimi, the committee’s review of financial records from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) exposed significant lapses in royalty payments and reconciliation processes within the sector.

Rotimi revealed that the pledged repayment is part of a N9 trillion outstanding liability flagged by the Auditor-General for the Federation in a 2021 report submitted to the National Assembly. Some of these debts have been accumulating for over four years, pointing to ongoing revenue leakages in the oil and gas sector.

The companies have acknowledged their outstanding debts and assured that payments will be made before August 2025.

Furthermore, the committee’s investigation uncovered that 45 oil and gas firms still owe $1.7 billion (N2.5 trillion) in unpaid royalties as of December 31, 2024.

“Nine companies, with a combined outstanding balance of $429.2 million, have contested the figures and requested a reconciliation process with NUPRC to verify their actual liabilities,” the statement reads.

“These companies include Aradel/Niger Delta, Chevron, STAR DEEP, Shore Line, Seplat Producing Unlimited, Esso Erha, Esso Usan, Eroton Exploration, and Seplat Energy.

“The committee has directed that the reconciliation process be completed within two weeks, after which companies are required to clear their verified debts without further delay.”

Rotimi further stated that 28 companies, collectively owing $1,230,708,293.14, have neither responded to public notices nor attended the committee’s hearings.

“These companies include Addax Petroleum Exploration Nigeria Ltd, AITEO Groups, 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 Holding, Pillar Oil Limited, Platform Petroleum Limited, Universal Energy Limited / Sinpec, Sahara Field Production Limited, and Oriental Energy Resources Limited.”

“The committee has given the affected companies a further grace period of one week to submit all relevant documentation regarding their statutory obligations and appear before the committee.”

Rotimi emphasized that the panel warned of firm legislative and regulatory sanctions for non-compliance within the given timeframe.

He noted that only two companies—Shell Petroleum Development Company (SPDC) and Shell Nigeria Exploration and Production—have fully met their royalty payment obligations.

The lawmaker reaffirmed the committee’s commitment to ensuring that all oil and gas companies in Nigeria adhere to statutory payment requirements under the Petroleum Industry Act (PIA). He added that the committee would strengthen its oversight efforts to recover outstanding revenues and curb financial leakages in the sector.