Isaac Samuel
The House of Representatives Public Accounts Committee (PAC) has uncovered over N9.4 trillion in unpaid financial obligations owed to the Federation Account by several oil and gas companies operating in Nigeria as at the fourth quarter of 2024.
The liabilities, according to the committee, stem from unpaid oil royalties, concession rentals, gas flare penalties, and other dues under various contractual agreements, including Production Sharing Contracts (PSCs), Modified Carry Arrangements, and Repayment Agreements.
The House also warned 13 non-compliant firms over their persistent failure to respond to legislative summons.
Spokesman of the House, Akin Rotimi, who disclosed this in a statement on Wednesda night, said 13 companies, which are allegedly owing $456,952,216.51 (approximately N731.1 billion), have consistently failed to honour invitations to appear before the Committee despite several public notices and direct communications.
The affected companies include: Conoil Producing Ltd. ($5m), Continental Oil & Gas Ltd. ($57m), Energia Ltd. ($19.5m), Frontier OML 13 ($952,216.51), Millennium Oil & Gas Ltd. ($2.067m), Neconde Energy Ltd. ($325.7m), Pillar Oil Ltd. ($4.6m), Waltersmith OML 16 ($8.7m), Aiteo Ltd. ($34.8m), Bilton ($5m), Heirs Holdings ($137.7m), General Hydrocarbon Ltd. ($22.5m), and Eroton ($34.5m).
The Committee has scheduled July 2 and 3, 2025, as mandatory appearance dates for these firms, warning that continued defiance would attract constitutional penalties.
Rotimi said the committee has directed six other oil firms, OML 18 ($15.2m), Shoreline ($70m), Network Exploration ($2.6m), Aradel ($8.2m), Newcross Exploration ($25m), and Pan Ocean ($4.5m) to reappear before it over separate outstanding liabilities totalling $125.5 million.
Meanwhile, the Committee disclosed the recovery of an additional $15.7 million (approximately N25 billion) from four oil companies—TotalEnergies ($2m), Shoreline Natural Resources ($10m), OML 18 Resources ($3,474,123) and Enageed Resource Ltd. ($280,000).
He said these funds have been remitted directly into the Federation Account and are considered a critical step in reinforcing fiscal responsibility within Nigeria’s extractive sector.
