{"id":93236,"date":"2025-03-10T13:46:42","date_gmt":"2025-03-10T13:46:42","guid":{"rendered":"https:\/\/everyday.ng\/?p=93236"},"modified":"2025-03-10T13:51:39","modified_gmt":"2025-03-10T13:51:39","slug":"93236","status":"publish","type":"post","link":"https:\/\/everyday.ng\/?p=93236","title":{"rendered":"Seven oil companies to remit N58b in royalties, others resist on N2.5t debt; only Shell up to date"},"content":{"rendered":"

Press Statement<\/strong><\/p>\n

House of Representatives Secures Commitment of 7 Oil Companies to Settle $37.4m Owed to Federation Account Before August<\/strong><\/p>\n

Consequent upon the ongoing investigation by the Public Accounts Committee of the House of Representatives, seven major operators in Nigeria\u2019s oil and gas industry have undertaken to remit a total of $37,435,094.52 (approximately \u20a658 billion) to the Federation Account before August 2025.<\/p>\n

This commitment follows the Committee\u2019s scrutiny of financial records from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), which flagged significant lapses in royalty payments and reconciliation processes across the sector.<\/p>\n

Background on the Debt<\/strong><\/p>\n

The pledged repayment forms part of a \u20a69 trillion outstanding liability queried by the Auditor General for the Federation in his 2021 report submitted to the National Assembly. The debts, some of which have accrued over a period of four years, highlight longstanding revenue leakages in the oil and gas sector.<\/p>\n

Beyond these seven companies, the Committee\u2019s investigation has uncovered $1.7 billion (\u20a62.5 trillion) owed by 45 oil and gas companies in unpaid royalty payments as of December 31, 2024.<\/p>\n

Key Findings from the Investigation<\/strong><\/p>\n

1. Companies That Have Committed to Payment<\/strong><\/p>\n

The following seven companiesw have acknowledged their outstanding debts and agreed to settle them before August 2025:<\/p>\n

1. Belema Oil
\n2. Panocean Oil Nigeria Ltd
\n3. Newcross Exploration & Production Ltd
\n4. Dubri Oil Company Ltd
\n5. Chorus Energy
\n6. Amni International
\n7. Network Exploration<\/p>\n

2. Companies That Disputed Their Recorded Liabilities<\/strong><\/p>\n

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. These companies include:<\/p>\n

1. Aradel\/Niger Delta
\n2. Chevron
\n3. STAR DEEP
\n4. Shore Line
\n5. Seplat Producing Unlimited
\n6. Esso Erha
\n7. Esso Usan
\n8. Eroton Exploration
\n9. Seplat Energy<\/p>\n

The Committee has directed that the reconciliation process be concluded within two weeks, after which companies must settle their confirmed debts without further delay.<\/p>\n

3. Companies That Have Failed to Appear Before the Committee<\/strong><\/p>\n

A total of 28 companies, collectively owing $1,230,708,293.14, have failed to honor invitations by the Committee or respond to public notices. These companies include:<\/p>\n

1. Addax Petroleum Exploration Nigeria Ltd
\n2. AITEO Group
\n3. All Grace Energy
\n4. Amalgamated Oil Company Nigeria Limited
\n5. Total E&P Nigeria (OML 100, 102, 52 & 99)
\n6. Bilton Energy Limited
\n7. Enageed Resources Limited
\n8. Waltersmith Petroman Limited
\n9. Conoil Plc
\n10. Continental Oil & Gas Company Ltd
\n11. Energia Limited
\n12. First E&P Ltd
\n13. Frontier Oil Limited
\n14. General Hydrocarbons Limited
\n15. Green Energy International Ltd
\n16. Nigeria Agip Exploration Ltd (NAE)
\n17. Neconde Energy Limited
\n18. Nigeria Petroleum Development Company (NPDC) \u2013 OML 60, 61 & 63
\n19. Lekoil Oil and Gas Investments Limited
\n20. Midwestern Oil and Gas Limited
\n21. Millennium Oil and Gas Company Limited
\n22. Oando Oil Ltd (OML 60, 61 & 62)
\n23. Heirs Holding
\n24. Pillar Oil Limited
\n25. Platform Petroleum Limited
\n26. Universal Energy Limited \/ Sinpec
\n27. Sahara Field Production Limited
\n28. Oriental Energy Resources Limited<\/p>\n

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. Failure to comply within this timeframe will result in firm legislative and regulatory sanctions to enforce accountability and ensure compliance.<\/p>\n

4. Companies That Have Fully Complied<\/strong><\/p>\n

Only two companies were found to have fully met their royalty obligations:<\/p>\n

1. Shell Petroleum Development Company (SPDC)
\n2. Shell Nigeria Exploration & Production<\/p>\n

Ensuring Accountability and Revenue Recovery<\/strong><\/p>\n

The House Committee on Public Accounts remains steadfast in ensuring that all oil and gas companies operating in Nigeria adhere to statutory payment obligations in line with the Petroleum Industry Act (PIA). The Committee will continue to intensify oversight to recover outstanding revenues and plug revenue leakages in the industry.<\/p>\n

The House of Representatives reiterates that companies benefiting from Nigeria\u2019s natural resources must comply with statutory financial obligations to support national development. The necessary legislative measures will be taken to enforce compliance and safeguard public revenue.<\/p>\n

\u25cf By Rep. Akin Rotimi, Jr.<\/strong>, Spokesman, House of Representatives<\/p>\n","protected":false},"excerpt":{"rendered":"

Press Statement House of Representatives Secures Commitment of 7 Oil Companies to Settle $37.4m Owed to Federation Account Before August Consequent upon the ongoing investigation by the Public Accounts Committee of the House of Representatives, seven major operators in Nigeria\u2019s oil and gas industry have undertaken to remit a total of $37,435,094.52 (approximately \u20a658 billion) […]<\/p>\n","protected":false},"author":7,"featured_media":64510,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,7,5786],"tags":[1846,1197,1101],"class_list":["post-93236","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","category-news","category-statement","tag-debts","tag-oil","tag-reps"],"_links":{"self":[{"href":"https:\/\/everyday.ng\/index.php?rest_route=\/wp\/v2\/posts\/93236","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/everyday.ng\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/everyday.ng\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/everyday.ng\/index.php?rest_route=\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/everyday.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=93236"}],"version-history":[{"count":0,"href":"https:\/\/everyday.ng\/index.php?rest_route=\/wp\/v2\/posts\/93236\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/everyday.ng\/index.php?rest_route=\/wp\/v2\/media\/64510"}],"wp:attachment":[{"href":"https:\/\/everyday.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=93236"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/everyday.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=93236"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/everyday.ng\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=93236"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}