{"id":94121,"date":"2025-06-19T08:43:05","date_gmt":"2025-06-19T08:43:05","guid":{"rendered":"https:\/\/everyday.ng\/?p=94121"},"modified":"2025-06-19T08:43:05","modified_gmt":"2025-06-19T08:43:05","slug":"house-of-reps-recovers-n86-5b-debt-from-oil-companies-awaits-n731b-from-aiteo-conoil-heirs-holdings-others","status":"publish","type":"post","link":"https:\/\/everyday.ng\/?p=94121","title":{"rendered":"House of Reps recovers N86.5b debt from oil companies, awaits N731b from Aiteo, Conoil, Heirs Holdings, others"},"content":{"rendered":"

Oil Revenue Recovery: House of Reps Committee Warns 13 Non-Compliant Companies of Sanctions, as Recovered Funds Reach N86.5bn<\/strong><\/p>\n

The House of Representatives Public Accounts Committee (PAC) has issued a strong warning to 13 non-compliant oil companies, threatening constitutional sanctions over their persistent failure to respond to official summons and public invitations.<\/p>\n

These companies are alleged to owe the Nigerian government $456,952,216.51 in unremitted oil revenues.<\/p>\n

Despite repeated invitations and public notices through national newspapers, the listed companies have failed to appear before the Committee, prompting the PAC to consider punitive actions in line with legislative and constitutional provisions.<\/p>\n

List of Non-Compliant Oil Companies and Alleged Liabilities amounting to $456,952,216.51 (\u20a6731,123,546,416):<\/strong><\/p>\n

– Conoil Producing Ltd. ($5 million)
\n– \u2060Continental Oil & Gas Ltd. ($57 million)
\n– \u2060Energia Ltd. ($19.5 million)
\n– \u2060Frontier OML 13 ($952,216.51)
\n– \u2060Millennium Oil & Gas Ltd. ($2.067 million)
\n– \u2060Neconde Energy Ltd. ($325.7 million)
\n– \u2060Pillar Oil Ltd. ($4.6 million)
\n– \u2060Waltersmith OML 16 ($8.7 million)
\n– \u2060Aiteo Ltd. ($34.8 million)
\n– \u2060Bilton ($5 million)
\n– \u2060Heirs Holdings ($137.7 million)
\n– \u2060General Hydrocarbon Ltd. ($22.5 million)
\n– \u2060Eroton ($34.5 million)<\/p>\n

The Committee has scheduled the aforementioned companies to appear without fail on Wednesday, July 2, and Thursday, July 3, 2025.<\/p>\n

The Public Accounts Committee (PAC) has also requested the following oil companies to reappear before the Committee, in connection with alleged outstanding liabilities totaling $125.5 million:<\/p>\n

– OML 18 ($15.2 million)
\n– \u2060Shoreline ($70 million)
\n– \u2060Network Exploration ($2.6 million)
\n– \u2060Aradel ($8.2 million)
\n– \u2060Newcross Exploration ($25 million)
\n– \u2060Pan Ocean ($4.5 million)<\/p>\n

Chairman of the Committee, Rep. Bamidele Salam, stated:<\/p>\n

\u201cRecalcitrant companies will face the constitutional consequences of their refusal to cooperate. We are fully committed to enforcing accountability and recovering all funds owed to the Nigerian people.\u201d<\/p>\n

The warning comes as the Committee announced the recovery of an additional $15.7 million (approximately \u20a625 billion) from several oil companies, raising the total recovered amount to \u20a686.5 billion.<\/p>\n

This follows a comprehensive review of the Auditor-General\u2019s Annual Report on the Consolidated Financial Statements for the year ended December 31, 2021.<\/p>\n

The Committee\u2019s investigations revealed that oil and gas companies owe the Federation Account approximately \u20a69.4 trillion as of Q4 2024, stemming from unpaid oil royalties, concession rentals, gas flare penalties, and other contractual obligations under Production Sharing Contracts (PSCs), Repayment Agreements, and Modified Carry Arrangements.<\/p>\n

Latest Recoveries amounting to $15.7 million (approximately \u20a625 billion):<\/strong><\/p>\n

– TotalEnergies ($2 million)
\n– \u2060Shoreline Natural Resources ($10 million)
\n– \u2060OML 18 Resources ($3,474,123)
\n– \u2060Enageed Resource Ltd. ($280,000)<\/p>\n

These funds have been remitted directly into the Federation Account and are considered a critical step in reinforcing fiscal responsibility within Nigeria\u2019s extractive sector.<\/p>\n

The House of Representatives assures Nigerians of its unwavering commitment to accountability, transparency, and the diligent protection of public resources in the national interest.<\/p>\n

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

Oil Revenue Recovery: House of Reps Committee Warns 13 Non-Compliant Companies of Sanctions, as Recovered Funds Reach N86.5bn The House of Representatives Public Accounts Committee (PAC) has issued a strong warning to 13 non-compliant oil companies, threatening constitutional sanctions over their persistent failure to respond to official summons and public invitations. These companies are alleged […]<\/p>\n","protected":false},"author":7,"featured_media":94122,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,7],"tags":[277,7160,1197],"class_list":["post-94121","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","category-news","tag-debt","tag-n731b","tag-oil"],"_links":{"self":[{"href":"https:\/\/everyday.ng\/index.php?rest_route=\/wp\/v2\/posts\/94121","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=94121"}],"version-history":[{"count":0,"href":"https:\/\/everyday.ng\/index.php?rest_route=\/wp\/v2\/posts\/94121\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/everyday.ng\/index.php?rest_route=\/wp\/v2\/media\/94122"}],"wp:attachment":[{"href":"https:\/\/everyday.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=94121"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/everyday.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=94121"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/everyday.ng\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=94121"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}