JONAS EZIEKE, Abuja
Consequent upon the ongoing investigative hearing by the Public Accounts Committee of the House of Representatives, seven major operators in Nigeria’s oil and gas industry have undertaken to remit a total of $37,435,094.52 (approximately ₦58 billion) to the Federation Account before August 2025.
This commitment follows the Committee’s 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.
The pledged repayment forms part of a ₦9 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.
Beyond these seven companies, the Committee’s investigation has uncovered $1.7 billion (₦2.5 trillion) owed by 45 oil and gas companies in unpaid royalty payments as of December 31, 2024.
Following findings by the Committee,the following seven companies have acknowledged their outstanding debts and agreed to settle them before August 2025:
Belema Oil
Panocean Oil Nigeria Ltd
Newcross Exploration & Production Ltd
Dubri Oil Company Ltd
Chorus Energy
Amni International
Network Exploration
Moreover, 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:
Aradel/Niger Delta
Chevron
STAR DEEP
Shore Line
Seplat Producing Unlimited
Esso Erha
Esso Usan
Eroton Exploration
Seplat Energy
The Committee has directed that the reconciliation process be concluded within two weeks, after which companies must settle their confirmed debts without further delay.
Funding also reveal that 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:
Addax Petroleum Exploration Nigeria Ltd
AITEO Groupw
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
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. Failure to comply within this timeframe will result in firm legislative and regulatory sanctions to enforce accountability and ensure compliance.
Only two companies were found to have fully met their royalty obligations:
Shell Petroleum Development Company (SPDC) and Shell Nigeria Exploration & Production
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.
The House of Representatives reiterates that companies benefiting from Nigeria’s natural resources must comply with financial obligations to support national development.
House Spokesman Hon.Akin Rotimi Jnr in a statement on this issue said that necessary legislative measures will be taken to enforce compliance and safeguard public revenue.
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