By Obiabin Onukwugha
Nigeria’s House of Representatives have recovered a whooping N28.7 billion debt owed the federal government by some oil companies operating in the Niger Delta.
Penultimate week, the House of Representatives Committee on Public Accounts summoned over 40 oil companies to appear before it over unpaided gas flare fines, royalties and other debts.
The feat was announced by the Committee in a statement by the House of Representatives spokesman, Rep. Akin Rotimi Jr.
The statement read: “The House of Representatives through its Public Accounts Committee (PAC) has recorded a significant breakthrough in ongoing efforts to recover outstanding revenues, securing $19,241,109.35 (approximately ₦28.7 billion) from two oil companies indebted to the Federation Account.
The Committee’s investigation, which is based on findings from the 2021 Audit Report, focuses on 45 oil companies collectively owing $1.7 billion in outstanding liabilities to the Federation.”
According to the report as indicated by the statement: Chorus Energy Limited settled its outstanding liability with a payment of $847,623 (₦1.2 billion) on March 11, 2025.
Seplat Production Development Limited fully discharged its obligation by remitting $18.39 million (₦27.6 billion) between March 10 and March 14, 2025.”
It stated that the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has been furnished with evidence of these payments for final verification.
Additionally, Shoreline Natural Resources Ltd. had made a $30 million payment towards its $100.28 million debt before the investigation commenced and has requested a structured repayment plan for the outstanding balance.
The statement continued: “During the Committee’s proceedings, a representative of the NUPRC, Balarabe Haruna, reported that following recent reconciliations:
“Seplat Energy Producing Nigeria Unlimited (formerly Mobil Producing) now holds a credit balance of $211,911.09 for crude oil royalty, $33.01 million for gas flare penalties, and $163,046.40 for concession rentals, with no outstanding liabilities.”
The Committee commended Seplat Energy for its prompt compliance with its financial obligations. Furthermore, the Committee reaffirmed its commitment to deploying all constitutionally sanctioned measures to recover outstanding debts from the remaining 38 oil companies under investigation.
The report further highlighted that Amalgamated Oil Company Nigeria Ltd; Seplat Energy; Shell Exploration and Production; and Shell Petroleum Development Company have fully settled their obligations and are no longer financially liable.
Chairman of the House Public Accounts Committee, Rep. Bamidele Salam, reaffirmed the Committee’s resolve to pursue every avenue to recover public funds.