About 43 oil firms and facilities are facing investigations over N9.4 trillion debt not remitted to federation account.
Nigeria’s House of Representatives, through its Committee on Public Accounts, is commencing investigative hearings aimed at addressing significant outstanding debts owed by some oil companies to the Federation Account.
The investigation may not be unconnected to the report from the Auditor General of the Federation which revealed that in the last quarter of 2024, several oil companies owed a combined total of approximately N9.4 trillion.
House of Representatives spokesperson, Akin Rotimi, disclosed this in a statement on Sunday.
The statement noted that the investigative hearing is in compliance with the committee’s constitutional mandate under sections 85, 88, and 89 of the Constitution of the Federal Republic of Nigeria 1999 (as amended), as well as Order XX—Rule 6 of the House of Representatives Standing Orders (eleventh edition).
According to the statement, the debt covers unpaid royalties, concession rentals, and gas flare penalties, in addition to obligations arising from production sharing contracts, repayment agreements, and modified carry arrangements.
Despite the clear provisions of the Petroleum Industry Act — which require such debts to be settled within 30 days —many of these liabilities have remained unsettled since 2021.
The hearing is scheduled to be held from Monday to Friday, March 3rd to 7th, 2025.
“In light of these findings, the Public Accounts Committee hereby invites the oil companies listed below to submit the previously requested documents and appear before the Committee in Meeting Room 446, Fourth Floor, House of Representatives, National Assembly Complex, Abuja at 10:00 am prompt on the dates indicated,” the statement reads.
The list of oil firms involved are as below:
Addax Petroleum Exploration Nigeria Ltd, AITEO Group, All Grace Energy, Amalgamated Oil Company Nigeria Limited, Amni International Petroleum Development Company Limited, Belemaoil Producing Ltd., Bilton Energy Limited, Britannia-U, Waltersmith Petroman Limited, Chevron Nigeria Ltd. (OML 90, 95, 49), Chorus Energy, Conoil Plc, Continental Oil & Gas Company Ltd., Dubri Oil Company Limited, Engaged Resources Limited and Shell Nigeria Exploration and Production Company.
Others are; Energia Limited, Eroton Exploration & Production Company Limited, Dubri Oil Company Limited, Esso E & P. Ltd. (Usan, Erha), First E & P. Ltd., Neconde Energy Limited, Newcross Exploration and Production Limited, Newcross Petroleum (OML 152), Network Exploration & Production Limited, Total E and P Nigeria (OML 100, 102, 52 & 99), Niger Delta Petroleum, Nigeria Petroleum Development Company (NPDC) (OML 60, 61 & 63) and Lekoil Oil and Gas Investments Limited
Also on the list are; Midwestern Oil and Gas Limited, Millennium Oil and Gas Company Limited, Seplat Energy (OML 4, 38 & 41), Oriental Energy Resources Limited, Oando Oil Ltd. (OML 60, 61 & 62), Heirs Holdings, Pillar Oil Limited, Platform Petroleum Limited, Shell Petroleum Development Company (OML 27), Universal Energy Limited/Sinpec, Shoreline Natural Resources, Star Deep Water Petroleum Limited, Sahara Field Production Limited and Mobil Producing Nigeria Unlimited (OML 67 & 70).
