Reps to probe N9.4trn debt owed by oil companies
The House of Representatives will commence an investigative hearing on Monday, March 3, 2025, to examine outstanding debts owed by several oil companies to the Federation Account, totaling approximately ₦9.4 trillion.
In a statement, House Spokesman Akintunde Rotimi said the probe aligns with the Committee’s constitutional mandate under Sections 85, 88, and 89 of the 1999 Constitution (as amended) and Order XX – Rule 6 of the House Standing Orders (eleventh edition).
According to the statement, a review of the Auditor-General’s Annual Report on the Consolidated Financial Statement for the year ending December 31, 2021, alongside further investigations, revealed that as of the last quarter of 2024, several oil companies had yet to remit ₦9.4 trillion.
The outstanding sum includes unpaid royalties, concession rentals, gas flare penalties, and obligations from production-sharing contracts, repayment agreements, and modified carry arrangements.
He said: “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.
“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.
Companies to appear before the committee include Addax Petroleum Exploration Nigeria Ltd, AITEO Group Chevron Nig Ltd (OML 90, 95, 49), Chorus Energy, Conoil Plc, Continental Oil & Gas Company Ltd, Shell Nigeria Exploration and Production Company, Esso E & P. Ltd (Usan, Erha), First E & P. Ltd, Frontier Oil Limited, General Hydrocarbons Limited, Nigeria Agip Expl. Ltd (NAE), Panocean Oil Nigeria Limited (OML 147), Neconde Energy Limited, Total E and P Nigeria (OML 100, 102, 52 & 99), Niger Delta Petroleum, Nigeria Petroleum Development Company (NPDC) (OML 60, 61 & 63)
The companies also include Oando Oil Ltd (OML 60, 61 & 62), Heirs Holdings, 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 Nig. Unlimited (OML 67 & 70) among others
The statement said: “This notice supersedes all previous communications regarding the dates for appearance. Every company is required to be represented by its Chief Executive Officer, in person, and any other officer(s) well-versed in the issues under investigation.
‘The Committee cautions that failure to appear on the designated date may result in further action being taken against the defaulting organization”.
Rotimi quite the Chairman of the House Committee on Public Accounts, Bamidele Salam as saying, “Oil companies must fulfill their statutory obligations to maintain the integrity and accountability of our nation’s resources. We welcome a collaborative approach with all stakeholders as we work together to address these discrepancies in an effective and efficient manner.”
He said the affected organisations have been duly notified, and this public notice is for the public records, and in line with our commitment to an open parliament that is transparent and accountabl
