In a significant financial breakthrough, the House of Representatives, through its Public Accounts Committee (PAC), has successfully recovered $19.2 million (approximately ₦28.7 billion) from two oil companies indebted to Nigeria’s Federation Account.
The recoveries come as part of an ongoing investigation into 45 oil companies, collectively owing a staggering $1.7 billion in outstanding liabilities.
Major Recoveries
- Chorus Energy Limited settled its ₦1.2 billion ($847,623) debt on March 11, 2025.
- Seplat Production Development Limited cleared ₦27.6 billion ($18.39 million) between March 10 and 14, 2025.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has received payment evidence for verification, while Shoreline Natural Resources Ltd.—which had already paid $30 million towards its $100.28 million debt—has requested a structured repayment plan.
More Debt Settlements & Findings
A recent reconciliation by the NUPRC also revealed that:
- Seplat Energy Producing Nigeria Unlimited (formerly Mobil Producing) now holds a credit balance of $211,911.09 for crude oil royalties, $33.01 million for gas flare penalties, and $163,046.40 for concession rentals.
- Companies such as Amalgamated Oil Company Nigeria Ltd., Seplat Energy, Shell Exploration & Production, and Shell Petroleum Development Company have fully settled their obligations.
Remita Revenue Leakages Probe
Beyond the oil sector, the House Committee also recovered ₦199.3 million from an outstanding ₦6.8 billion linked to:
- Excessive charges levied between March and October 2015.
- Unremitted VAT on transactions processed via Remita from 2015 to 2022.
Findings show that while banks and Remita refunded ₦7.63 billion from excessive transaction charges, ₦6.83 billion remains unpaid due to interest accumulation at a Monetary Policy Rate (MPR) of 27.25%.
Banks Make Payments
On March 13, 2025, the following banks made remittances:
- GTB: ₦40.6 million
- Zenith Bank: ₦126.13 million
- GTB (additional): ₦32.58 million
However, the Central Bank of Nigeria (CBN) still holds an outstanding VAT liability of ₦521.77 million for transactions between November 2018 and April 2024.
House Vows to Sustain Revenue Recovery Drive
Rep. Bamidele Salam, Chairman of the PAC, reaffirmed the committee’s dedication to retrieving public funds, stating:
“These recoveries highlight the effectiveness of legislative oversight in ensuring financial accountability. We will continue to engage relevant institutions and deploy all necessary tools to recover outstanding debts and prevent further revenue leakages.”
The House remains committed to financial discipline, institutional accountability, and safeguarding national resources as the probe expands.
