The House of Representatives Public Accounts Committee has recovered an additional $14.2 million from four oil companies operating in Nigeria as part of its ongoing probe into unremitted funds owed to the Federation Account.
The recovered sum is part of the over ₦9 trillion flagged by the Auditor General of the Federation in the 2021 financial report, currently under legislative investigation.
According to the House spokesperson, Akintunde Rotimi, the committee had earlier recovered $19.24 million, bringing the total amount retrieved so far to $33.44 million. The latest recoveries came from:
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Platform Petroleum Ltd – $1.9 million
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Midwestern Oil and Gas Ltd – $1.578 million
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Universal Energy – $523,845
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Aradel Energy Ltd – $10.3 million
Chairman of the Committee, Bamidele Salam (PDP, Osun), attributed these recoveries to the leadership of Speaker Abbas Tajudeen, whose commitment to legislative oversight has strengthened financial accountability.
Beyond the funds already recovered, the committee has issued a seven-day ultimatum to four more oil firms to remit a combined $23.2 million (₦34.8 billion) or face public sanction. The affected companies include:
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Total Energies – $2 million
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Seplat Energies (SPDC) – $6.036 million + ₦1.5 billion
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Aradel Energy Ltd – $12.1 million
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Network Exploration – $3.1 million
The committee has vowed to name and shame defaulters in national newspapers if they fail to comply.
The House committee also expressed concerns over several companies that have refused to appear before it despite being named in the Auditor General’s report. These firms, now under heightened scrutiny, include:
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Frontier Oil and Gas
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Conoil Producing
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Walter Smith Petrochemical
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Bilton
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Energia Ltd
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Aiteo Petroleum Ltd
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Pillar Oil Ltd
Additionally, First E & P Oil Company has been directed to reconcile an outstanding balance of $90 million with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and appear before the committee on April 16, 2025.
Salam reaffirmed the House’s determination to end financial mismanagement in the oil and gas sector, stressing that ongoing investigations are expected to uncover more unremitted funds.
“The era of impunity and financial recklessness in the oil and gas sector is coming to an end,” he said. “We are determined to recover every kobo owed to the Nigerian people and ensure transparency and accountability in the management of public funds.”
The Public Accounts Committee will continue its public hearings on the 2021 Auditor General’s report, which revealed that over ₦10 trillion remains unremitted to the Federation Account by industry operators.
