The Public Accounts Committee (PAC) of the House of Representatives has successfully recovered ₦28.7 billion from two oil companies indebted to the Federation Account, as part of an ongoing investigation into financial discrepancies uncovered in the 2021 audit report by the Office of the Auditor General for the Federation.
According to House spokesman Akintunde Rotimi (APC, Ekiti), Chorus Energy Limited settled its outstanding liability of $847,623 (₦1.2 billion) on March 11, while Seplat Production Development Limited remitted $18.39 million (₦27.6 billion) between March 10 and 14. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has been provided with payment evidence for verification.
The committee’s investigation also revealed that Shoreline Natural Resources Limited had made a $30 million payment toward its $100.28 million debt before the probe commenced and has requested a structured repayment plan for the outstanding balance. Meanwhile, Seplat Energy Producing Nigeria Unlimited (formerly Mobil Producing) was found to hold 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, with no outstanding liabilities.
Beyond oil sector debts, the committee has also recovered ₦199.3 million from excessive charges levied between March and October 2015 and unremitted Value Added Tax (VAT) on transactions processed via the Remita platform between 2015 and 2022. The House had ordered the PAC to investigate these revenue leakages following a motion sponsored by Rep. Jeremiah Umaru.
Chairman of the committee, Bamidele Salam (PDP, Osun), reaffirmed its commitment to financial transparency, stating, “These recoveries demonstrate the effectiveness of the National Assembly’s oversight function. We will continue to engage with institutions and deploy all necessary legislative tools to recover outstanding debts and prevent revenue leakages.”
The PAC has vowed to pursue all constitutionally approved measures to recover funds still owed by the remaining 38 oil companies under investigation, reinforcing its resolve to strengthen financial discipline and accountability in Nigeria’s public sector.
