The House of Representatives Public Accounts Committee (PAC) has recovered an additional $14.2 million (₦21.4 billion) from four oil and gas companies as part of its ongoing probe into financial irregularities in the sector.
This latest recovery pushes the total funds recovered to $33.44 million (₦50.1 billion), following an earlier announcement on March 16, 2025, of recoveries amounting to ₦28.7 billion ($19.24 million).
Breakdown of the Latest Recoveries:
• Platform Petroleum Ltd – $1.9 million (₦2.9 billion)
• Midwestern Oil and Gas Ltd – $1.578 million (₦2.3 billion)
• Universal Energy – $523,845 (₦785.7 million)
• Aradel Energy Ltd – $10.3 million (₦15.5 billion)
Chairman of the PAC, Rep. Bamidele Salam, credited the success of the recoveries to the strong leadership and oversight of Speaker Rt. Hon. Abbas Tajudeen, PhD., GCON. He noted that Speaker Abbas’ unwavering commitment to legislative accountability has empowered the Committee to function effectively in safeguarding public resources.
“Under Speaker Abbas’ leadership, the House has reaffirmed its commitment to fiscal transparency and good governance. Our independence as a Committee has enabled us to diligently recover public funds and ensure financial accountability in the oil and gas sector,” Rep. Salam stated.
In a bid to further enforce compliance, the Committee has issued a 20-day ultimatum to four oil companies to remit a total of $23.2 million (₦34.8 billion). Companies that fail to comply will face strict sanctions, including public disclosure of their names in national newspapers.
Companies and Payment Deadlines:
• Total Energies – $2 million (within 7 days)
• Seplat Energies (SPDC) – $6.036 million + ₦1.5 billion (within 7 days)
• Aradel Energy Ltd – $12.1 million (within 7 days)
• Network Exploration – $3.1 million (within 7 days)
Rep. Salam warned that companies failing to meet their financial obligations would face the full weight of legislative oversight.
The PAC also expressed concern over several companies that have failed to respond to its summons. The following firms are now under increased scrutiny and may face further action if they continue to evade accountability:
• Frontier Oil and Gas
• Conoil Producing
• Walter Smith Petrochemical
• Bilton
• Energia Ltd
• Aiteo Petroleum Ltd
• 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 must appear before the Committee on April 16, 2025, to resolve the matter.
The PAC’s actions are part of the House of Representatives’ broader effort to enforce transparency and financial discipline in the oil and gas industry. The 2021 Auditor General’s report has already revealed that over ₦10 trillion in payments remain outstanding to the Federation Account from industry operators.
“The era of impunity and financial recklessness in the oil and gas sector is coming to an end. We will recover every kobo owed to Nigerians and ensure that public funds are properly managed,” Rep. Salam reaffirmed.
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