Reps threaten sanctions as 13 oil firms shun summons over N731.1bn debt to FG

… says recovered debt now N86.5bn

The House of Representatives Public Accounts Committee (PAC) has threatened 13 “non-compliant” oil companies over their persistent failure to respond to its official summons and public invitations.

The Committee disclosed on Wednesday that the companies allegedly owe the Nigerian government N731.12 billion ($456.95 million) in unremitted oil revenues. Yet, it said despite repeated invitations and public notices through national newspapers, the companies have failed to appear before the Committee, prompting it to consider punitive actions in line with legislative and constitutional provisions.

According to the committee, the list of non-compliant oil companies and alleged Llabilities include: Conoil Producing Ltd. ($5 million); Continental Oil & Gas Ltd. ($57 million);Energia Ltd. ($19.5 million; ⁠Frontier OML 13 ($952,216.51); Millennium Oil & Gas Ltd. ($2.067 million); and ⁠Neconde Energy Ltd. ($325.7 million).

Others are: ⁠Pillar Oil Ltd. ($4.6 million); ⁠Waltersmith OML 16 ($8.7 million); Aiteo Ltd. ($34.8 million);Bilton ($5 million); ⁠Heirs Holdings ($137.7 million); General Hydrocarbon Ltd. ($22.5 million); and ⁠Eroton ($34.5 million)

The Committee has scheduled the aforementioned companies to appear without fail on Wednesday, July 2, and Thursday, July 3, 2025.

The Committee also requested the following oil companies to reappear before the Committee, in connection with alleged outstanding liabilities totaling $125.5 million: OML 18 ($15.2 million); ⁠Shoreline ($70 million); ⁠Network Exploration ($2.6 million); ⁠Aradel ($8.2 million); ⁠Newcross Exploration ($25 million); and ⁠Pan Ocean ($4.5 million).

Bamidele Salam, chairman of the Committee, stated that the “recalcitrant companies” will face the constitutional consequences of their refusal to cooperate.

“We are fully committed to enforcing accountability and recovering all funds owed to the Nigerian people”, he said.

The Committee further announced the recovery of an additional $15.7 million (approximately ₦25 billion) from several oil companies, raising the total recovered amount to ₦86.5 billion.

This, it said follows a comprehensive review of the Auditor-General’s Annual Report on the Consolidated Financial Statements for the year ended December 31, 2021.

The Committee’s investigations revealed that oil and gas companies owe the Federation Account approximately ₦9.4 trillion as of Q4 2024, stemming from unpaid oil royalties, concession rentals, gas flare penalties, and other contractual obligations under Production Sharing Contracts (PSCs), Repayment Agreements, and Modified Carry Arrangements.

The latest recoveries include: TotalEnergies ($2 million); ⁠Shoreline Natural Resources ($10 million); ⁠OML 18 Resources ($3,474,123); and Enageed Resource Ltd. ($280,000)

The committee said the funds have been remitted directly into the Federation Account and considered it a critical step in reinforcing fiscal responsibility within Nigeria’s extractive sector.

The committee assured Nigerians of its unwavering commitment to accountability, transparency, and the diligent protection of public resources in the national interest.