Alleged Debt: Seplat and Chorus Energy pays N28.7 billion to Nigeria’s Federation Account – Reps 

The House of Representatives, through its Public Accounts Committee (PAC), disclosed this in a statement signed by Rep. Akin Rotimi Jr, Spokesman, House of Representatives.

According to the report, “Chorus Energy Limited settled its outstanding liability with a payment of $847,623 (N1.2 billion) on March 11, 2025”, while “Seplat Production Development Limited fully discharged its obligation by remitting $18.39 million (N27.6 billion) between March 10 and March 14, 2025.”

The House described this as a significant breakthrough in the ongoing efforts to recover outstanding revenues.

Recall that Naijaonpoint previously reported that the Committee’s investigation is based on findings from the 2021 Audit Report, focusing on 45 oil companies collectively owing Nigeria $1.7 billion in outstanding liabilities to the Federation.

Prompt Compliance with Financial Obligations to Nigeria

“During the Committee’s proceedings, a representative of the NUPRC, Balarabe Haruna, reported that following recent reconciliations:

“Seplat Energy Producing Nigeria Unlimited (formerly Mobil Producing) now holds a credit balance of $211,911.09 for crude oil royalty, $33.01 million for gas flare penalties, and $163,046.40 for concession rentals, with no outstanding liabilities,” the statement added.

In a separate development, the House disclosed that it has successfully recovered N199.3 million out of an outstanding N6.8 billion, comprising excessive charges levied between March and October 2015 and unremitted Value Added Tax (VAT) on transactions processed via the Remita platform from 2015 to 2022.

In 2024, the Committee investigated revenue leakages and non-remittance of funds by Ministries, Departments, and Agencies (MDAs) through Remita.

This directive was said to have followed a motion sponsored by Hon. Jeremiah Umaru, which was subsequently referred to the Committee.

“The Federal Government had previously directed value chain providers, including banks, Remita, and the Central Bank of Nigeria (CBN), to refund 1% transaction charges collected via Remita between March and October 2015.

“An audit of records from banks and Remita revealed that while N7,626,503,441.42 had been refunded, an outstanding sum of N1,984,355,431.08 remained unpaid.

“Applying the prevailing Monetary Policy Rate (MPR) of 27.25%, the accumulated interest on the unpaid sum amounts to N4,842,928,161.36, bringing the total refundable amount to N6,827,283,592.44.

“The Committee confirmed that on March 13, 2025, Guaranty Trust Bank (GTB) settled N40.6 million in overdue charges for the period between March and October 2015,” the statement partly reads.

According to the Committee, further investigations uncovered non-remittance of VAT on transactions processed via Remita and that CBN acknowledged an outstanding VAT liability of N521,765,134.17 for transactions between November 2018 and April 2024, which remains unsettled.

According to the Committee, further investigations uncovered non-remittance of VAT on transactions processed via Remita and that CBN acknowledged an outstanding VAT liability of N521,765,134.17 for transactions between November 2018 and April 2024, which remains unsettled.

The Committee listed the banks that have remitted:

The House added that despite these recoveries, several other value chain providers are yet to comply with VAT remittance requirements and other under-remittances identified in the investigation.

Chairman of the House Public Accounts Committee, Rep. Bamidele Salam, vowed to pursue every avenue to recover public funds.

He stated,

“These recoveries demonstrate the effectiveness of the oversight function of the National Assembly in ensuring accountability and transparency in the management of public funds. We will continue to engage with relevant institutions and deploy all necessary legislative tools to recover outstanding debts and prevent revenue leakages. Our objective is to ensure that every kobo due to the Federation is accounted for and remitted accordingly.”

The House of Representatives, through the Public Accounts Committee, stressed that it remains committed to upholding financial discipline, strengthening institutional accountability, and safeguarding public resources in the national interest.