House of Reps Recovers Fresh N11.49bn from Seplat, Aradel, Four Others

A statement signed by the spokesman of the lower chamber of the National Assembly, Mr Akin Rotimi, said the total amount recovered from these energy firms is now N61.5 billion.

He stated that the recovered funds were from oil and gas companies with outstanding obligations to the federal government.

It was revealed that $182,057.44 (N291.29 million) was recovered from Platform Petroleum Limited, $730,889.37 (N1.17 billion) was from Midwestern Oil and Gas, N1.58 billion from Seplat Energy, $3.9 million (N6.1 billion) from Aradel Holdings, $500,000 (N775 million)

From Network Exploration & Production, and $1 million (N1.55 billion) from Shoreline Resources Limited.

According to the statement, the committee’s intensified efforts are anchored on findings from the Auditor-General’s reports and data obtained from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

These have informed sustained engagements with oil firms to ensure accountability for unremitted funds and outstanding liabilities.

The legislative arm of government also warned some organisations ignoring invitations to desist from such.

It said these defaulting firms collectively owe over $384 million and N325.7 million to the federal government, listing them as Neconde Energy Ltd – $110.5 million and N325.7 million, Heirs Holdings – $137.7 million, AITEO Ltd – $34.8 million, Continental Oil & Gas Ltd – $31 million, General Hydrocarbon – $28.4 million, Energia Ltd – $19.5 million, Waltersmith OML 16 – $8.7 million, Bilton – $5 million, Pillar Oil Ltd – $4.6 million, Millennium Oil and Gas Ltd – $2.067 million, Conoil Producing Ltd – $1.1 million, and Frontier OML 13 – $952,216.51.

“This Committee will not tolerate attempts by corporate entities to evade their responsibility to the Nigerian people.

“These companies are withholding billions of Naira owed to the federal government, and we will not allow them to disregard the authority of parliament.

“If these companies believe they are too big to be held accountable, they must understand that their licenses are at risk.

“We are prepared to recommend immediate revocation for any company that shows contempt for this Committee and the laws of the nation,” the chairman of the panel, Mr Bamidele Salam, fumed.

“No company is above the law. The funds being withheld are critical to the country’s growth and must not be hoarded while Nigeria suffers. Every company operating in Nigeria must settle its obligations promptly, as required by law,” he declared.