House of Reps summons Shell, Oando, 46 other oil companies over N9.4 trillion debt 

In a Press Release issued by the office of the House Spokesperson on Monday, it was disclosed that several oil companies owe the federation approximately N9.4 trillion.

Companies summoned include major industry players such as Shell Nigeria Exploration and Production Company, Chevron Nigeria Ltd, Total E&P Nigeria, Seplat Energy, Oando Oil Ltd, and Mobil Producing Nigeria Unlimited, among others.

The committee’s probe follows findings in the Auditor-General’s Annual Report on the Consolidated Financial Statement for the year ending December 31, 2021.

The debt, which has accumulated as of the last quarter of 2024, comprises unpaid royalties, concession rentals, gas flare penalties, and obligations from Production Sharing Contracts, Repayment Agreements, and Modified Carry Arrangements.

It was noted that the oil companies violated provisions of the Petroleum Industry Act, which mandates that such payments must be settled within 30 days. However, many of these liabilities have remained outstanding for years.

The investigative hearings, scheduled between March 3 and March 7, 2025, require the Chief Executive Officers of the affected oil firms to appear before the committee at the National Assembly Complex in Abuja.

The Chairman of the Public Accounts Committee, Rep. Bamidele Salam, said the probe is in line with the committee’s constitutional mandate under Sections 85, 88, and 89 of the 1999 Constitution (as amended) and the House of Representatives Standing Orders.

“Oil companies must fulfill their statutory obligations to maintain the integrity and accountability of our nation’s resources. We welcome a collaborative approach with all stakeholders as we work together to address these discrepancies in an effective and efficient manner,” Salam stated.

The committee has warned that it would take actions against oil companies that fail to appear before it on the designated dates.

“This notice supersedes all previous communications regarding the dates for appearance. Every company is required to be represented by its Chief Executive Officer, in person, and any other officer(s) well-versed in the issues under investigation.  

“The Committee cautions that failure to appear on the designated date may result in further action being taken against the defaulting organization,” the statement noted.

As contained in the release, the following is the list of the affected oil companies, and the dates of their hearings:

 Monday, March 3, 2025 

Tuesday, March 4, 2025

Wednesday, March 5, 2025 

Wednesday, March 5, 2025 

Thursday, March 6, 2025 

 Friday, March 7, 2025 

The House spokesperson noted that the affected companies have been duly notified, adding that the House made the notice public in its commitment to transparency and accountability.