NASS recovers fresh $14m from oil companies

The National Assembly’s House of Representatives Public Accounts Committee has recovered an additional $14.2m (N21.4bn) from four oil and gas companies in its ongoing investigation into financial discrepancies in the oil and gas sector.

This feat followed an earlier announcement on March 16, 2025, of recoveries amounting to N28.7bn ($19.24m), bringing the total amount so far recovered to $33.44m (N50.1bn).

The breakdown of the fresh recovery revealed that $1.9m (N2.9bn was received from Patform Petroleum Ltd.

Others are Midwestern Oil and Gas Ltd, $1.578m (N2.3bn); Universal Energy, $523,845 (N785.7m); and Aradel Energy Ltd, $10.3m (N15.5bn).

A statement issued by the spokesman of the House, Akin Rotimi, quoted PAC Chairman, Bamidele Salam, as crediting the successes recorded to “The unwavering support and leadership of the Speaker of the House, Tajudeen Abass.”

He added that “under the leadership of Speaker Abbas, the House of Representatives has reinforced its commitment to fiscal transparency and good governance.”

Salam stated that the independence granted to committees had enabled them to carry out their mandates diligently, ensuring that public funds were properly accounted for.

“This approach has been instrumental in our ability to recover these substantial sums, and we remain steadfast in our mission to strengthen financial accountability in Nigeria,” Salam stated.

Meanwhile, the committee has issued a 20-day ultimatum to four companies to remit a total of $23.2m (N34.8bn). The committee vowed to call out any company that failed to honour its invitation.

The companies involved are Total Energies, which is expected to remit $2m within seven days; Seplat Energies (SPDC),  $6.04m and N1.5bn within seven days; Aradel Energy Ltd, $12.1m within seven days; and Network Exploration, $3.1m within seven days

Salam also pledged the committee’s commitment to enforcing compliance, warning that companies that fail to meet their financial obligations will face the full weight of legislative oversight.

He further expressed concern over several companies that have disregarded invitations to appear before it. Companies which fall in this category include Frontier Oil and Gas, Conoil Producing, Walter Smith Petrochemical, and Bilton.

Others include Energia Ltd, Aiteo Petroleum Ltd, and Pillar Oil Ltd. Additionally, First E & P Oil Company has been directed to reconcile an outstanding balance of $90m with the Nigerian Upstream Petroleum Regulatory Commission.

The company was asked to appear before the Salam-led committee on April 16, 2025, to further deliberations.

The ongoing probes are expected to uncover more discrepancies, with the Committee continuing its public hearings on the 2021 Auditor-General’s report, which indicated that over N10tn 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 are determined to recover every kobo owed to the Nigerian people and ensure that public funds are managed with the highest level of integrity,” Salam warned.