The House of Representatives Public Accounts Committee, on Wednesday, issued a stern warning to 13 defaulting oil companies, demanding their appearance before the committee to respond to issues surrounding unremitted funds owed to the Federal Government, or face punitive action.
The companies are accused of withholding approximately $456.95 million (₦731.12 billion) in revenues due to the government.
In a statement signed by its spokesman, Mr. Akin Rotimi, the House stated that despite multiple invitations and public notices published in national newspapers, the firms had failed to honour the committee’s summons.
He explained that this consistent disregard had led the committee to consider disciplinary measures in accordance with constitutional and legislative mandates.
According to the statement, the oil firms involved are: Heirs Holdings ($137.7m), Aiteo Ltd ($34.8m), Eroton ($34.5m), Conoil Producing Ltd ($5m), Continental Oil & Gas Ltd ($57m), Energia Ltd ($19.5m), Frontier OML 13 ($952,216.51), and Millennium Oil & Gas Ltd ($2.07m).
Also listed are Neconde Energy Ltd ($326m), Pillar Oil Ltd ($4.6m), Waltersmith OML 16 ($8.7m), Bilton ($5m) and General Hydrocarbon Ltd ($22.5m).
“The committee has scheduled the aforementioned companies to appear without fail on Wednesday, July 2, and Thursday, July 3, 2025,” the statement emphasized.
In addition, the committee summoned several other oil companies to reappear over unresolved liabilities totaling $125.5 million.
These include OML 18 ($15.2m), Shoreline ($70m), Network Exploration ($2.6m), Aradel ($8.2m), Newcross Exploration ($25m), and Ocean ($4.5m).
The committee chairman, Bamidele Salam, was quoted in the statement as saying, “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.”
This warning coincides with the committee’s disclosure of an additional recovery of $15.7 million (about ₦25 billion) from several oil companies, bringing the total recovered sum to ₦86.5 billion.
These recoveries were made following an in-depth review of the Auditor-General’s Annual Report on the Consolidated Financial Statements for the year ending 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, arising from unpaid oil royalties, concession rentals, gas flare penalties, and other contractual obligations under Production Sharing Contracts, Repayment Agreements, and Modified Carry Arrangements.
“Latest recoveries amounting to $15.7m (approximately ₦25bn) include TotalEnergies ($2m), Shoreline Natural Resources ($10m), OML 18 Resources ($3,474,123), and Enageed Resource Ltd. ($280,000).
“These funds have been remitted directly into the Federation Account and are considered a critical step in reinforcing fiscal responsibility within Nigeria’s extractive sector,” the statement added.