The House of Representatives Public Accounts Committee (PAC) has recovered an additional $14.2 million (N21.4 billion) from four oil and gas companies as part of its ongoing investigation into financial discrepancies in the sector.
The committee said the feat was recorded during its ongoing investigation into financial discrepancies in the sector.
The committee, on March 16, 2025, announced recoveries amounting to $19.24 million, which is about ₦28.7 billion.
The breakdown of the latest recoveries is as follows: Platform Petroleum Ltd: $1.9 million (N2.9 billion), Midwestern Oil and Gas Ltd: $1.578 million (N2.3 billion), Universal Energy: $523,845 (N785.7 million), and Aradel Energy Ltd: $10.3 million (N15.5 billion).
Hon. Bamidele Salam, Chairman of the Public Accounts Committee, credited the committee’s successes to the strong leadership and unwavering support of Speaker Tajudeen Abbas.
“Under Speaker Abbas’s leadership, the House of Representatives has reaffirmed its commitment to fiscal transparency and good governance. The independence granted to committees like ours has empowered us to carry out our mandate effectively, ensuring proper accountability of public funds,” Salam said. “This approach has been crucial in securing these substantial recoveries, and we remain focused on improving financial accountability across Nigeria.”
Additionally, the committee has given a 20-day ultimatum to four companies to remit a total of $23.2 million (N34.8 billion). Failure to comply will result in sanctions, including public naming of the defaulters in national newspapers.
The companies are:
Total Energies: $2 million
Seplat Energies (SPDC): $6.036 million and N1.5 billion
Aradel Energy Ltd: $12.1 million
Network Exploration: $3.1 million
The committee also expressed concerns about several companies that have ignored invitations to appear before it, including Frontier Oil and Gas, Conoil Producing, Walter Smith Petrochemical, Bilton Energia Ltd, Aiteo Petroleum Ltd, and Pillar Oil Ltd.
Furthermore, the committee has directed First E&P Oil Company to reconcile an outstanding balance of $90 million with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and appear before the committee on April 16, 2025, to finalize the matter.