The House of Representatives, through its Public Accounts Committee (PAC), has recovered a total of $19,241,109.35 (approximately ₦28.7 billion) from two oil companies as part of ongoing efforts to reclaim outstanding revenues owed to the Federation Account.
The recoveries stem from an investigation based on findings from the 2021 Audit Report, which identified 45 oil companies collectively owing $1.7 billion in liabilities to the Federation, Rep. Akin Rotimi, Jr., Spokesman for the House of Representatives said in a statement on Sunday.
According to the statement, Chorus Energy Limited settled its outstanding liability by paying $847,623 (₦1.2 billion) on March 11, 2025.
Seplat Production Development Limited fully discharged its obligation by remitting $18.39 million (₦27.6 billion) between March 10 and March 14, 2025.
Rotimi noted that the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has been furnished with evidence of these payments for final verification.
The statement reads, “Additionally, Shoreline Natural Resources Ltd. had made a $30 million payment towards its $100.28 million debt before the investigation commenced and has requested a structured repayment plan for the outstanding balance.
“During the Committee’s proceedings, a representative of the NUPRC, Balarabe Haruna, reported that following recent reconciliations:
“Seplat Energy Producing Nigeria Unlimited (formerly Mobil Producing) now holds a credit balance of $211,911.09 for crude oil royalty, $33.01 million for gas flare penalties, and $163,046.40 for concession rentals, with no outstanding liabilities.
“The Committee commended Seplat Energy for its prompt compliance with its financial obligations.
“Furthermore, the Committee reaffirmed its commitment to deploying all constitutionally sanctioned measures to recover outstanding debts from the remaining 38 oil companies under investigation.”
Furthermore, the report confirmed that the following companies have fully settled their obligations and are no longer financially liable: Amalgamated Oil Company Nigeria Ltd, Seplat Energy, Shell Exploration and Production and Shell Petroleum Development Company.
The Public Accounts Committee has vowed to maintain transparency and accountability in ensuring that all outstanding revenues owed to the Federation are recovered.