The House of Representatives, through its Public Accounts Committee, has recorded a significant breakthrough in ongoing efforts to recover outstanding revenues for the government.
The committee says it has secured $19,24 million, approximately ₦28.7 billion, from two oil companies indebted to the Federation Account.
The Committee’s investigation, which is based on findings from the 2021 Audit Report, focuses on 45 oil companies collectively owing $1.7 billion in outstanding liabilities to the Federation.
According to the report:
– Chorus Energy Limited settled its outstanding liability with a payment of $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.
The Nigerian Upstream Petroleum Regulatory Commission, NUPRC, has been furnished with evidence of the payments for final verification.
Additionally, Shoreline Natural Resources Limited made a $30 million payment towards its $100.28 million debt before the investigation commenced and requested a structured repayment plan for the outstanding balance.
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.
In another development, the House Committee on Public Accounts has recovered ₦199.3 million out of an outstanding ₦6.8 billion.
The figure comprises excessive charges levied between March and October 2015 and unremitted Value Added Tax on transactions processed via the Remita platform from 2015 to 2022.
