The House of Representatives’ Public Accounts Committee (PAC) has successfully recovered an additional N21.4 billion (approximately $14.2 million) from four oil and gas companies in its ongoing investigation into financial discrepancies. This brings the total recoveries to over N50 billion.
“The latest recovery follows an earlier announcement on March 16, 2025, of recoveries amounting to N28.7 billion ($19.24 million), bringing the total recovered so far to N50.1 billion ($33.44 million),” said Akin Rotimi Jr., the House spokesman.
The breakdown of the new recoveries includes:
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)
Aradel Energy Ltd: $10.3 million (N15.5 billion)
Additionally, the committee has issued a 20-day ultimatum to four companies—Total Energies, Seplat Energies (SPDC), Aradel Energy Ltd, and Network Exploration—demanding a combined total remittance of $23.2 million (N34.8 billion).
Rep. Bamidele Salam, Chairman of the PAC, attributed the success to the leadership of Speaker Abbas Tajudeen, stating, “Under the leadership of Speaker Abbas, the House of Representatives has reinforced its commitment to fiscal transparency and good governance.”
Companies failing to meet their financial obligations within the set timeframe will face sanctions, including public exposure in national newspapers.
“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 reaffirmed.
The committee also raised concerns over companies that have evaded accountability, including Frontier Oil and Gas, Conoil Producing, and others. These companies may face further actions if they continue to ignore invitations.
The ongoing investigation continues to uncover discrepancies in the oil and gas sector, with over N10 trillion in payments still owed to Nigeria’s Federation Account.
The PAC remains resolute in its commitment to financial accountability and transparency.