Alleged Debt: 7 Oil Corporations undertake to pay FG $37.4 million earlier than August – Reps

The Home of Representatives has disclosed that seven main operators in Nigeria’s oil and fuel trade have undertaken to remit a complete of $37,435,094.52 (roughly N58 billion) to the Federation Account earlier than August 2025, acknowledging their excellent debt.

This was revealed in a press release signed by Rep. Akin Rotimi Jr., Spokesman, Home of Representatives, on Sunday, as a part of the continued investigation into the oil and fuel sector by the Public Accounts Committee of the Home of Representatives.

Nairametrics beforehand reported that the Home of Representatives had summoned 48 oil corporations working in Nigeria to seem earlier than its Committee on Public Accounts for a collection of investigative hearings right into a mixed debt of N9.4 trillion.

In a press launch issued by the Workplace of the Home Spokesperson final Monday, it was disclosed that a number of oil corporations allegedly owe the federation roughly N9.4 trillion.

Corporations summoned embody main trade gamers resembling Shell Nigeria Exploration and Manufacturing Firm, Chevron Nigeria Ltd, Complete E&P Nigeria, Seplat Vitality, Oando Oil Ltd, and Mobil Producing Nigeria Limitless, amongst others.

The committee’s probe follows findings within the Auditor-Common’s Annual Report on the Consolidated Monetary Assertion for the 12 months ending December 31, 2021.

The debt, which accrued as of the final quarter of 2024, contains unpaid royalties, concession leases, fuel flare penalties, and obligations from Manufacturing Sharing Contracts, Reimbursement Agreements, and Modified Carry Preparations.

Key Findings by the Home of Representatives   

• In response to the assertion, Belema Oil, Pan Ocean Oil Nigeria Ltd, Newcross Exploration & Manufacturing Ltd, Dubri Oil Firm Ltd, Refrain Vitality, Amni Worldwide, and Community Exploration have acknowledged their excellent money owed ( $37,435,094.52) and agreed to settle them earlier than August 2025.
• The committee acknowledged that this dedication follows its scrutiny of economic data from the Nigerian Upstream Petroleum Regulatory Fee (NUPRC), which flagged important lapses in royalty funds and reconciliation processes throughout the sector.
• The committee added that past these seven corporations, its investigation has uncovered $1.7 billion (N2.5 trillion) owed by 45 oil and fuel corporations in unpaid royalty funds as of December 31, 2024.

Different Key Findings 

Corporations That Disputed Their Recorded Liabilities   

• In response to the assertion, 9 corporations, with a mixed excellent stability of $429.2 million, have contested the figures and requested a reconciliation course of with NUPRC to confirm their precise liabilities.

These corporations embody:

1. Aradel/Niger Delta
2. Chevron
3. STAR DEEP
4. Shoreline
5. Seplat Producing Limitless
6. Esso Erha
7. Esso Usan
8. Eroton Exploration
9. Seplat Vitality

• The committee disclosed that it “has directed that the reconciliation course of be concluded inside two weeks, after which corporations should settle their confirmed money owed with out additional delay.”
• Moreover, the committee frowned at about 28 corporations for failing to seem earlier than it inside the stipulated interval.

“A complete of 28 corporations, collectively owing $1,230,708,293.14, have didn’t honor invites by the committee or reply to public notices,” it added.

These corporations embody:

1. Addax Petroleum Exploration Nigeria Ltd
2. AITEO Group
3. All Grace Vitality
4. Amalgamated Oil Firm Nigeria Restricted
5. Complete E&P Nigeria (OML 100, 102, 52 & 99)
6. Bilton Vitality Restricted
7. Enageed Sources Restricted
8. Waltersmith Petroman Restricted
9. Conoil Plc
10. Continental Oil & Fuel Firm Ltd
11. Energia Restricted
12. First E&P Ltd
13. Frontier Oil Restricted
14. Common Hydrocarbons Restricted
15. Inexperienced Vitality Worldwide Ltd
16. Nigeria Agip Exploration Ltd (NAE)
17. Neconde Vitality Restricted
18. Nigeria Petroleum Improvement Firm (NPDC) – OML 60, 61 & 63
19. Lekoil Oil and Fuel Investments Restricted
20. Midwestern Oil and Fuel Restricted
21. Millennium Oil and Fuel Firm Restricted
22. Oando Oil Ltd (OML 60, 61 & 62)
23. Heirs Holdings
24. Pillar Oil Restricted
25. Platform Petroleum Restricted
26. Common Vitality Restricted / Sinpec
27. Sahara Discipline Manufacturing Restricted
28. Oriental Vitality Sources Restricted

• The committee granted the affected corporations an extra grace interval of 1 week to submit all related documentation relating to their statutory obligations and seem earlier than the committee.

• The Home confused that failure to conform inside the timeframe will lead to agency legislative and regulatory sanctions to implement accountability and guarantee compliance.

Extra Insights   

The committee additional revealed that solely two corporations had been discovered to have absolutely met their royalty obligations:

• Shell Petroleum Improvement Firm (SPDC)
• Shell Nigeria Exploration & Manufacturing

The Home Committee on Public Accounts vowed to stay steadfast in guaranteeing that each one oil and fuel corporations working in Nigeria adhere to statutory fee obligations according to the Petroleum Trade Act (PIA).

“The committee will proceed to accentuate oversight to get better excellent revenues and plug income leakages within the trade,” the assertion partly reads.

The Home of Representatives reiterated that corporations benefiting from Nigeria’s pure sources should adjust to statutory monetary obligations to help nationwide growth.