Written by SpringNewsNG Media Limited, March 17, 2025.

The Public Accounts Committee of the House of Representatives has successfully recovered approximately N28.7 billion from two oil companies that owed the Federation Account. This development is part of the committee’s ongoing investigation into the 2021 financial year audit report from the Office of the Auditor General for the Federation.

In a statement signed by House spokesman Akin Rotimi, Chorus Energy Limited settled its outstanding liability with a payment of $847,623 (N1.2 billion) on March 11, 2025, while Seplat Production Development Limited remitted $18.39 million (N27.6 billion) between March 10 and March 14, 2025. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has been provided with evidence of these payments for final verification.

Additionally, Shoreline Natural Resources Ltd. made a $30 million payment toward its $100.28 million debt before the investigation began and has requested a structured repayment plan for the remaining balance. During the committee’s proceedings, Balarabe Haruna, a representative of NUPRC, reported that 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 and reaffirmed its commitment to using all constitutionally sanctioned measures to recover outstanding debts from the remaining 38 oil companies under investigation. Furthermore, Amalgamated Oil Company Nigeria Ltd, Seplat Energy, Shell Exploration and Production, and Shell Petroleum Development Company have fully settled their obligations and are no longer financially liable.

The House Committee on Public Accounts also successfully recovered N199.3 million out of an outstanding N6.8 billion, comprising excessive charges levied between March and October 2015 and unremitted Value Added Tax (VAT) on transactions processed via the Remita platform from 2015 to 2022. The investigation was initiated following a motion sponsored by Jeremiah Umaru in 2024 to address revenue leakages and non-remittance of funds by Ministries, Departments, and Agencies (MDAs) through Remita.

An audit revealed that while N7,626,503,441.42 had been refunded, an outstanding sum of N1,984,355,431.08 remained unpaid. Applying the prevailing Monetary Policy Rate (MPR) of 27.25 per cent, the accumulated interest on the unpaid sum amounts to N4,842,928,161.36, bringing the total refundable amount to N6,827,283,592.44.

On March 13, 2025, Guaranty Trust Bank (GTB) settled N40.6 million in overdue charges for the period between March and October 2015. Zenith Bank remitted N126,131,692.86, and GTB paid N32,585,882.48. However, the CBN acknowledged an outstanding VAT liability of N521,765,134.17 for transactions between November 2018 and April 2024, which remains unsettled.

Despite these recoveries, several other value chain providers have yet to comply with VAT remittance requirements and other under-remittances identified in the investigation. The Chairman of the House Public Accounts Committee, Bamidele Salam, emphasized the committee’s determination to recover public funds.

“These recoveries demonstrate the effectiveness of the oversight function of the National Assembly in ensuring accountability and transparency in the management of public funds. We will continue to engage with relevant institutions and deploy all necessary legislative tools to recover outstanding debts and prevent revenue leakages. Our objective is to ensure that every kobo due to the Federation is accounted for and remitted accordingly,” Salam stated.

The House of Representatives, through the Public Accounts Committee, remains committed to upholding financial discipline, strengthening institutional accountability, and safeguarding public resources in the national interest.