July 3, 2025
Lagos, Nigeria
Economy

“House PAC Threatens 13 Oil Firms Over $457 Million in Unremitted Revenue”

The House of Representatives Public Accounts Committee (PAC) has issued a stern ultimatum to 13 oil firms, demanding their appearance before the committee over allegations of not remitting approximately $456.95 million (₦731.1 billion) in revenues owed to the federal treasury. The PAC’s spokesman, Akin Rotimi, confirmed that despite repeated invitations and public notices, the companies have failed to provide any response, prompting the committee to consider enforcing punitive measures under constitutional and legislative authority.

Among the companies listed are Continental Oil & Gas Ltd (owing $57 million), Neconde Energy Ltd ($326 million), Heirs Holdings ($137.7 million), and Aiteo Ltd ($34.8 million), among others, including Conoil, Energia, and Eroton. Scheduled to appear on July 2 and 3, 2025, the firms risk sanctions ranging from penalties to possible operational restrictions under the committee’s planned measures.

In addition to the 13 major defaulters, PAC is recalling six companies, including Shoreline, OML 18, and Newcross Exploration, to address outstanding liabilities totaling $125.5 million.

PAC Chairman Bamidele Salam emphasized the gravity of non-compliance, stating: “Recalcitrant companies will face the constitutional consequences of their refusal to cooperate. We are fully committed to enforcing accountability and recovering all funds owed to the Nigerian people.”

The proceedings come on the heels of a growing recovery effort. PAC announced an additional $15.7 million (about ₦25 billion) recovered from firms such as TotalEnergies ($2 million), Shoreline Natural Resources ($10 million), OML 18 Resources ($3.47 million), and Enageed Resource Ltd. ($280,000). This latest haul brings the total recovered amount to ₦86.5 billion. The recovery follows a comprehensive review of the Auditor-General’s 2021 report, which revealed that oil and gas companies owed a staggering ₦9.4 trillion as of Q4 2024, due to unpaid royalties, gas flare penalties, and contractual breaches.

PAC’s enforcement action is part of a broader push to strengthen fiscal governance in Nigeria’s extractive sector. Previously, in May, the committee ordered OML 18 Resources to pay $4 million in royalties and flare penalties, underscoring a more assertive stance towards ensuring accountability.

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