The House of Representatives Public Accounts Committee (PAC) has successfully recovered an additional $14.2 million (N21.4 billion) from four oil companies as part of its ongoing probe into financial irregularities within the sector.
House spokesperson Akin Rotimi, in a statement on Sunday, disclosed that the recovered funds include $1.9 million (N2.9 billion) from Platform Petroleum Ltd, $1.578 million (N2.3 billion) from Midwestern Oil and Gas Ltd, $523,845 (N785.7 million) from Universal Energy, and $10.3 million (N15.5 billion) from Aradel Energy Ltd.
The latest recovery follows an earlier announcement on March 16, when PAC retrieved $19.24 million (N28.8 billion), bringing the total amount recovered to $33.44 million (N50.1 billion).
PAC Chairman, Bamidele Salam, attributed the successful recoveries to the leadership of Speaker Abbas Tajudeen and reaffirmed the committee’s commitment to enforcing financial transparency.
“Under Speaker Abbas’ leadership, the House of Representatives has strengthened its commitment to fiscal accountability and good governance.
The independence granted to committees like ours has enabled us to diligently execute our mandate, ensuring that public funds are properly accounted for,” Salam stated.
He warned that oil firms failing to meet their financial obligations would face severe legislative consequences. Notably, companies such as Frontier Oil and Gas, Conoil Producing, and Walter Smith Petrochemical have ignored PAC’s invitations and are now under heightened scrutiny.
Others, including Bilton, Energia Ltd, Aiteo Petroleum Ltd, and Pillar Oil Ltd, may also face further actions if they continue to evade accountability.
The committee has given four oil firms a 20-day ultimatum to pay $23.2 million (N34.8 billion), cautioning that defaulters could face public exposure in national newspapers.
According to PAC directives, Total Energies must remit $2 million, while Seplat Energies (SPDC) is required to pay $6.04 million and N1.5 billion.
Aradel Energy Ltd has been instructed to clear a debt of $12.1 million, while Network Exploration owes $3.1 million.
Additionally, First E&P Oil Company has been directed to reconcile an outstanding balance of $90 million with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
The company is expected to appear before PAC on April 16 to resolve the matter.
Salam emphasized that PAC’s ongoing investigation aligns with the House’s broader commitment to financial discipline within the oil and gas sector.
He noted that current public hearings on the 2021 Auditor General’s report indicate that over N10 trillion in payments remain outstanding to the Federation Account.
“The era of impunity and financial recklessness in the oil and gas sector is coming to an end. We are determined to recover every kobo owed to Nigerians and ensure that public funds are managed with the highest level of integrity,” Salam affirmed.
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