The House of Representatives Public Accounts Committee (PAC) has made another major breakthrough in its ongoing investigation into financial irregularities in the oil and gas sector, recovering an additional $14.2 million (₦21.4 billion) from four companies. This brings the total amount reclaimed by the committee to $33.44 million (₦50.1 billion) so far.
Chairman of the Committee, Hon. Bamidele Salam, attributed the success to the strong leadership and commitment to accountability by Speaker of the House, Hon. Abbas Tajudeen. He emphasized that the Speaker’s unwavering support has allowed the committee to operate independently and effectively in safeguarding public resources.
According to the PAC, the latest financial recoveries are broken down as follows:
Platform Petroleum Ltd: $1.9 million (₦2.9 billion)
Midwestern Oil and Gas Ltd: $1.578 million (₦2.3 billion)
Universal Energy: $523,845 (₦785.7 million)
Aradel Energy Ltd: $10.3 million (₦15.5 billion)
Hon. Salam reaffirmed the committee’s commitment to fiscal transparency and warned that additional measures would be taken against defaulting companies.
ULTIMATUM FOR FURTHER RECOVERIES:
The PAC has issued a 20-day deadline for four more companies to remit outstanding payments totaling $23.2 million (₦34.8 billion). The affected firms and their required payments are:
Total Energies: $2 million within 7 days
Seplat Energies (SPDC): $6.036 million and ₦1.5 billion within 7 days
Aradel Energy Ltd: $12.1 million within 7 days
Network Exploration: $3.1 million within 7 days
Failure to comply within the stipulated timeframe could result in public sanctions, including the naming of defaulters in national newspapers.
In a related development, several companies have failed to respond to committee invitations and are now under increased scrutiny. These companies include:
Frontier Oil and Gas
Conoil Producing
Walter Smith Petrochemical
Bilton
Energia Ltd
Aiteo Petroleum Ltd
Pillar Oil Ltd
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) and is scheduled to appear before the Committee on April 16, 2025, for further review.
ONGOING INVESTIGATIONS:
The PAC’s investigation is part of a broader push to ensure financial accountability in the oil and gas sector, particularly in response to findings from the 2021 Auditor General’s report, which revealed over ₦10 trillion in outstanding payments to the Federation Account.
Hon. Salam vowed that the era of financial mismanagement in the sector is nearing its end.
“We are determined to recover every kobo owed to the Nigerian people and ensure that public funds are managed with integrity,” he stated. As the PAC continues its investigations and public hearings, further updates on recovered funds and enforcement actions will be provided. The House of Representatives remains steadfast in its commitment to upholding transparency, accountability, and financial discipline in Nigeria’s oil and gas industry.
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