THE House of Representatives Public Accounts Committee on Wednesday warned 13 non-compliant oil companies to appear before it to answer questions in the ongoing probe of non-remittance of monies due to the Federal Government, or face grave sanctions.
The companies are allegedly owing the Federal Government about $456.95m (N731.12 bn) in unremitted revenues.
In a statement issued by its spokesman, Akin Rotimi, the House noted that despite repeated invitations and public notices through national newspapers, the companies failed to appear before the Committee, prompting the PAC to consider punitive actions in line with legislative and constitutional provisions.
According to the statement, the companies include Conoil Producing Ltd ($5m), Continental Oil & Gas Ltd ($57m), Energia Ltd ($19.5m), Frontier OML 13 ($952,216.51) and Millennium Oil & Gas Ltd ($2.07m).
Others are Neconde Energy Ltd ($326m), Pillar Oil Ltd ($4.6m), Waltersmith OML 16 ($8.7m), Aiteo Ltd ($34.8m), Bilton ($5m), Heirs Holdings ($137.7m), General Hydrocarbon Ltd ($22.5m) and Eroton ($34.5m).
“The Committee has scheduled the aforementioned companies to appear without fail on Wednesday, July 2, and Thursday, July 3, 2025,” the statement stressed.
PAC has also requested some oil companies to reappear before it in connection with alleged outstanding liabilities totalling $125.5m
They are OML 18 ($15.2m), Shoreline ($70m), Network Exploration ($2.6m), Aradel ($8.2m), Newcross Exploration ($25m) and Ocean ($4.5m).
The statement further quoted the Chairman of the Committee, Bamidele Salam, as saying, “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 warning comes as the Committee announced the recovery of an additional $15.7m (approximately ₦25bn) from several oil companies, raising the total recovered amount to ₦86.5bn.
This follows a comprehensive review of the Auditor-General’s Annual Report on the Consolidated Financial Statements for the year ended December 31, 2021.
“The Committee’s investigations revealed that oil and gas companies owe the Federation Account approximately ₦9.4 trillion as of Q4 2024, stemming from unpaid oil royalties, concession rentals, gas flare penalties, and other contractual obligations under Production Sharing Contracts (PSCs), Repayment Agreements, and Modified Carry Arrangements.
“Latest recoveries amounting to $15.7m (approximately ₦25bn) include TotalEnergies ($2m), Shoreline Natural Resources ($10m), OML 18 Resources ($3,474,123) and Enageed Resource Ltd. ($280,000)
“These funds have been remitted directly into the Federation Account and are considered a critical step in reinforcing fiscal responsibility within Nigeria’s extractive sector,” the statement further read.