THE House of Representatives has secured the commitment of seven oil and gas processing companies to remit a total sum of $37. 43m (About N58bn to the Federation Account before August 2025.
The commitment came against the backdrop of a probe into the financial records from the Nigerian Upstream Petroleum Regulatory Commission which flagged significant lapses in royalty payments and reconciliation processes in the oil and gas sector.
The promised repayment forms part of a ₦9tn outstanding liability queried by the Auditor General for the Federation in his 2021 report submitted to the National Assembly.
The debts, some of which have accrued over four years, highlight longstanding revenue leakages in the oil and gas sector.
A statement issued by the House spokesman, Akin Rotimi, on Sunday revealed PAC also uncovered $1.7bn (₦2.5tn) owed by 45 oil and gas companies in unpaid royalty payments as of December 31, 2024.
It stated, “The following seven companies have acknowledged their outstanding debts of $37.43m and agreed to settle them before August 2025: Belema Oil, Panocean Oil Nigeria Ltd, Newcross Exploration and Production Ltd, and Dubri Oil Company Ltd.
“Others are Chorus Energy, Amni International, and Network Exploration
“Nine companies, with a combined outstanding balance of $429.2m, have contested the figures and requested a reconciliation process with NUPRC to verify their actual liabilities.”
The companies which fall in this category include Aradel/Niger Delta, Chevron, STAR DEEP, Shore Line and Seplat Producing Unlimited.
Others are Esso Erha, Esso Usan, Eroton Exploration, and Seplat Energy
The committee led by Mr Bamidele Salam has directed that the reconciliation process be concluded within two weeks, after which companies must settle their confirmed debts without further delay.
Meanwhile, a total of 28 companies, collectively owe $1. 23bn, have failed to honour invitations by the Committee or respond to public notices.
The companies are Addax Petroleum Exploration Nigeria Ltd, AITEO Group, All Grace Energy, Amalgamated Oil Company Nigeria Limited, Total E&P Nigeria (OML 100, 102, 52 and 99), and Bilton Energy Limited, among others.
Other companies in this category are Enageed Resources Limited, Waltersmith Petroman Limited, Conoil Plc, Continental Oil & Gas Company Ltd, and Energia Limited.
The committee has given the affected companies a further grace period of one week to submit all relevant documentation regarding their statutory obligations and appear before it.