Reps Recover N28.7bn Debt From Two Oil Firms

Reps Recover N28.7bn Debt From Two Oil Firms

The House of Representatives Public Accounts Committee has recovered $19,241,109.35 (approximately ₦28.7bn) from two oil companies as part of efforts to retrieve outstanding revenue owed to the Federation Account.

The Committee’s investigation, based on findings from the 2021 Audit Report, targets 45 oil companies collectively owing $1.7bn in liabilities.

According to a statement issued on Sunday by the House spokesman, Akin Rotimi, Chorus Energy Limited settled its outstanding liability with a payment of $847,623 (₦1.2 billion) on March 11, 2025.

“Seplat Production Development Limited fully discharged its obligation by remitting $18.39 million (₦27.6 billion) between March 10 and March 14, 2025,” the statement read.

The statement noted that the Nigerian Upstream Petroleum Regulatory Commission has been furnished with evidence of these payments for final verification.

The statement added, “Shoreline Natural Resources Ltd had made a $30m payment towards its $100.28m debt before the investigation commenced and has requested a structured repayment plan for the outstanding balance.”

During the Committee’s proceedings, a representative of the NUPRC, Balarabe Haruna, reported that “Seplat Energy Producing Nigeria Unlimited (formerly Mobil Producing) now holds a credit balance of $211,911.09 for crude oil royalty, $33.01m for gas flare penalties, and $163,046.40 for concession rentals, with no outstanding liabilities.”

The Committee commended Seplat Energy for its prompt compliance with its financial obligations.

The Committee, chaired by Osun lawmaker, Bamidele Salam, pledged its readiness to use all constitutionally sanctioned measures to recover outstanding debts from the remaining 38 oil companies currently being probed.

According to the statement, Amalgamated Oil Company Nigeria Ltd, Seplat Energy, Shell Exploration and Production and Shell Petroleum Development Company have all settled their financial obligations.

Meanwhile, the Committee, in another development, has successfully recovered ₦199.3m out of an outstanding ₦6.8bn “comprising excessive charges levied between March and October 2015 and unremitted Value Added Tax on transactions processed via the Remita platform from 2015 to 2022.”
Recall that the House had, in 2024, mandated the Committee to investigate revenue leakages and non-remittance of funds by Ministries, Departments, and Agencies through Remita.

This directive followed a motion sponsored by Hon. Jeremiah Umaru, which was subsequently referred to the Committee.

The statement read, “The Federal Government had previously directed value chain providers, including banks, Remita, and the Central Bank of Nigeria to refund 1% transaction charges collected via Remita between March and October 2015.

“An audit of records from banks and Remita revealed that while ₦7,62bn had been refunded, an outstanding sum of ₦1. 98bn remained unpaid.

“Applying the prevailing Monetary Policy Rate of 27.25%, the accumulated interest on the unpaid sum amounts to ₦4. 84bn bringing the total refundable amount to ₦6,83bn.”

The Bamidele-led Committee confirmed that on March 13, 2025, Guaranty Trust Bank settled ₦40.6m overdue charges for the period between March and October 2015.

Further investigations uncovered non-remittance of VAT on transactions processed via Remita.

The CBN acknowledged an outstanding VAT liability of ₦521.77m for transactions between November 2018 and April 2024, which remains unsettled.

Following the intervention of the committee, “Zenith Bank remitted ₦126,13m while Guaranty Trust Bank paid ₦32,59m.”

Salam said, “These recoveries demonstrate the effectiveness of the oversight function of the National Assembly in ensuring accountability and transparency in the management of public funds.

“We will continue to engage with relevant institutions and deploy all necessary legislative tools to recover outstanding debts and prevent revenue leakages. Our objective is to ensure that every kobo due to the Federation is accounted for and remitted accordingly.”