The House of Representatives has initiated a series of investigative hearings aimed at addressing the significant outstanding debts owed by oil companies to the Federation Account....Read Full Article >>➤
The hearings, spearheaded by the Committee on Public Accounts, will scrutinize unpaid royalties, concession rentals, and gas flare penalties, among other obligations, amounting to approximately ₦9.4 trillion, the spokesman for the House of Representatives, Rep. Akin Rotimi, Jr., said in a statement on Sunday.
The investigation is being conducted in line with Sections 85, 88, and 89 of the 1999 Constitution (as amended) and Order XX – Rule 6 of the House of Representatives Standing Orders (Eleventh Edition).
According to the statement, several oil companies have failed to settle their financial obligations since 2021, despite the stipulations of the Petroleum Industry Act requiring settlement within 30 days.
The Auditor-General’s Annual Report on the Consolidated Financial Statement for the year ending December 31, 2021, revealed that multiple oil companies have defaulted on their statutory payments. These debts include outstanding amounts from Production Sharing Contracts, Repayment Agreements, and Modified Carry Arrangements.
To address this issue, the Public Accounts Committee has summoned representatives from affected oil companies to appear before the committee at the National Assembly Complex in Abuja.
The hearings will be held in Meeting Room 446 on designated dates between Monday, March 3, and Friday, March 7, 2025. Affected companies include Addax Petroleum, Shell Nigeria Exploration and Production Company, Chevron Nigeria Ltd, Total E&P Nigeria, Oando Oil Ltd, and Seplat Energy, among others.
The companies to appear on Monday, March 3, 2025 are Addax Petroleum Exploration Nigeria Ltd, AITEO Group, All Grace Energy, Amalgamated Oil Company Nigeria Limited, Amni International Petroleum Development Company Limited, Belemaoil Producing Ltd, Bilton Energy Limited, Britannia-U and Waltersmith Petroman Limited.
The companies expected to appear on Tuesday, March 4, 2025 are Chevron Nig Ltd (OML 90, 95, 49), Chorus Energy, Conoil Plc, Continental Oil & Gas Company Ltd., Dubri Oil Company Limited, Enageed Resources Limited, Shell Nigeria Exploration and Production Company, Energia Limited, Eroton Exploration & Production Company Limited and Dubri Oil Company Limited.
The companies expected to appear on Wednesday, March 5, 2025 are Esso E & P. Ltd (Usan, Erha), First E & P. Ltd, Frontier Oil Limited, General Hydrocarbons Limited, Green Energy International Ltd, Nigeria Agip Expl. Ltd (NAE), Panocean Oil Nigeria Limited (OML 147), Neconde Energy Limited, Newcross Exploration and Production Limited and Newcross Petroleum (OML 152).
The companies expected to appear on Thursday, March 6, 2025 are Network Exploration & Production Limited, Total E and P Nigeria (OML 100, 102, 52 & 99), Niger Delta Petroleum, Nigeria Petroleum Development Company (NPDC) (OML 60, 61 & 63), Lekoil Oil and Gas Investments Limited, Midwestern Oil and Gas Limited, Millenium Oil and Gas Company Limited, Seplat Energy (OML 4, 38 & 41) and Oriental Energy Resources Limited.
Lastly, those expected to appear on Friday, March 7, 2025 are Oando Oil Ltd (OML 60, 61 & 62), Heirs Holdings, Pillar Oil Limited, Platform Petroleum Limited, Shell Petroleum Development Company (OML 27), Universal Energy Limited/Sinpec, Shoreline Natural Resources, Star Deep Water Petroleum Limited, Sahara Field Production Limited and Mobil Producing Nig. Unlimited (OML 67 & 70).
Summons and Potential Consequences
The committee has made it clear that company representatives must appear in person, with Chief Executive Officers leading the delegations. Companies that fail to comply may face further actions.
Chairman of the Public Accounts Committee, Rep. Bamidele Salam, emphasized the importance of accountability in managing the nation’s resources.
“Oil companies must fulfill their statutory obligations to maintain the integrity and accountability of our nation’s resources. We welcome a collaborative approach with all stakeholders as we work together to address these discrepancies in an effective and efficient manner.”
Commitment to Transparency
The House of Representatives reiterated its dedication to an open and transparent investigation, ensuring that the public remains informed. This public notice serves as an official record and notification for all stakeholders involved.
For further inquiries, the Committee can be contacted via WhatsApp at 08051383900 or by phone at 09020454563.
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