The House of Representatives’ Public Accounts Committee has announced additional recovery of ₦11.49bn from oil and gas companies with outstanding obligations to the Federal Government.This new tranche brings the total recovery so far by the committee to ₦61.5bn.
The committee, chaired by the Peoples Democratic Party lawmaker, Bamidele Salam, is intensifying its recovery efforts based on the findings from the Auditor-General’s reports and data obtained from the Nigerian Upstream Petroleum Regulatory Commission.
According to a statement issued by the House spokesman, Akin Rotimi, on Tuesday, a breakdown of the recently recovered funds included Platform Petroleum Ltd $182,057.44 (₦291.29m); Midwestern Oil and Gas – $730,889.37 (₦1.17bn); Seplat Energies, ₦1.58bn and Aradel Holdings, $3.9m (₦6.1bn).Others are Network Exploration & Production – $500,000 (₦775m) and Shoreline Resources Ltd $1m (₦1.55bn).
The committee, however, lamented that “Despite multiple invitations issued through public notices and official correspondence, several oil and gas companies have failed to appear.
“These defaulting firms collectively owe over $384m and ₦325.7m to the Federal Government. “The companies and their levels of indebtedness include Neconde Energy Ltd ($110.5m and ₦325.7m); Heirs Holdings ($137.7m); AITEO Ltd ($34.8m); Continental Oil & Gas Ltd ($31m), and General Hydrocarbon ($28.4m).:Others are Energia Ltd ($19.5 m); Waltersmith OML 16 ( $8.7m); Bilton ($5m); Pillar Oil Ltd ($4.6m); Millennium Oil and Gas Ltd ($2.07m); Conoil Producing Ltd ($1.1m) and Frontier OML 13 – $952,216.51.
Speaking at a press briefing, Salam condemned the continued non-compliance by some oil companies and issued a firm warning. “This committee will not tolerate attempts by corporate entities to evade their responsibility to the Nigerian people. These companies are withholding billions of naira owed to the Federal Government, and we will not allow them to disregard the authority of parliament.
“If these companies believe they are too big to be held accountable, they must understand that their licences are at risk. We are prepared to recommend immediate revocation for any company that shows contempt for this committee and the laws of the nation.“No company is above the law. The funds being withheld are critical to the country’s growth and must not be hoarded while Nigeria suffers. Every company operating in Nigeria must settle its obligations promptly, as required by law,” the statement added.
