Seplat Energy, Four Others to Return $23.23m, N15bn To Govt
...Recoveries now exceed ₦50bn
A quintet of five oil and gas companies are to return $23 million and N15 billion within seven days to the government treasury following their indictment in the 2021 Auditor General’s report, which indicated that over ₦10 trillion in payments remain outstanding to the Federation Account from industry operators.
TotalEnergies is to return $2 million, Seplat Energies $6.036 million and another N15 billion, Aradel Energy $12.1 million, and $3.1 million from Network Exploration
When the outstanding recoveries are paid, it will add to the $14.2 million (N21.4 billion) recovered already by the House of Representatives Public Accounts Committee (PAC) from four oil and gas companies as part of its ongoing investigation into financial discrepancies in the sector. The current recoveries have exceeded N50 billion.
The Committee has also seven companies, namely Frontier Oil and Gas, Conoil Producing, Walter Smith Petrochemical, Bilton, Energia Ltd, Aiteo Petroleum Ltd and Pillar Oil Ltd, under heightened scrutiny and may face further actions if they continue to shun invitations to them.
Additionally, First E & P Oil Company has been directed to reconcile an outstanding balance of $90 million with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and afterwards, appear before the Committee on April 16, 2025.
This latest recovery of $14 million by the committee follows an earlier announcement on March 16, 2025, of recoveries amounting to ₦28.7 billion ($19.24 million), bringing the total recovered so far to $33.44 million or ₦50.1 billion.
The breakdown of the latest recoveries showed N2.9 billion or $ 1.9 million was recovered from Platform Petroleum Ltd, N2.3 billion or $1.578 million from Midwestern Oil and Gas Ltd, N785.7 million or $523,845 from Universal Energy, and $10.3 million or N15.5 billion from Aradel Energy Ltd.
Speaking on the recoveries, the Chairman of the Committee, Rep. Bamidele Salam, credited the successes recorded to the unwavering support and leadership of the Speaker of the House, Abbas Tajudeen.
He noted that the Speaker’s firm commitment to legislative oversight and accountability has ensured that committees operate effectively, free from undue interference, and with a clear mandate to safeguard public resources.
“Under the leadership of Speaker Abbas, the House of Representatives has reinforced its commitment to fiscal transparency and good governance. The independence granted to committees like ours has enabled us to carry out our mandate diligently, ensuring that public funds are properly accounted for. This approach has been instrumental in our ability to recover these substantial sums, and we remain steadfast in our mission to strengthen financial accountability in Nigeria,” Rep. Salam stated.
In addition to the recovered funds, the Committee has issued a 20-day ultimatum for four companies to remit a total of $23.2 million (N34.8 billion). Failure to comply within the stipulated timeframe will result in the enforcement of appropriate sanctions, including the public naming of defaulters in national newspapers.
Rep. Salam emphasised the Committee’s commitment to enforcing compliance, warning that companies that fail to meet their financial obligations will face the full weight of legislative oversight.
The actions of the Public Accounts Committee reflect the House of Representatives’ increasing resolve to ensure transparency, accountability, and financial discipline in the Nigerian oil and gas sector. Ongoing investigations are expected to uncover more discrepancies, with the Committee continuing its public hearings on the 2021 Auditor General’s report, which indicated that over ₦10 trillion in payments remain outstanding to the Federation Account from industry operators.
“The era of impunity and financial recklessness in the oil and gas sector is coming to an end. We are determined to recover every kobo owed to the Nigerian people and ensure that public funds are managed with the highest level of integrity,” Rep. Salam reaffirmed.
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