Reps Panel Threatens Sanctions as Oil Firms Owe FG $456m, Recovers ₦86.5bn in Unremitted Revenues
…Neconde, Heirs Holdings, Aiteo, and others face July summons over unpaid obligations
The House of Representatives Public Accounts Committee (PAC) has issued a final warning to thirteen oil companies over their failure to honour multiple official summons in an ongoing probe into unremitted revenues owed to the Federal Government, amounting to a staggering $456.95 million (₦731.12 billion).
This development comes as the Committee, in a statement by its spokesperson, Hon. Akin Rotimi, expressed deep concern over the continued refusal of these firms to appear before lawmakers despite repeated invitations and public notices in national dailies.
The PAC, chaired by Hon. Bamidele Salam, has now mandated the companies to appear without fail on Wednesday, July 2, and Thursday, July 3, 2025, or face constitutional sanctions for contempt of the National Assembly.
> “Recalcitrant companies will face the constitutional consequences of their refusal to cooperate. We are resolute in our commitment to uphold accountability and recover every kobo owed to the Nigerian people,” Hon. Salam declared.
Defaulting Companies and Debt Profiles
According to documents released by the PAC, the following companies are under investigation for failing to remit various statutory revenues:
Neconde Energy Ltd – $326 million
Heirs Holdings – $137.7 million
Continental Oil & Gas Ltd – $57 million
Aiteo Ltd – $34.8 million
Eroton – $34.5 million
General Hydrocarbon Ltd – $22.5 million
Energia Ltd – $19.5 million
Waltersmith OML 16 – $8.7 million
Millennium Oil & Gas Ltd – $2.07 million
Pillar Oil Ltd – $4.6 million
Frontier OML 13 – $952,216.51
Bilton – $5 million
Conoil Producing Ltd – $5 million
In addition to these, the PAC has summoned six other oil firms for further clarification on liabilities totaling $125.5 million, including:
Shoreline Natural Resources – $70 million
Newcross Exploration – $25 million
Aradel Holdings – $8.2 million
OML 18 Resources – $15.2 million
Ocean Energy – $4.5 million
Network Exploration – $2.6 million
Committee Recovers ₦86.5 Billion So Far
Despite the ongoing defiance by several companies, the Committee recorded major breakthroughs in its recovery drive, confirming that it has so far recovered ₦86.5 billion, including a recent ₦25 billion ($15.7 million) from various operators.
These recoveries stem from the Committee’s scrutiny of the Auditor-General’s Annual Report on Nigeria’s Consolidated Financial Statements for the year ending December 31, 2021, which had flagged a jaw-dropping ₦9.4 trillion in liabilities owed to the Federation Account as of Q4 2024.
Breakdown of Latest Recoveries
Among the latest companies to remit outstanding debts are:
TotalEnergies – $2 million
Shoreline Natural Resources – $10 million
OML 18 Resources – $3,474,123
Enageed Resource Ltd – $280,000
These debts are linked to unpaid royalties, concession rentals, gas flare penalties, and other statutory obligations arising from Production Sharing Contracts (PSCs), Repayment Agreements, and Modified Carry Arrangements.
Strengthening Transparency in Oil and Gas
The Committee described the ongoing recoveries as a major milestone in its drive to instill fiscal discipline, transparency, and accountability in Nigeria’s oil and gas industry—a sector long plagued by opacity and revenue leakages.
Hon. Salam reaffirmed the resolve of the 10th Assembly to act decisively. “We will not tolerate impunity. This is not just about figures—it is about restoring public confidence in the institutions that manage our commonwealth,” he said.
As the July deadline approaches, all eyes are now on the summoned companies to either comply or face the full weight of legislative sanctions as Nigeria intensifies efforts to plug revenue gaps and rebuild fiscal credibility.
