The Public Accounts Committee of the House of Representatives said that it had retrieved N28.7 billion from two oil corporations that owed money to the Federation account of the nation.
Akin Rotimi, the Green Chamber’s spokesperson, revealed this in a statement on Sunday.
45 oil corporations owe Nigeria’s Federation account a total of $1.7 trillion, of which the recovery is a portion.
According to the committee, Seplat Production Development Limited fully fulfilled its commitment by sending N27.6 billion between March 10 and March 14, 2025, while Chorus Energy Limited cleared its outstanding debt with a payment of N1.2 billion on March 11, 2025.
As a result, the PAC discharged Shell Exploration and Production, Shell Petroleum Development Company, Amalgamated Oil Company Nigeria Ltd., and Seplat Energy of all financial obligations to the Federation Account.
“The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has been furnished with evidence of these payments for final verification.
“Additionally, Shoreline Natural Resources Ltd. had made a $30 million payment towards its $100.28 million 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 following recent reconciliations:
“Seplat Energy Producing Nigeria Unlimited (formerly Mobil Producing) now holds a credit balance of $211,911.09 for crude oil royalty, $33.01 million for gas flare penalties, and $163,046.40 for concession rentals, with no outstanding liabilities.
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“The committee commended Seplat Energy for its prompt compliance with its financial obligations.
“Furthermore, the committee reaffirmed its commitment to deploying all constitutionally sanctioned measures to recover outstanding debts from the remaining 38 oil companies under investigation,” the committee stated.
The move follows the committee’s summons of the firms to an investigation based on the 2021 Audit Report’s conclusions that 45 oil corporations owed the Federation $1.7 billion in unpaid obligations.
Reps had already given the invited firms a deadline to show up.
