The House of Representatives Public Accounts Committee (PAC) has achieved another significant milestone in its ongoing probe into financial irregularities within the oil and gas sector, successfully reclaiming an additional $14.2 million (approximately ₦21.4 billion) from four companies. This latest recovery increases the total amount retrieved by the committee to $33.44 million (₦50.1 billion) thus far.
Chairman of the PAC, Hon. Bamidele Salam, attributed this success to the steadfast leadership of the Speaker of the House, Hon. Abbas Tajudeen, emphasizing that his commitment to accountability has enabled the committee to function independently and effectively in protecting public funds.
The breakdown of the recovered funds is as follows:
- Platform Petroleum Ltd: $1.9 million (₦2.9 billion)
- Midwestern Oil and Gas Ltd: $1.578 million (₦2.3 billion)
- Universal Energy: $523,845 (₦785.7 million)
- Aradel Energy Ltd: $10.3 million (₦15.5 billion)
Hon. Salam reaffirmed the committee’s dedication to enforcing fiscal responsibility and warned that stricter measures would be implemented against non-compliant firms.
PAC Issues Ultimatum for Further Recoveries
In its bid to ensure full compliance, the PAC has issued a 20-day deadline for four additional oil firms to remit a combined outstanding sum of $23.2 million (₦34.8 billion). The concerned companies and their required payments include:
- Total Energies: $2 million (due within 7 days)
- Seplat Energies (SPDC): $6.036 million and ₦1.5 billion (due within 7 days)
- Aradel Energy Ltd: $12.1 million (due within 7 days)
- Network Exploration: $3.1 million (due within 7 days)
Failure to comply within the stipulated timeframe may lead to public sanctions, including naming the defaulting companies in national newspapers.
Companies Under Scrutiny
Further investigations by the PAC have revealed that several oil companies have ignored committee summons, prompting heightened scrutiny. The defaulters include:
- Frontier Oil and Gas
- Conoil Producing
- Walter Smith Petrochemical
- Bilton
- Energia Ltd
- Aiteo Petroleum Ltd
- Pillar Oil Ltd
Additionally, First E & P Oil Company has been instructed to reconcile an outstanding balance of $90 million with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and is expected to appear before the PAC on April 16, 2025, for further deliberation.
Ongoing Investigations
The PAC’s investigation is part of a broader legislative effort to enforce financial accountability in Nigeria’s oil and gas sector, particularly in light of revelations from the 2021 Auditor General’s report, which highlighted over ₦10 trillion in unpaid remittances to the Federation Account.
Hon. Salam declared that the era of financial mismanagement in the sector is drawing to a close, affirming, “We are committed to recovering every kobo owed to the Nigerian people and ensuring that public funds are managed with integrity.”
As the PAC intensifies its inquiries and public hearings, further updates regarding fund recoveries and enforcement measures will be communicated. The House of Representatives remains unwavering in its mission to uphold transparency, accountability, and financial discipline in Nigeria’s oil and gas industry.