In a decisive move to bolster accountability within Nigeria’s oil sector, the House of Representatives Public Accounts Committee (PAC) has handed OML18 Resources Limited a strict five-day ultimatum to remit $4.02 million into the Federation Account. This order comes amid growing concerns over lingering debts from oil companies, as uncovered in the 2021 audit report and data presented by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
The directive was issued on Wednesday during a hearing that forms part of an ongoing probe into $1.7 billion in outstanding liabilities allegedly owed by 45 oil companies. OML18 Resources Limited, formerly known as Sahara Field Production Ltd, was found to owe over $20.2 million, comprising $17.37 million in crude oil royalties, $2.86 million in gas flare penalties, and N173.7 million in gas sales revenue.
Balarabe Haruna, a senior official of NUPRC, revealed these figures during the session, prompting further scrutiny from lawmakers. In response, Olutobi Pamilerin Dairo, Team Lead of the Commercial Department at OML18, did not dispute the claims. “I agree there are liabilities,” Dairo admitted, lending weight to the regulator’s findings and effectively confirming the financial discrepancies.
PAC Chairman, Hon. Bamidele Salam, underscored the gravity of the situation, stressing the importance of prompt financial restitution. “The money owed to the Federation Account is significant and Nigeria needs the money. We take it that you have confirmed the NUPRC’s claims,” he said.
Following deliberations, the Committee mandated that 20% of the total confirmed debt—$4.02 million—be paid within five days. Additionally, OML18 Resources was instructed to reconcile its financial records with the asset operator and provide a detailed breakdown of its remaining obligations within a fortnight.
The development signals a renewed determination by the legislature to enforce fiscal discipline and close the gap in unremitted oil revenues—an issue that has long plagued the nation's extractive industry.