The House of Representatives, through its Public Accounts Committee (PAC), has recovered $19.24 million (₦28.7 billion) from two oil companies indebted to the Federation Account.
A statement by House spokesman Akin Rotimi on Sunday, March 16, revealed that Chorus Energy Limited paid $847,623 (₦1.2 billion) on March 11, while Seplat Production Development Limited settled its $18.39 million (₦27.6 billion) liability between March 10 and 14. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has been notified for verification.
The statement added that Shoreline Natural Resources Ltd. had paid $30 million towards its $100.28 million debt before the investigation and is negotiating a repayment plan.
During a committee hearing, NUPRC representative Balarabe Haruna confirmed that Seplat Energy Producing Nigeria Unlimited (formerly Mobil Producing) now has 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.
The committee commended Seplat Energy for complying with its financial obligations and vowed to recover debts from 38 other oil companies still under investigation. Four firms—Amalgamated Oil Company Nigeria Ltd, Seplat Energy, Shell Exploration and Production, and Shell Petroleum Development Company—have fully settled their dues.
In a separate probe, PAC recovered ₦199.3 million out of an outstanding ₦6.8 billion linked to excessive charges and unremitted Value Added Tax (VAT) on transactions processed through Remita between 2015 and 2022.
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The House had mandated the probe in 2024 following a motion by Hon. Jeremiah Umaru on revenue leakages by Ministries, Departments, and Agencies (MDAs).
According to the statement, banks and Remita refunded ₦7.62 billion, but ₦1.98 billion remains unpaid. With the current 27.25% Monetary Policy Rate, accumulated interest has raised the outstanding amount to ₦6.83 billion.
The committee confirmed that Guaranty Trust Bank (GTB) remitted ₦40.6 million on March 13. Further investigations revealed unremitted VAT of ₦521.76 million for transactions between November 2018 and April 2024, which the Central Bank of Nigeria (CBN) has yet to settle.
Following the committee’s intervention, Zenith Bank paid ₦126.13 million, while GTB remitted ₦32.58 million. However, several other value chain providers have yet to comply.
PAC Chairman Rep. Bamidele Salam reaffirmed the committee’s commitment to recovering public funds, saying:
“These recoveries demonstrate the effectiveness of the National Assembly’s oversight in ensuring accountability and transparency in public fund management.
“We will continue to engage relevant institutions and deploy all necessary legislative tools to recover outstanding debts and prevent revenue leakages. Our objective is to ensure that every kobo due to the Federation is accounted for and remitted accordingly.”
Salam added that the House remains committed to enforcing financial discipline and safeguarding public resources in the national interest.