Abuja, June 19, 2025- The House of Representatives has threatened to sanction 13 oil companies for their failure to appear before it during its investigation into alleged $456.95 million (N731.12 bn) alleged unremitted oil receipts.
The House Committee on Public Accounts made the threat in a statement issued by Akin Rotimi, its Spokesman on Wednesday.
The statement said the affected companies failed to appear before the committee during its investigation which had prompting it to consider punitive actions in line with legislative and constitutional provisions.
It listed the companies to include Conoil Producing Ltd ($5m), Continental Oil & Gas Ltd ($57m), Energia Ltd ($19.5m), Frontier OML 13 ($952,216.51) and Millennium Oil & Gas Ltd ($2.07m).
Others are Neconde Energy Ltd ($326m), Pillar Oil Ltd ($4.6m), Waltersmith OML 16 ($8.7m), Aiteo Ltd ($34.8m), Bilton ($5m), Heirs Holdings ($137.7m), General Hydrocarbon Ltd ($22.5m) and Eroton ($34.5m).
The Committee said it had now rescheduled them to appear unfailingly on Wednesday, July 2, and Thursday, July 3, 2025.
The statement also requested some oil companies to reappear before it in connection with alleged outstanding liabilities of $125.5m
These companies are OML 18 ($15.2m), Shoreline ($70m), Network Exploration ($2.6m), Aradel ($8.2m), Newcross Exploration ($25m) and Ocean ($4.5m).
The statement quoted Bamidele Salam, the Chairman of the Committee, as saying, “Recalcitrant companies will face the constitutional consequences of their refusal to cooperate.
“We are fully committed to enforcing accountability and recovering all funds owed to the Nigerian people.”
The committee said it had recovered additional $15.7m (₦25 billion) from several oil companies, raising the total recovered amount to ₦86.5 billion.
This follows a comprehensive review of the Auditor-General’s Annual Report on the Consolidated Financial Statements for the year ended December 31, 2021.
“The Committee’s investigations revealed that oil and gas companies owe the Federation Account approximately ₦9.4 trillion as of Q4 2024, stemming from unpaid oil royalties, concession rentals, gas flare penalties, and other contractual obligations under Production Sharing Contracts (PSCs), Repayment Agreements, and Modified Carry Arrangements.
“Latest recoveries amounting to $15.7m (approximately ₦25bn) include TotalEnergies ($2m), Shoreline Natural Resources ($10m), OML 18 Resources ($3,474,123) and Enageed Resource Ltd. ($280,000)
“These funds have been remitted directly into the Federation Account and are considered a critical step in reinforcing fiscal responsibility within Nigeria’s extractive sector,” the statement said.
