The House of Representatives, through its Public Accounts Committee (PAC), has recorded a major breakthrough in efforts to recover outstanding revenues owed to the Federation Account, securing over $19.2 million (approximately ₦28.7 billion) from two oil companies.
The probe, based on the 2021 Audit Report, revealed that 45 oil companies collectively owe $1.7 billion in unpaid liabilities. As part of the recovery efforts, Chorus Energy Limited recently settled its outstanding balance with a payment of $847,623 (₦1.2 billion), while Seplat Production Development Limited remitted $18.39 million (₦27.6 billion) over five days. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has received evidence of these payments for verification.
The investigation also uncovered that Shoreline Natural Resources Ltd. had previously made a $30 million payment towards its $100.28 million debt and has now requested a structured repayment plan for the remaining sum. Meanwhile, the Committee confirmed that companies like Amalgamated Oil Company Nigeria Ltd., Seplat Energy, Shell Exploration and Production, and Shell Petroleum Development Company have fully settled their obligations.
In a related development, the PAC has also recovered ₦199.3 million from excessive charges and unremitted Value Added Tax (VAT) on transactions processed through the Remita platform. The probe, launched in 2024, uncovered revenue leakages and non-remittance of funds by Ministries, Departments, and Agencies (MDAs), with outstanding obligations amounting to ₦6.8 billion.
Following the Committee’s intervention, Guaranty Trust Bank (GTB) and Zenith Bank made payments totaling over ₦199 million in overdue charges and VAT settlements. However, several financial institutions are yet to comply fully with remittance requirements.
Chairman of the PAC, Rep. Bamidele Salam, reaffirmed the Committee’s commitment to financial accountability, stressing that every avenue would be explored to recover public funds. “These recoveries highlight the importance of legislative oversight in ensuring transparency and preventing revenue leakages,” he stated.
The House of Representatives has vowed to continue its efforts to enforce financial discipline, strengthen institutional accountability, and protect public resources in the national interest.
