BY OSINACHI OZOEMENA

The House of Representatives Public Accounts Committee has revealed that about 13 oil companies are indebted to the federal government, to the tune of over $456m.

The Reps committee, which made the disclosure on Wednesday, ordered the affected 13 non-compliant oil companies to appear before it to answer questions in the ongoing probe of non-remittance of monies due to the Federal Government, or face grave sanctions.

In a statement issued by its spokesman, Akin Rotimi, the committee regretted that the affected companies has severally shunned its repeated invitations and public notices through national newspapers.

According to the statement, the companies include Conoil Producing Ltd ($5m), Continental Oil & Gas Ltd ($57m), ⁠Energia Ltd ($19.5m), Frontier OML 13 ($952,216.51) and Millennium.

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 has scheduled the aforementioned companies to appear without fail on Wednesday, July 2, and Thursday, July 3, 2025,” the statement stressed.

PAC has also requested some oil companies to reappear before it in connection with alleged outstanding liabilities totalling $125.5m.

“They are OML 18 ($15.2m), Shoreline ($70m), Network Exploration ($2.6m), Aradel ($8.2m), Newcross Exploration ($25m) and Ocean ($4.5m).

 “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 statement quoted the Chairman of the Committee, Bamidele Salam as saying,

The Committee however said it has recovered an additional $15.7m (approximately ₦25bn) from several oil companies, raising the total recovered amount to ₦86.5bn.

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 further read.