The House of Representatives Public Accounts Committee (PAC) says it has recovered an additional $14.2 million (about N21.4 billion) from four oil and gas companies in the course of investigations into the financial discrepancies in the sector.
This latest recovery followed the announcement on March 16 of the recovery of $19.24 million (N28.7 billion), bringing the total amount of money recovered to $33.44 million (N50.1 billion).
In a statement yesterday, spokesman Akin Rotimi said the latest recovery consisted of Platform Petroleum Ltd: $1.9 million (N2.9 billion), Midwestern Oil and Gas Ltd: $1.578 million (N2.3 billion), Universal Energy: $523,845 (N785.7 million) and Aradel Energy Ltd: $10.3 million (N15.5 billion). Committee Chairman, Bamidele Salam, praised Speaker Tajudeen Abbas for his support.
He said: “The independence granted to committees like ours has enabled us to carry out our mandate diligently, ensuring that public funds are properly accounted for.
“This approach has been instrumental in our ability to recover these substantial sums, and we remain steadfast in our mission to strengthen financial accountability in Nigeria.”
In addition to the recovered funds, the committee issued a 20-day ultimatum to four companies to remit $23.2 million (N34.8 billion). Failure to comply within the stipulated time frame will result in the enforcement of appropriate sanctions, including the public naming of defaulters in national newspapers.
The companies are: “Total Energies: $2 million within 7 days, Seplat Energies (SPDC): $6.036 million and N1.5 billion within 7 days, Aradel Energy Ltd: $12.1 million within 7 days and Network Exploration: $3.1 million within 7 days” Salam emphasised the committee’s commitment to enforcing compliance, warning that companies that fail to meet their financial obligations will face the full weight of legislative oversight.
He said: “The following firms are now under heightened scrutiny and may face further actions if they continue to evade accountability: Frontier Oil and Gas, Conoil Producing, Walter Smith Petrochemical, Bilton, Energia Ltd, Aiteo Petroleum Ltd amd Pillar Oil Ltd.
“Additionally, First E & P Oil Company has been directed to reconcile an outstanding balance of $90 million with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and is expected to appear before the committee on April 16, 2025, to finalise the matter.”
