House of Reps Recovers $19.2M from Oil Companies, N199.3M from Banks in Major Financial Crackdown

The House of Representatives, through its Public Accounts Committee (PAC), has successfully reclaimed $19,241,109.35 (approximately N28.8 billion) from two oil companies indebted to the Nigerian government.

Akin Rotimi, spokesperson for the House, announced the development on Sunday, describing it as a milestone in the ongoing investigation into outstanding revenues owed to the federation account. The probe, based on findings from the 2021 audit report, focuses on 45 oil companies collectively owing $1.7 billion in unpaid liabilities.

According to the report, Chorus Energy Limited cleared its outstanding debt with a payment of $847,623 (N1.2 billion) on March 11, 2025. Similarly, Seplat Production Development Limited fully settled its financial obligations by remitting $18.39 million (N27.6 billion) between March 10 and March 14, 2025.

Rotimi further disclosed that the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has been provided with evidence of these payments for final verification. Additionally, Shoreline Natural Resources Ltd. made a $30 million payment toward its $100.28 million debt before the investigation commenced and has requested a structured repayment plan for the remaining balance.

During the committee’s proceedings, NUPRC representative Balarabe Haruna reported that Seplat Energy Producing Nigeria Unlimited (formerly Mobil Producing) now holds a credit balance of $211,911.09 for crude oil royalty, $33.01 million for gas flare penalties, and $163,046.4 for concession rentals, with no outstanding liabilities. The committee commended Seplat Energy for its prompt compliance with financial obligations.

To further tighten financial accountability, the PAC reaffirmed its commitment to deploying all constitutionally sanctioned measures to recover outstanding debts from the remaining 38 oil companies under investigation. The report also revealed that four companies—Amalgamated Oil Company Nigeria Ltd, Seplat Energy, Shell Exploration and Production, and Shell Petroleum Development Company—have fully settled their obligations.

In a separate development, the House PAC successfully recovered N199.3 million from banks out of an outstanding N6.8 billion related to excessive charges and unremitted value-added tax (VAT) on transactions processed via the Remita platform between 2015 and 2022.

The investigation stemmed from a directive issued by the House in 2024 to probe revenue leakages and non-remittance of funds by ministries, departments, and agencies (MDAs) through Remita. This directive was prompted by a motion sponsored by House member Jeremiah Umaru.

According to Rotimi, an audit of financial records from banks and Remita indicated that while N7.63 billion had been refunded, an outstanding sum of N1.98 billion remains unpaid. When factoring in the prevailing Monetary Policy Rate (MPR) of 27.25 per cent, the accumulated interest on the unpaid sum brings the total refundable amount to N6.83 billion.

The committee confirmed that on March 13, 2025, Guaranty Trust Bank (GTB) settled N40.6 million in overdue charges related to the March–October 2015 period. Further investigations revealed non-remitted VAT on transactions processed via Remita, with the Central Bank of Nigeria (CBN) acknowledging an outstanding VAT liability of N521.77 million for transactions between November 2018 and April 2024.

Following the committee’s intervention, Zenith Bank remitted N126.13 million, while GTB paid N32.59 million. However, Rotimi emphasized that several other value-chain providers have yet to comply with VAT remittance requirements and other under-remittances identified in the investigation.

Bamidele Salam, chairman of the PAC, reaffirmed the committee’s resolve to recover public funds and ensure accountability in financial transactions.

“These recoveries demonstrate the effectiveness of the National Assembly’s oversight function in ensuring transparency in the management of public funds,” Salam stated.

“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.”