Reps Committee Recovers N28.7 billion Debt from Two Oil Companies
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The Public Accounts Committee (PAC) of the House of Representatives announced on Sunday that two oil companies owing the Federation Account have collectively refunded approximately ₦28.7 billion to the government.
The committee is currently investigating the audit report from the Office of the Auditor General for the Federation for the 2021 financial year.
According to a statement by House spokesman Akintunde Rotimi (APC, Ekiti), Chorus Energy Limited cleared its outstanding liability by paying $847,623 (₦1.2 billion) on March 11, 2025, while Seplat Production Development Limited fully settled its obligation by remitting $18.39 million (₦27.6 billion) between March 10 and March 14, 2025.
Rotimi added that the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has been provided with payment evidence for final verification.
The statement also noted that Shoreline Natural Resources Ltd. had already paid $30 million toward its $100.28 million debt before the investigation began and has requested a structured repayment plan for the remaining balance.
During the committee’s proceedings, NUPRC representative Balarabe Haruna reported that, following recent reconciliations, 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 $163,046.40 for concession rentals, with no outstanding liabilities.
“The Committee commended Seplat Energy for its prompt compliance with its financial obligations.”
Furthermore, the Committee reaffirmed its commitment to deploying all constitutionally sanctioned measures to recover outstanding debts from the remaining 38 oil companies under investigation.
He said Amalgamated Oil Company Nigeria Ltd, Seplat Energy, Shell Exploration and Production and Shell Petroleum Development Company have fully settled their obligations and are no longer financially liable.
The stati also said that the Committee has successfully recovered ₦199.3 million out of an outstanding ₦6.8 billion excessive charges levied between March and October 2015 and unremitted Value Added Tax (VAT) on transactions processed via the Remita platform from 2015 to 2022.
Following a motion sponsored by Jeremjah Umaru, the House in 2024 ordered the committee to investigate revenue leakages and non-remittance of funds by Ministries, Departments, and Agencies (MDAs) through Remita.
A report of the committee said, “The Federal Government had previously directed value chain providers, including banks, Remita, and the Central Bank of Nigeria (CBN), to refund 1% transaction charges collected via Remita between March and October 2015.
“An audit of records from banks and Remita revealed that while ₦7,626,503,441.42 had been refunded, an outstanding sum of ₦1,984,355,431.08 remained unpaid.
“Applying the prevailing Monetary Policy Rate (MPR) of 27.25%, the accumulated interest on the unpaid sum amounts to ₦4,842,928,161.36, bringing the total refundable amount to ₦6,827,283,592.44.
“The Committee confirmed that on March 13, 2025, Guaranty Trust Bank (GTB) settled ₦40.6 million in overdue charges for the period between March and October 2015.
“Further investigations uncovered non-remittance of VAT on transactions processed via Remita. The CBN acknowledged an outstanding VAT liability of ₦521,765,134.17 for transactions between November 2018 and April 2024, which remains unsettled”.
The statement said further that following the Committee’s intervention, Zenith Bank remitted ₦126,131,692.86 while Guaranty Trust Bank paid ₦32,585,882.48.
It said, “despite these recoveries, several other value chain providers are yet to comply with VAT remittance requirements and other under-remittances identified in the investigation”.
It quote the Chairman of the House Public Accounts Committee, Bamidele Salam (PDP, Osun) as reaffirming the Committee’s resolve to pursue every avenue to recover public funds, stating:
Salam said, “These recoveries demonstrate the effectiveness of the oversight function of the National Assembly in ensuring accountability and transparency in the management of public funds. We will continue to engage with 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.
“The House of Representatives through the Public Accounts Committee remains committed to upholding financial discipline, strengthening institutional accountability, and safeguarding public resources in the national interest.”
Source: The Nation
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