Report Bamidele reiterated the House of Reps’ resolve to uphold accountability and financial integrity in the management of public funds, ensuring that government revenues are protected in the national interest.
Abuja, Nigeria – The Public Accounts Committee (PAC) of the House of Representatives has successfully recovered $19.24 million (₦28.7 billion) from two oil companies that owed outstanding payments to the Federation Account.
This development is part of an ongoing investigation into 45 oil companies with a combined debt of $1.7 billion, as flagged in the 2021 Audit Report.
Breakdown of Recent Recoveries
Akin Rotimi, the House Spokesperson, confirmed in a statement that the recovered funds came from two major players in the oil sector:
Chorus Energy Limited cleared its debt with a payment of $847,623 (₦1.2 billion) on March 11, 2025.
Seplat Production Development Limited settled its full obligation by remitting $18.39 million (₦27.6 billion) between March 10 and March 14, 2025.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has received payment evidence for verification.
Meanwhile, Shoreline Natural Resources Ltd. made a $30 million payment before the investigation commenced and has sought approval for a structured repayment plan to clear its remaining $70.28 million liability.
Seplat Energy’s Credit Balance
During the probe, NUPRC representative Balarabe Haruna disclosed that Seplat Energy Producing Nigeria Unlimited (formerly Mobil Producing) currently holds a credit balance of:
$211,911.09 for crude oil royalty.
$163,046.40 for concession rentals.
The Committee commended Seplat Energy for its swift compliance with financial obligations and reaffirmed its commitment to ensuring full debt recovery from the remaining 38 companies still under investigation.
Several oil companies, including Amalgamated Oil Company Nigeria Ltd, Seplat Energy, Shell Exploration & Production, and Shell Petroleum Development Company, have fully settled their debts and are no longer financially liable.
Investigation Into Remita Revenue Leakages
Separately, the House Committee on Public Accounts has recovered ₦199.3 million out of an outstanding ₦6.8 billion linked to excessive charges and unremitted VAT on transactions processed via the Remita platform between 2015 and 2022.
The investigation stems from a 2024 directive by the House, following a motion sponsored by Hon. Jeremiah Umaru, to probe revenue leakages and non-remittance of funds by Ministries, Departments, and Agencies (MDAs) through the Remita system.
Findings revealed that while banks and Remita had refunded ₦7.63 billion of the excess charges collected between March and October 2015, an unpaid balance of ₦1.98 billion remained. With the Monetary Policy Rate (MPR) at 27.25%, the accumulated interest on the unpaid sum has risen to ₦4.84 billion, bringing the total outstanding refund to ₦6.83 billion.
Latest Payments and Outstanding Liabilities
On March 13, 2025, the following payments were made:
Guaranty Trust Bank (GTB) remitted ₦40.6 million in overdue charges.
Zenith Bank paid ₦126.13 million.
GTB made an additional ₦32.58 million payment.
However, the Central Bank of Nigeria (CBN) still has an outstanding VAT liability of ₦521.77 million for transactions conducted between November 2018 and April 2024.
Despite recent recoveries, several entities within the Remita value chain have yet to comply with VAT remittance regulations and other financial obligations identified in the probe.
Chairman of the House Public Accounts Committee, Rep. Bamidele Salam, emphasized the Committee’s dedication to ensuring the recovery of public funds and preventing future revenue leakages.
“These recoveries highlight the effectiveness of legislative oversight in promoting transparency and financial discipline. The National Assembly will continue engaging relevant institutions and deploying all necessary tools to recover outstanding debts and safeguard public resources,” Salam stated.
He reiterated the House of Reps’ resolve to uphold accountability and financial integrity in the management of public funds, ensuring that government revenues are protected in the national interest.
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