Four oil companies operating in the country have remitted an additional $14.2 million into the Federations account as part of ongoing investigation by the House of Representatives Public Accounts Committee.

The recovered money Is part of the over N9 trillion owed to the Federations account as contained in the report of the Auditor General for the Federation for the 2021 financial year which the public accounts committee is currently investigating.

Spokesman of the House, Akintunde Rotimi, who said the committee has earlier recovered about $19.24 million listed the four companies as Platform Petroleum Ltd ($1.9 million);

Midwestern Oil and Gas Ltd: ($1.578 million); Universal Energy ($523,845) and Aradel Energy Ltd ($10.3 million).

Rotimi quoted Chairman of the Committee, Bamidele Salam (PDP, Osun) as saying that the successes recorded in the fund recovering is as a result of the unwavering support and leadership of Speaker Abbas Tajudeen, saying the Speaker?s firm commitment to legislative oversight and accountability has ensured that committees operate effectively, free from undue interference, and with a clear mandate to safeguard public resources.

He said ?Under the leadership of Speaker Abbas, the House of Representatives has reinforced its commitment to fiscal transparency and good governance. 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?.

Rotimi said in addition to the recovered funds, the Committee has issued a seven-day ultimatum for four other companies to remit a total of $23.2 million (N34.8 billion) or face the enforcement of appropriate sanctions, including the public naming of defaulters in national newspapers.

The companies four companies are Total Energies who are to remit $2 million within seven days; Seplat Energies (SPDC) who are to remit $6.036 million and N1.5 billion within seven days; Aradel Energy Ltd who are to remit $12.1 million within seven days and Network Exploration who are to remit $3.1 million within seven days

The statement also quoted Salam as emphasising 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.

The Committee however expressed concerns over the failure of some companies named in the Auditor General?s report to honour invitations to appear before it.

It said Frontier Oil and Gas, Conoil Producing, Walter Smith Petrochemical, Bilton, Energia Ltd, Aiteo Petroleum Ltd and Pillar Oil Ltd are now under heightened scrutiny and may face further actions if they continue to evade accountability.

The committeee directed First E & P Oil Company to reconcile an outstanding balance of $90 million with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and appear before the Committee on April 16, 2025, to finalisethe matter against them.

He said ?The actions of the Public Accounts Committee reflect the House of Representatives? increasing resolve to ensure transparency, accountability, and financial discipline in the Nigerian oil and gas sector. Ongoing investigations are expected to uncover more discrepancies, with the Committee continuing its public hearings on the 2021 Auditor General?s report, which indicated that over ?10 trillion in payments remain outstanding to the Federation Account from industry operators.

?The era of impunity and financial recklessness in the oil and gas sector is coming to an end. We are determined to recover every kobo owed to the Nigerian people and ensure that public funds are managed with the highest level of integrity,? (The Nation)

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