The House of Representatives Public Accounts Committee has directed OML18 Resources Limited, formerly known as Sahara Field Production Ltd., to remit $4,020,000 to the Federation Account within five days.

The Committee issued the directive on Wednesday at its investigative hearing, as part of its ongoing probe into outstanding debts owed by oil companies to the Federation Account.

The investigation, based on findings from the 2021 Audit Report and data from the Nigerian Upstream Petroleum Regulatory Commission, involves 45 oil companies collectively owing $1.7bn in outstanding liabilities.

A statement issued by the media unit of the committee on Wednesday evening revealed that during the session, “The NUPRC representative, Balarabe Haruna, reported that OML18 Resources owes a total of $20.23m, comprising $17. 37m in crude oil royalties and $2.86m in gas flare penalties.

Mr Haruna added that the company also owes N173.71m in gas sales revenue.

Responding to the allegations, Team Lead of OML18 Resources’ Commercial Department, Mrs Olutobi Dairo, acknowledged the debt, noting that the NUPRC is the custodian of the relevant figures and confirming the accuracy of the liabilities.

“I agree there are liabilities,” she said.

Chairman of the Committee, Bamidele Salam, highlighted the seriousness of the matter, saying, “The money owed to the Federation Account is significant, and Nigeria needs the money. We take it that you have confirmed the NUPRC’s claims.”

The Committee resolved that 20% of the total amount, equivalent to $4.02 million, must be paid within 5 days.

PAC also instructed OML18 Resources to reconcile its accounts with the asset operator within 14 days and report back to the Committee with a breakdown of the remaining liabilities. (The PUNCH)