By The House Public Accounts Committee has made significant headway in recovering funds for the Federation, securing a total of ₦28.7 billion (approximately $19.24 million) in one week from two oil companies with outstanding debts.
According to the committee’s report, which draws on findings from the 2021 Audit Report, 45 oil companies collectively owe the Federation $1.7 billion. In recent days, two companies have stepped forward to clear part of these liabilities. Chorus Energy Limited remitted $847,623 (about ₦1.2 billion) on March 11, 2025, while Seplat Production Development Limited paid $18.39 million (roughly ₦27.6 billion) between March 10 and March 14, 2025. The Nigerian Upstream Petroleum Regulatory Commission has received evidence of these payments for final verification.
The report also noted that Shoreline Natural Resources Ltd. had previously paid $30 million toward a debt of $100.28 million and is now seeking a structured repayment plan for the remaining balance. In addition, Seplat Energy Producing Nigeria Unlimited formerly known as Mobil Producing has been verified as having cleared all its outstanding liabilities, now holding credit balances for crude oil royalties, gas flare penalties, and concession rentals.
The committee highlighted that several other companies, including 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 liable.
In a related development, the committee recovered an additional ₦199.3 million following an investigation into excess charges and unremitted Value Added Tax (VAT) associated with transactions processed via the Remita platform. The probe, initiated in 2024 after allegations of revenue leakages by Ministries, Departments, and Agencies, found that banks, Remita, and the Central Bank of Nigeria were directed to refund 1% transaction charges collected between March and October 2015. Although records showed that banks and Remita had refunded over ₦7.6 billion, nearly ₦1.98 billion remained outstanding, which—when adjusted for interest at the prevailing Monetary Policy Rate of 27.25%—brought the total refundable amount to ₦6.83 billion.
Specifically, Guaranty Trust Bank (GTB) settled ₦40.6 million in overdue charges for the period in question. Further investigations revealed non-remittance of VAT on transactions processed via Remita between November 2018 and April 2024, with the Central Bank acknowledging an outstanding VAT liability of ₦521.77 million. In response, Zenith Bank and GTB remitted ₦126.13 million and ₦32.59 million, respectively, though several other value chain providers have yet to comply.
Chairman of the House Public Accounts Committee, Rep. Bamidele Salam, emphasized the importance of these recoveries. “These recoveries demonstrate the effectiveness of the National Assembly’s oversight in ensuring accountability and transparency in the management of public funds. We will continue to engage with relevant institutions and use all legislative tools available to recover outstanding debts and prevent revenue leakages,” he stated.
The committee remains resolute in its mission to uphold financial discipline and strengthen institutional accountability in the management of Nigeria’s public resources.
