The Public Accounts Committee (PAC) of the House of Representatives has successfully recovered an additional $14.2 million (about N21.4 billion) from four oil and gas companies in its ongoing investigation into financial discrepancies within the sector.
This latest recovery follows a previous announcement on March 16, 2025, when the committee revealed a recovery of N28.7 billion ($19.24 million), bringing the total amount recovered to date to $33.44 million (N50.1 billion).
The fresh recoveries include:
Patform Petroleum Ltd: $1.9 million (N2.9 billion)
Midwestern Oil and Gas Ltd: $1.578 million (N2.3 billion)
Universal Energy: $523,845 (N785.7 million)
Aradel Energy Ltd: $10.3 million (N15.5 billion)
In a statement, PAC Chairman Bamidele Salam credited the successes to the “unwavering support and leadership” of House Speaker Tajudeen Abass, emphasizing that under Abass’ leadership, the House has reinforced its commitment to fiscal transparency and good governance.
Salam also highlighted the independence granted to committees, which has enabled effective financial oversight. He pledged the committee’s continued efforts in ensuring public funds are managed with integrity and accountability.
In addition to the recoveries, the committee has issued a 20-day ultimatum to four companies to remit a total of $23.2 million (N34.8 billion). These companies include:
Total Energies: $2 million
Seplat Energies (SPDC): $6.04 million and N1.5 billion
Aradel Energy Ltd: $12.1 million
Network Exploration: $3.1 million
The committee has warned that any company that fails to comply will face stringent legislative scrutiny. Salam also expressed concern about companies like Frontier Oil and Gas, Conoil Producing, and Aiteo Petroleum Ltd, which have failed to appear before the committee despite repeated invitations.
Additionally, First E&P Oil Company has been instructed to resolve an outstanding $90 million balance with the Nigerian Upstream Petroleum Regulatory Commission. The company is scheduled to appear before the committee on April 16, 2025, to discuss the matter further.
Concluding, Salam reaffirmed the committee’s commitment to ending the culture of financial recklessness within the oil and gas sector. “The era of impunity is coming to an end,” he stated.
“We are determined to recover every kobo owed to the Nigerian people and ensure public funds are managed with the highest level of integrity.”
