The Public Accounts Committee (PAC) in the House of Representatives has announced the recovery of an additional N11.5bn from oil and gas companies with outstanding obligations to the Federal Government.
The new tranche of recovered funds brings the total recovery secured by the committee to N61.5bn.
According to a statement by the House Spokesperson, Rep. Akin Rotimi Jr on Tuesday, the N11,488,761,099 was recovered recently from Platform Petroleum Ltd, $182,057.44 (N291.29m); Midwestern Oil and Gas, $730,889.37 (N1.17bn); Seplat Energies N1.58bn; Aradel Holdings, $3.9m (N6.1bn); Network Exploration & Production, $500,000 (N775m) and Shoreline Resources Ltd, $1m (N1.55bn).
He stated, “The committee’s intensified efforts are anchored on findings from the Auditor-General’s reports and data obtained from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). These have informed sustained engagements with oil firms to ensure accountability for unremitted funds and outstanding liabilities.”
He however noted that espite multiple invitations issued through public notices and official correspondence, several oil and gas companies failed to appear before the committee.
Rotimi added, “These defaulting firms collectively owe over $384 million and N325.7 million to the Federal Government: Neconde Energy Ltd – $110.5 million and N325.7 million; Heirs Holdings – $137.7 million; AITEO Ltd – $34.8 million ;Continental Oil & Gas Ltd – $31 million; General Hydrocarbon – $28.4 million; Energia Ltd – $19.5 million; Waltersmith OML 16 – $8.7 million; Bilton – $5 million; Pillar Oil Ltd – $4.6 million; Millennium Oil and Gas Ltd – $2.067 million; Conoil Producing Ltd – $1.1 million; Frontier OML 13 – $952,216.51.”
The statement quoted the PAC Chairman, Bamidele Salam, warning the defaulting companies that, the committee “will not tolerate evasion of responsibility.”
Speaking at a press briefing, House PAC Chairman, Rep. Salam condemned the continued non-compliance by certain oil companies and issued a firm warning.
He said, “This Committee will not tolerate attempts by corporate entities to evade their responsibility to the Nigerian people. These companies are withholding billions of naira owed to the federal government, and we will not allow them to disregard the authority of Parliament.
“If these companies believe they are too big to be held accountable, they must understand that their licenses are at risk. We are prepared to recommend immediate revocation for any company that shows contempt for this Committee and the laws of the nation”. (Daily Trust)
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