The Nigerian House of Representatives has launched investigative hearings to address approximately ₦9.4 trillion in outstanding debts owed by oil companies to the Federation Account.
These debts encompass unpaid royalties, concession rentals, and gas flare penalties.
The Committee on Public Accounts will conduct the hearings from Monday, March 3, to Friday, March 7, 2025, in Meeting Room 446. Summoned companies include Addax Petroleum, Shell Nigeria Exploration and Production Company, Chevron Nigeria Ltd, Total E&P Nigeria, Oando Oil Ltd, and Seplat Energy.
This was disclosed in a statement by the spokesman for the House of Representatives, Rep. Akin Rotimi, Jr., on Sunday.
The investigation is based on Sections 85, 88, and 89 of the 1999 Constitution (as amended), which empower the National Assembly to audit public accounts and conduct inquiries. It also follows Order XX – Rule 6 of the House of Representatives Standing Orders.
According to the statement, several oil companies have failed to meet their financial obligations since 2021, despite the Petroleum Industry Act requiring payments within 30 days.
The Auditor-General’s Annual Report on the Consolidated Financial Statement for the year ending December 31, 2021, highlighted that several oil companies have defaulted on their statutory payments. These outstanding debts stem from Production Sharing Contracts, Repayment Agreements, and Modified Carry Arrangements.
To resolve this issue, the Public Accounts Committee has summoned representatives of the affected oil companies to appear before the committee at the National Assembly Complex in Abuja.
The hearings will take place in Meeting Room 446 from Monday, March 3, to Friday, March 7, 2025. Companies expected to appear include Addax Petroleum, Shell Nigeria Exploration and Production Company, Chevron Nigeria Ltd, Total E&P Nigeria, Oando Oil Ltd, and Seplat Energy, among others.
The Public Accounts Committee has scheduled the hearings as follows:
Monday, March 3, 2025: Addax Petroleum Exploration Nigeria Ltd, AITEO Group, All Grace Energy, Amalgamated Oil Company Nigeria Limited, Amni International Petroleum Development Company Limited, Belemaoil Producing Ltd, Bilton Energy Limited, Britannia-U, and Waltersmith Petroman Limited.
Tuesday, March 4, 2025: Chevron Nigeria Ltd (OML 90, 95, 49), Chorus Energy, Conoil Plc, Continental Oil & Gas Company Ltd., Dubri Oil Company Limited, Enageed Resources Limited, Shell Nigeria Exploration and Production Company, Energia Limited, and Eroton Exploration & Production Company Limited.
Wednesday, March 5, 2025: Esso E & P Ltd (Usan, Erha), First E & P Ltd, Frontier Oil Limited, General Hydrocarbons Limited, Green Energy International Ltd, Nigeria Agip Exploration Ltd (NAE), Panocean Oil Nigeria Limited (OML 147), Neconde Energy Limited, Newcross Exploration and Production Limited, and Newcross Petroleum (OML 152).
Thursday, March 6, 2025: Network Exploration & Production Limited, Total E & P Nigeria (OML 100, 102, 52 & 99), Niger Delta Petroleum, Nigeria Petroleum Development Company (NPDC) (OML 60, 61 & 63), Lekoil Oil and Gas Investments Limited, Midwestern Oil and Gas Limited, Millennium Oil and Gas Company Limited, Seplat Energy (OML 4, 38 & 41), and Oriental Energy Resources Limited.
The final session of the hearings will take place on Friday, March 7, 2025, with the following companies expected to appear: Oando Oil Ltd (OML 60, 61 & 62), Heirs Holdings, Pillar Oil Limited, Platform Petroleum Limited, Shell Petroleum Development Company (OML 27), Universal Energy Limited/Sinpec, Shoreline Natural Resources, Star Deep Water Petroleum Limited, Sahara Field Production Limited and Mobil Producing Nig. Unlimited (OML 67 & 70).
The committee has mandated that company representatives appear in person, with Chief Executive Officers leading their delegations. Failure to comply may result in further actions against the defaulting companies.
Chairman of the Public Accounts Committee, Rep. Bamidele Salam, emphasized the importance of accountability in managing the nation’s resources.
“Oil companies must fulfill their statutory obligations to maintain the integrity and accountability of our nation’s resources. We welcome a collaborative approach with all stakeholders as we work together to address these discrepancies in an effective and efficient manner.”
