The House of Representatives Public Accounts Committee has recovered an additional $14.2 million (₦21.4 billion) from four oil and gas companies as part of its ongoing investigation into financial discrepancies in the sector.
This follows an earlier announcement on March 16, 2025, when the committee recovered $19.24 million (₦28.7 billion) from two companies—Chorus Energy Limited and Seplat Production Development Limited. With this latest development, the total amount recovered so far stands at $33.44 million (₦50.1 billion).
The latest recovery includes $1.9 million (₦2.9 billion) from Platform Petroleum Ltd., $1.578 million (₦2.3 billion) from Midwestern Oil and Gas Ltd., $523,845 (₦785.7 million) from Universal Energy, and $10.3 million (₦15.5 billion) from Aradel Energy Ltd.
According to a statement by House spokesman, Akin Rotimi, PAC Chairman, Bamidele Salam, attributed the successful recoveries to “the unwavering support and leadership of the Speaker of the House, Tajudeen Abass.”
He added that “under the leadership of Speaker Abbas, the House of Representatives has reinforced its commitment to fiscal transparency and good governance.”
Salam emphasized that the independence granted to committees has allowed them to effectively fulfill their mandates, ensuring proper accountability of public funds.
“This approach has been instrumental in our ability to recover these substantial sums, and we remain steadfast in our mission to strengthen financial accountability in Nigeria,” Salam stated.
The committee has given a 20-day ultimatum to four companies to remit a total of $23.2 million (₦34.8 billion), warning that any company failing to comply will be publicly named.
The companies involved are Total Energies, which is expected to remit $2m within seven days; Seplat Energies (SPDC), $6.04m and N1.5bn within seven days; Aradel Energy Ltd, $12.1m within seven days; and Network Exploration, $3.1m within seven days.
Salam also expressed concern over several companies that have ignored invitations to appear before the committee. These include Frontier Oil and Gas, Conoil Producing, Walter Smith Petrochemical, and Bilton, as well as Energia Ltd, Aiteo Petroleum Ltd, and Pillar Oil Ltd.
Additionally, First E & P Oil Company has been directed to reconcile an outstanding balance of $90 million with the Nigerian Upstream Petroleum Regulatory Commission.
