The House of Representatives has pinned down seven oil companies to repay $37.4 million owed to Nigeria’s Federation Account by August 2025, following a probe into the oil and gas sector’s financial leaks. Reps spokesman Akin Rotimi announced the breakthrough on Sunday, spotlighting the Public Accounts Committee’s ongoing investigation as the driving force behind the commitment.
The pledge comes after the Committee dug into records from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), exposing glaring gaps in royalty payments. “This $37.4 million is just a fraction of a staggering ₦9 trillion in unpaid liabilities flagged by the Auditor General’s 2021 report,” Rotimi said, pointing to years of revenue hemorrhaging in the industry.
The seven companies stepping up to settle their debts are:
- Belema Oil
- Panocean Oil Nigeria Ltd
- Newcross Exploration & Production Ltd
- Dubri Oil Company Ltd
- Chorus Energy
- Amni International
- Network Exploration
But the story doesn’t end there. The investigation has unearthed a jaw-dropping $1.7 billion (₦2.5 trillion) in unpaid royalties owed by 45 companies as of December 31, 2024. Nine of them, holding a combined debt of $429.2 million, have pushed back, demanding reconciliation with NUPRC to confirm their figures. These include heavyweights like Chevron, Seplat, and STAR DEEP. The Committee has given them two weeks to sort it out—or pay up.
Meanwhile, 28 other firms, collectively sitting on $1.23 billion in arrears, have dodged the Committee’s summons entirely. Names like Addax Petroleum, AITEO Group, and Total E&P Nigeria top the list of no-shows. “They’ve got one week to produce documents and face us,” Rotimi warned. “Ignore this, and they’ll face the full weight of legislative sanctions.”
Amid the chaos, only two companies—Shell Petroleum Development Company (SPDC) and Shell Nigeria Exploration & Production—earned a clean slate for meeting their royalty obligations.
This crackdown exposes a troubling pattern of negligence in Nigeria’s oil sector, where billions meant for public coffers have slipped through the cracks. With deadlines looming, will these firms finally step up, or will the House force their hand?
