The House of Representatives’ Public Accounts Committee (PAC) has revealed that it has retrieved additional ₦11,488,761,099 from oil and gas companies with outstanding obligations to the federal government.
It added that the new tranche brought the total recovery secured by the Committee to ₦61.5 billion.
The Spokesperson of the House, Hon. Akin Rotimi in a statement issued Tuesday added that the total recovery in this phase was ₦11,488,761,099.
He said that the breakdown of recently recovered funds include: Platform Petroleum Ltd – $182,057.44 (₦291.29 million); Midwestern Oil and Gas – $730,889.37 (₦1.17 billion); Seplat Energies – ₦1.58 billion; Aradel Holdings – $3.9 million (₦6.1 billion); Network Exploration & Production; $500,000 (₦775 million); Shoreline Resources Ltd – $1 million (₦1.55 billion).
The spokesperson lamented that despite multiple invitations issued through public notices and official correspondence, several oil and gas companies have failed to appear before the Committee.
He noted that the defaulting firms collectively owe over $384 million and ₦325.7 million to the federal government.
They are: Neconde Energy Ltd – $110.5 million and ₦325.7 million; Heirs Holdings – $137.7 million; Aiteo Ltd – $34.8 million; Continental Oil & Gas Ltd – $31 million; and General Hydrocarbon – $28.4 million.
Others are: 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 and Frontier OML 13 – $952,216.51.
The House PAC Chairman, Hon. Bamidele Salam, was quoted to have decried the continued non-compliance by certain oil companies and issued a firm warning:
He said that the committee would not tolerate attempts by corporate entities to evade their responsibility to the Nigerian people.
Salam noted that these companies are withholding billions of Naira owed to the federal government, saying the committee would not allow them to disregard the authority of Parliament.
He added: “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.”
“No company is above the law. The funds being withheld are critical to the country’s growth and must not be hoarded while Nigeria suffers. Every company operating in Nigeria must settle its obligations promptly, as required by law.”