The Public Accounts Committee of Nigeria’s House of Representatives announced on Sunday that it has successfully recovered N28.7 billion from two oil companies that owe money to the country’s Federation account.
Akin Rotimi, the spokesperson for the Green Chamber, shared this information in a statement on Sunday.
This recovery is part of the larger $1.7 trillion debt owed by 45 oil companies to Nigeria’s Federation account.
The committee reported that Chorus Energy Limited settled its outstanding debt with a payment of N1.2 billion on March 11, 2025, while Seplat Production Development Limited fulfilled its financial obligation by remitting N27.6 billion between March 10 and March 14, 2025.
As a result, the PAC has cleared Amalgamated Oil Company Nigeria Ltd, Seplat Energy, Shell Exploration and Production, and Shell Petroleum Development Company of any financial liabilities.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has received documentation regarding these payments for final verification.
In addition, Shoreline Natural Resources Ltd. made a $30 million payment towards its $100.28 million debt prior to the start of the investigation and has requested a structured repayment plan for the remaining balance.
During the Committee’s proceedings, NUPRC representative Balarabe Haruna reported that after recent reconciliations:
Seplat Energy Producing Nigeria Unlimited (formerly Mobil Producing) now has a credit balance of $211,911.09 for crude oil royalties, $33.01 million for gas flare penalties, and $163,046.40 for concession rentals, with no outstanding liabilities.
The committee praised Seplat Energy for its timely adherence to its financial responsibilities.
Moreover, the committee reiterated its commitment to utilizing all constitutionally authorized measures to recover outstanding debts from the remaining parties..
