Heirs Holding, GHL, 11 Others Mentioned As FG Releases List of Oil Companies Owing $456 Million

• The federal government of Nigeria has threatened to sanction recalcitrant oil firms that refuse to pay their royalties
• A list has been released, and 13 oil companies operating in Nigeria owe the government almost half a billion dollars
• The government has given these companies a last opportunity to appear for a hearing before the Public Accounts Committee

Legit.ng journalist Ruth Okwumbu-Imafidon has over a decade of experience in business reporting across digital and mainstream media.

The federal government of Nigeria is going all out to retrieve all unremitted monies from the oil companies operating in the country.

The Nigerian lawmakers have taken a major step to bring all defaulting companies to book.

The House of Representatives Public Accounts Committee has issued a warning to 13 oil companies to either pay up what they owe or face sanctions.

The committee issued this warning on Wednesday, revealing that the companies have failed to remit a total of N731.12 billion (or $456.95 million) to the federal government.

A statement issued by the committee spokesperson, Akin Rotimi, stated that the companies have been given repeated invitations to appear before the committee or risk facing punitive measures.

Despite the several publications of the invitation in national newspapers, the companies have refused to pay up what they owe or come before the committee to explain.

Full list of 13 oil companies owing FG

According to the statement from the lawmakers, the committee is left with no option but to mete out punitive measures in line with the constitutional provisions.

The PUNCH reports that the lawmakers have given the committee a last chance to appear before the committee.

The statement read:

“The Committee has scheduled the aforementioned companies to appear without fail on Wednesday, July 2, and Thursday, July 3, 2025.”

Below is the list of companies and what they owe.

1. Neconde Energy Ltd - $326 million
2. Heirs Holdings - $137.7 million
3. Continental Oil & Gas Ltd - $57 million
4. Frontier OML 13 - $952,216.51
5. Aiteo Ltd - $34.8 million
6. ⁠General Hydrocarbon Ltd - $22.5 million
7. Energia Ltd - $19.5 million
8. Waltersmith OML 16 - $8.7 million
9. Conoil Producing Ltd - $5 million
10. Bilton - $5 million
11. Pillar Oil Ltd - $4.6 million
12. Millennium Oil & Gas Ltd - $2.07 million
13. Eroton - $34.5 million

House Committee summons five oil companies

In the statement, the House of Representatives Public Accounts Committee also summoned another five oil companies.

The companies are to come to answer the committee over alleged outstanding liabilities amounting to $125.5 million.

They include:

• OML 18 - $15.2 million
• Shoreline - $70 million
• Network Exploration - $2.6 million
• Aradel - $8.2 million
• Newcross Exploration - $25 million
• Ocean - $4.5 million

The Committee Chairman, Bamidele Salam, reiterated their commitment to recovering all funds owed to Nigeria.

He announced that the committee had recovered $15.7 million following the comprehensive review of the Auditor-General’s Annual Report on the Consolidated Financial Statements for the year ended December 31, 2021.

Legit.ng earlier reported that an audit report from the Office of the Auditor General of Nigeria uncovered unaccounted sums in the NUPRC and NMDPRA.

The two regulatory bodies had no explanation for these monies, which include outstanding royalties from the NNPCL.

Lawmakers Summon Conoil, 27 Others Over $1.2 Trillion Debt

In related news, investigations from the House of Representatives committee on public accounts have revealed shocking debts owed to FG Oil and gas companies.

Legit.ng reported that these companies owe the federal government trillions of naira in unpaid royalties.

While others are moving to pay, 28 have refused to appear before the committee, and the lawmakers have now given them an ultimatum.

Source: Legit.ng