Reps Recover Another N11.49bn From Seplat, Aradel, Other Oil Companies in Nigeria

• The House of Representatives announced that it has retrieved an additional N11,488,761,099 billion from oil and gas companies
• With the second batch of recovered monies, the committee has now secured a total recovery of N61.5 billion
• The oil companies include Platform Petroleum Ltd, Midwestern Oil and Gas, Seplat Energies and others

Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.

The House of Representatives' Public Accounts Committee (PAC) has declared that it has recovered an additional N11 billion from oil and gas companies that owe the federal government money.

The committee has now secured a total recovery of N61.5 billion thanks to the second batch of recovered funds, Daily Post reported.

The N11,488,761,099 was recently recovered from Platform Petroleum Ltd., $182,057.44 (N291.29m); Midwestern Oil and Gas, $730,889.37 (N1.17bn); Seplat Energies, N1.58bn; Aradel Holdings, $3.9m (N6.1bn); Network Exploration & Production, $500,000 (N775m); and Shoreline Resources Ltd., $1m (N1.55bn), according to a statement released on Tuesday by House Spokesperson Rep. Akin Rotimi Jr.

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He stated,

“The committee’s intensified efforts are anchored on findings from the Auditor-General’s reports and data obtained from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). These have informed sustained engagements with oil firms to ensure accountability for unremitted funds and outstanding liabilities.”

However, he pointed out that a number of oil and gas companies did not show up for the committee's hearings despite numerous invitations sent out via formal correspondence and public notices.

Rotimi added,

“These defaulting firms collectively owe over $384 million and N325.7 million to the Federal Government: Neconde Energy Ltd – $110.5 million and N325.7 million; Heirs Holdings – $137.7 million; AITEO Ltd – $34.8 million ;Continental Oil & Gas Ltd – $31 million; General Hydrocarbon – $28.4 million; 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; Frontier OML 13 – $952,216.51.”

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The statement quoted the PAC Chairman, Bamidele Salam, warning the defaulting companies that, the committee “will not tolerate evasion of responsibility.”

House PAC Chairman Rep. Salam issued a strong warning and denounced the ongoing non-compliance by some oil firms during a press briefing.

He said,

“This Committee will not tolerate attempts by corporate entities to evade their responsibility to the Nigerian people. These companies are withholding billions of naira owed to the federal government, and we will not allow them to disregard the authority of Parliament.

“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”.

FG to address pressing issue in ‘oil and gas’ industry

Legit.ng reported that refineries, depot owners, and other midstream and downstream industry participants have received warnings from the Nigerian Midstream and Downstream Petroleum Regulatory Authority about the dangers of inadequate waste management.

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A memo containing this information was delivered to all midstream and downstream waste management service providers and licensees on April 3, 2025, with reference number NMDPRA/HQ/HSEC.02/2025/181.

Waste management needed to be addressed, according to the memo, which was signed by Mustapha Lamorde on behalf of Farouk Ahmed, the NMDPRA Chief Executive, Punch reported.

Source: Legit.ng