The House of Representatives Public Accounts Committee (PAC) has recovered $19,241,109.35 (₦28.7 billion) from two oil companies indebted to the Federation Account.
In a statement on Sunday, House spokesman Akin Rotimi disclosed that the panel also successfully recovered ₦199.3 million out of an outstanding ₦6.8 billion related to excessive transaction charges and unremitted Value Added Tax (VAT) on payments processed via Remita between 2015 and 2022.
According to the statement, the PAC’s investigation—based on findings from the 2021 audit report—focused on 45 oil companies that collectively owe the Federation $1.7 billion in outstanding liabilities.
“Chorus Energy Limited settled its outstanding liability with a payment of $847,623 (₦1.2 billion) on March 11, 2025,” the statement read. “Seplat Production Development Limited fully discharged its obligation by remitting $18.39 million (₦27.6 billion) between March 10 and March 14, 2025.”
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has been provided with evidence of these payments for final verification.
Meanwhile, Shoreline Natural Resources Ltd. had earlier paid $30 million towards its $100.28 million debt and has requested a structured repayment plan for the balance.
During the Committee’s proceedings, NUPRC official Balarabe Haruna disclosed that Seplat Energy Producing Nigeria Unlimited (formerly Mobil Producing) now has a credit balance of $211,911.09 for crude oil royalty, $33.01 million for gas flare penalties, and $163,046.40 for concession rentals, confirming that the company has no outstanding liabilities.
The Committee commended Seplat Energy for its prompt compliance with financial obligations.
The report also stated that “the Amalgamated Oil Company Nigeria Ltd., Seplat Energy, Shell Exploration and Production, and Shell Petroleum Development Company have fully settled their obligations and are no longer financially liable.”
Remita Investigation and Revenue Recovery
The Committee has also been investigating revenue leakages related to Remita transactions.
In 2024, the House directed the Committee to probe non-remittances of Remita transactions by Ministries, Departments, and Agencies (MDAs), following a motion sponsored by Hon. Jeremiah Umaru.
According to the report, the Federal Government had directed value chain providers—including banks, Remita, and the Central Bank of Nigeria (CBN)—to refund “one percent transaction charges collected via Remita between March and October 2015.”
Rotimi disclosed that an audit of bank and Remita records revealed that while ₦7,626,503,441.42 had been refunded, an outstanding ₦1,984,355,431.08 remains unpaid.
“Applying the prevailing Monetary Policy Rate (MPR) of 27.25 per cent, the accumulated interest on the unpaid sum amounts to ₦4,842,928,161.36, bringing the total refundable amount to ₦6,827,283,592.44,” he explained.
Further investigations uncovered unremitted VAT on transactions processed via Remita. The Central Bank of Nigeria (CBN) admitted to an outstanding VAT liability of ₦521,765,134.17 for transactions between November 2018 and April 2024, which is yet to be settled.
Following the Committee’s intervention, Zenith Bank remitted ₦126,131,692.86, while Guaranty Trust Bank paid ₦32,585,882.48. On March 13, 2025, GTB also settled ₦40.6 million in overdue charges from 2015.
Despite these recoveries, Rotimi stated that several financial institutions have yet to comply with VAT remittance requirements and other under-remittances flagged in the investigation.
Chairman of the PAC, Rep. Bamidele Salam, stressed the Committee’s commitment to ensuring financial accountability.
“These recoveries demonstrate the effectiveness of the National Assembly’s oversight function in ensuring transparency in public fund management,” he said.
“We will continue to engage relevant institutions and deploy all necessary legislative tools to recover outstanding debts and prevent revenue leakages. Our objective is to ensure that every kobo due to the Federation is accounted for and remitted accordingly.”
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