Key Points

• The PAC recovers ₦11.49bn (about $23.3 million) in additional funds from oil companies.

• Several oil firms continue to fail to comply with recovery requests.

• PAC Chairman warns companies of potential license revocation for non-compliance.

The House of Representatives’ Public Accounts Committee (PAC) recently recovered ₦11.49 billion (approximately $23.3 million) from oil and gas companies.

This brings the total recovery to ₦61.5 billion (about $124 million). The funds were recovered based on audits by the Auditor-General and data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

Several oil companies contributed to the recovery. For example, Platform Petroleum Ltd paid $182,057.44 (₦291.29 million), and Midwestern Oil and Gas paid $730,889.37 (₦1.17 billion).

Additionally, Seplat Energies and Aradel Holdings contributed towards the recovery. This phase alone secured ₦11.49 billion (about $23.3 million).

Challenges in holding oil companies accountable

Despite repeated invitations, many oil companies failed to comply with requests from the PAC.

These companies owe over $384 million and ₦325.7 million (approximately $777 million) to the Federal Government.

Notable defaulters include Neconde Energy Ltd, which owes $110.5 million and ₦325.7 million (about $777 million), and Heirs Holdings, which owes $137.7 million.

Rep. Bamidele Salam, PAC Chairman, criticized these companies for their lack of cooperation.

He made it clear that the PAC would not tolerate evasion. Companies ignoring Parliament’s authority may face the revocation of their licenses.

PAC Chairman emphasizes the need for compliance

Rep. Salam stressed the importance of companies fulfilling their financial obligations. He pointed out that these funds are crucial for Nigeria’s development.

Salam also reminded companies that no one is above the law. He emphasized that the PAC has the constitutional power to ensure accountability.

“The funds being withheld are vital for the country’s growth and must not be hoarded while Nigeria suffers,” Salam stated.