The Public Accounts Committee of the House of Representatives has announced that two oil companies owing the Federation Account have collectively refunded about N28.7 billion to the government.
The committee is currently investigating the audit report from the Office of the Auditor General for the Federation for the 2021 financial year.
According to a statement signed by the spokesman of the House, Akin Rotimi, Chorus Energy Limited settled its outstanding liability with a payment of $847,623 (N1.2 billion) on March 11, 2025 while Seplat Production Development Limited fully discharged its obligation by remitting $18.39 million ( 27.6 billion) between March 10 and March 14, 2025.
Rotimi noted that the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has been furnished with the evidence of the payments for final verification.
He also noted that Shoreline Natural Resources Ltd. had made a $30 million payment towards its $100.28 million debt before the investigation commenced and has requested a structured repayment plan for the outstanding balance.
During the Committee’s proceedings, a representative of the NUPRC, Balarabe Haruna, reported that following recent reconciliations, Seplat Energy Producing Nigeria Unlimited (formerly Mobil Producing) now holds 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, with no outstanding liabilities.
“The committee commended Seplat Energy for its prompt compliance with its financial obligations,” he said.
Furthermore, the committee reaffirmed its commitment to deploying all constitutionally sanctioned measures to recover outstanding debts from the remaining 38 oil companies under investigation.
Besides, Rotimi said that Amalgamated Oil Company Nigeria Ltd, Seplat Energy, Shell Exploration and Production, Shell Petroleum Development Company have fully settled their obligations and are no longer financially liable.
The statement also said that the House Committee on Public Accounts has successfully recovered N199.3 million out of an outstanding N6.8 billion, comprising excessive charges levied between March and October 2015 and unremitted Value Added Tax (VAT) on transactions processed via the Remita platform from 2015 to 2022.
The House of Representatives had, in 2024, mandated the committee to investigate revenue leakages and non-remittance of funds by Ministries, Departments, and Agencies (MDAs) through Remita following a motion sponsored by Jeremiah Umaru, which was subsequently referred to the committee.
According to the report, the federal government had previously directed value chain providers, including banks, Remita, and the Central Bank of Nigeria (CBN), to refund 1 per cent transaction charges collected via Remita between March and October 2015.
“An audit of records from banks and Remita revealed that while N7,626,503,441.42 had been refunded, an outstanding sum of N1,984,355,431.08 remained unpaid. Applying the prevailing Monetary Policy Rate (MPR) of 27.25 per cent, the accumulated interest on the unpaid sum amounts to N4,842,928,161.36, bringing the total refundable amount to N6,827,283,592.44.
“The committee confirmed that on March 13, 2025, Guaranty Trust Bank (GTB) settled N40.6 million in overdue charges for the period between March and October 2015. Further investigations uncovered non-remittance of VAT on transactions processed via Remita. The CBN acknowledged an outstanding VAT liability of N521,765,134.17 for transactions between November 2018 and April 2024, which remains unsettled,” the lawmakers stated.
The statement further said following the committee’s intervention, Zenith Bank remitted N126,131,692.86 and GTB paid N32,585,882.48.
“Despite these recoveries, several other value chain providers are yet to comply with VAT remittance requirements and other under-remittances identified in the investigation,” the report added.
The Chairman of the House Public Accounts Committee, Bamidele Salam, reaffirmed the committee’s resolve to pursue every avenue to recover public funds.
Salam said: “These recoveries demonstrate the effectiveness of the oversight function of the National Assembly in ensuring accountability and transparency in the management of public funds.
“We will continue to engage with 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.
“The House of Representatives through the Public Accounts Committee remains committed to upholding financial discipline, strengthening institutional accountability, and safeguarding public resources in the national interest.”
