The House of Representatives has secured the commitment of seven major oil companies to settle a total debt of $37,435,094.52 (approximately ¦ 58 billion) owed to the country before August.
This was disclosed in a statement by the Spokesman of the House of Representatives, Rep. Akin Rotimi Jr., in Abuja on Monday.
Rotimi named the affected companies as Belema Oil, Panocean Oil Nigeria Ltd., Newcross Exploration and Production Ltd., Dubri Oil Company Ltd., Chorus Energy, Amni International, and Network Exploration.
He stated that this achievement was the result of an ongoing investigation by the Public Accounts Committee of the House.
“The commitment comes after the committee scrutinised financial records from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), which flagged significant lapses in royalty payments and reconciliation processes across the oil sector,” Rotimi explained.
He further noted that the pledged repayment was part of a broader ¦ 9 trillion outstanding liability raised in the Auditor-General for the Federation’s 2021 report submitted to the National Assembly.
According to Rotimi, the debts, some of which had accumulated over a period of four years, highlighted longstanding revenue leakages in the oil and gas sector.
“Beyond these seven companies, the committee’s investigation revealed that 45 oil and gas companies collectively owe $1.7 billion (¦ 2.5 trillion) in unpaid royalties as of December 31, 2024,” he added.
Rotimi also mentioned that nine companies, with a combined outstanding debt of $429.2 million, had contested the figures and requested a reconciliation process with NUPRC to verify their actual liabilities.
“These companies include Aradel/Niger Delta, Chevron, STAR DEEP, Shore Line, Seplat Producing Unlimited, Esso Erha, Esso Usan, Eroton Exploration, and Seplat Energy,” Rotimi said.
The lawmaker confirmed that the committee had directed that the reconciliation process be completed within two weeks, after which the affected companies must settle their confirmed debts without delay.
However, Rotimi stated that several companies had failed to appear before the committee.
“A total of 28 companies, collectively owing $1,230,708,293.14, have either failed to honour invitations from the committee or respond to public notices,” he said.
Rotimi also revealed that the committee had granted these companies a one-week grace period to submit all relevant documentation and appear before the committee. He warned that failure to comply within the new timeframe could result in significant legislative and regulatory sanctions to enforce accountability.
The spokesman also confirmed that only two companies—Shell Petroleum Development Company (SPDC) and Shell Nigeria Exploration & Production—had fully met their royalty obligations.
He reiterated the committee’s commitment to ensuring that all oil and gas companies operating in Nigeria adhered to their statutory payment obligations in line with the Petroleum Industry Act (PIA).
“The House of Representatives remains resolute in ensuring that companies benefiting from Nigeria’s natural resources comply with financial obligations to support national development,” Rotimi said. “Necessary legislative measures will be taken to enforce compliance and safeguard public revenue.”
