Revealed! Reps recover another N11.49bn from oil companies

• The House of Representatives announced that it has retrieved an further N11,488,761,099 cardinal from lipid and state companies
• With the 2nd batch of recovered monies, the committee has present secured a full betterment of N61.5 billion
• The lipid companies see Platform Petroleum Ltd, Midwestern Oil and Gas, Seplat Energies and others

Legit.ng writer 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 further N11 cardinal from lipid and state companies that beryllium the federal government money.

The HOR Public Account Committee has present secured a full betterment of N61.5 cardinal acknowledgment to the 2nd batch of recovered funds. Photo Credit: Contributor
Source: Getty Images

The committee has present secured a full betterment of N61.5 cardinal acknowledgment to the 2nd batch of recovered funds, Daily Post reported.

The N11,488,761,099 was precocious 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 connection released connected Tuesday by House Spokesperson Rep. Akin Rotimi Jr.

He stated,

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

However, helium pointed retired that a fig of lipid and state companies did not amusement up for the committee's hearings contempt galore invitations sent retired via ceremonial correspondence and nationalist notices.

Rotimi added,

“These defaulting firms collectively beryllium implicit $384 cardinal and N325.7 cardinal to the Federal Government: Neconde Energy Ltd – $110.5 cardinal and N325.7 million; Heirs Holdings – $137.7 million; AITEO Ltd – $34.8 cardinal ;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.”

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

House PAC Chairman Rep. Salam issued a beardown informing and denounced the ongoing non-compliance by immoderate oil firms during a property briefing.

The HOR nationalist relationship committee has present secured a full betterment of N61.5 cardinal acknowledgment to the 2nd batch of recovered funds. Photo Credit: Contributor
Source: Getty Images

He said,

“This Committee volition not tolerate attempts by firm entities to evade their work to the Nigerian people. These companies are withholding billions of naira owed to the national government, and we volition not let them to disregard the authorization of Parliament.“If these companies judge they are excessively large to beryllium held accountable, they indispensable recognize that their licenses are astatine risk. We are prepared to urge contiguous revocation for immoderate institution that shows contempt for this Committee and the laws of the nation”.

FG to code pressing contented successful ‘oil and gas’ industry

Legit.ng reported that refineries, depot owners, and different midstream and downstream industry participants person received warnings from the Nigerian Midstream and Downstream Petroleum Regulatory Authority astir the dangers of inadequate discarded management.

A memo containing this accusation was delivered to each midstream and downstream discarded absorption work providers and licensees connected April 3, 2025, with notation fig NMDPRA/HQ/HSEC.02/2025/181.

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

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Source: Legit.ng