The House of Representatives’ Public Accounts Committee (PAC) has ramped up its recovery efforts, announcing the retrieval of an additional N11,488,761,099 from oil and gas companies with outstanding obligations to the Federal Government.
According to a statement issued by the Chairman of the House Committee on Media and Public Affairs, Rep. Akin Rotimi, the “new tranche brings the total recovery secured by the Committee to N61.5 billion.
“The Committee’s intensified efforts are anchored on findings from the Auditor-General’s reports and data obtained from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
“These have informed sustained engagements with oil firms to ensure accountability for unremitted funds and outstanding liabilities.”
According to the record provided by the Committee, of the total sum of N11,488,761,099 recovered in this phase: Platform Petroleum Ltd remitted $182,057.44 (N291.29 million); Midwestern Oil and Gas remitted $730,889.37 (N1.17 billion); while Seplat Energies remitted N1.58 billion.
In the same vein, Aradel Holdings remitted $3.9 million (N6.1 billion); Network Exploration & Production remitted $500,000 (N775 million); while Shoreline Resources Ltd remitted $1 million (N1.55 billion) into the government’s coffers.
He, however, noted that: “Despite multiple invitations issued through public notices and official correspondence, several oil and gas companies have failed to appear before the Committee.
“These defaulting firms collectively owe over $384 million and N325.7 million to the Federal Government: Neconde Energy Ltd – $110.5 million and N325.7 million; Heirs Holdings – $137.7 million; AITEO Ltd – $34.8 million; Continental Oil & Gas Ltd – $31 million; and General Hydrocarbon – $28.4 million.
Others are: 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; and Frontier OML 13 – $952,216.51.”
