By Ayodele Oni
The House of Representatives through its Public Accounts Committee (PAC) has recovered about ₦28.7 billion from two oil companies indebted to the Federation Account.
The Committee’s investigation, which is based on findings from the 2021 Audit Report, focuses on 45 oil companies collectively owing $1.7 billion in outstanding liabilities to the Federation.
According to the report, the amount was recovered from two oil companies among several others being probed.
The spokesman of the green house, Akin Rotimi Jnr, in a statement on Sunday disclosed that the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has been furnished with evidence of these payments for final verification.
“Additionally, 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.
The statement named Seplat Energy Producing Nigeria Unlimited (formerly Mobil Producing) which it said 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.
“Furthermore, the Committee reaffirmed its commitment to deploying all constitutionally sanctioned measures to recover outstanding debts from the remaining 38 oil companies under investigation.
The report further highlighted that four companies have fully settled their obligations and are no longer financially liable.
“Also, the House Committee on Public Accounts has successfully recovered ₦199.3 million out of an outstanding ₦6.8 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.
According to the report, the Federal Government had previously directed value chain providers, including banks, Remita, and the Central Bank of Nigeria (CBN), to refundbone percent transaction charges collected via Remita between March and October 2015.
“An audit of records from banks and Remita revealed that while ₦7,626,503,441.42 had been refunded, an outstanding sum of ₦1,984,355,431.08 remained unpaid.
-“Applying the prevailing Monetary Policy Rate (MPR) of 27.25%, the accumulated interest on the unpaid sum amounts to ₦4,842,928,161.36, bringing the total refundable amount to ₦6,827,283,592.44.
“Further investigations uncovered non-remittance of VAT on transactions processed via Remita. The CBN acknowledged an outstanding VAT liability of ₦521,765,134.17 for transactions between November 2018 and April 2024, which remains unsettled.
“Despite these recoveries, several other value chain providers are yet to comply with VAT remittance requirements and other under-remittances identified in the investigation.
“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.”
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