Seven major operators in Nigeria’s oil and gas industry have undertaken to remit a total of $37,435,094.52 (approximately ₦58 billion) to the Federation Account before August 2025.
The pledge by the oil firms followed the intervention of the House of Representatives Committee on Public Accounts, chaired by Mr. Bamidele Salam.
The seven firms that have acknowledged their outstanding debts and agreed to settle them before August 2025 comprise Belema Oil, Panocean Oil Nigeria Ltd, Newcross Exploration & Production Ltd, Dubri Oil Company Ltd, Chorus Energy, Amni International, and Network Exploration.
Spokesman of the House, Mr. Akin Rotimi Jr., in a statement on Sunday night, explained that the commitment by the oil firms follows the Committee’s scrutiny of financial records from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), which flagged significant lapses in royalty payments and reconciliation processes across the sector.
The lawmaker explained that the pledged repayment forms part of a ₦9 trillion outstanding liability queried by the Auditor General for the Federation in his 2021 report submitted to the National Assembly.
He added that the debts, some of which have accrued over a period of four years, highlight longstanding revenue leakages in the oil and gas sector.
He further stated that beyond the seven companies, the Committee’s investigation has uncovered $1.7 billion (₦2.5 trillion) owed by 45 oil and gas companies in unpaid royalty payments as of December 31, 2024.
The spokesman disclosed that nine companies, with a combined outstanding balance of $429.2 million, have 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.
He stated that the Committee has directed that the reconciliation process be concluded within two weeks, after which companies must settle their confirmed debts without further delay.
He also stated that a total of 28 companies, collectively owing $1,230,708,293.14, have failed to honor invitations by the Committee or respond to public notices. These companies include Addax Petroleum Exploration Nigeria Ltd; AITEO Group; All Grace Energy; Amalgamated Oil Company Nigeria Limited; Total E&P Nigeria (OML 100, 102, 52 & 99); Bilton Energy Limited; Enageed Resources Limited; Waltersmith Petroman Limited; Conoil Plc; Continental Oil & Gas Company Ltd; Energia Limited; First E&P Ltd; and Frontier Oil Limited.
Others are General Hydrocarbons Limited; Green Energy International Ltd; Nigeria Agip Exploration Ltd (NAE); Neconde Energy Limited; Nigeria Petroleum Development Company (NPDC) – OML 60, 61 & 63; Lekoil Oil and Gas Investments Limited; Midwestern Oil and Gas Limited; Millennium Oil and Gas Company Limited; Oando Oil Ltd (OML 60, 61 & 62); Heirs Holding; Pillar Oil Limited; Platform Petroleum Limited; Universal Energy Limited / Sinpec; Sahara Field Production Limited, and Oriental Energy Resources Limited.
The Committee has given the affected companies a further grace period of one week to submit all relevant documentation regarding their statutory obligations and appear before the Committee. Failure to comply within this timeframe will result in firm legislative and regulatory sanctions to enforce accountability and ensure compliance.
The Committee also noted that only two companies were found to have fully met their royalty obligations. They comprise Shell Petroleum Development Company (SPDC) and Shell Nigeria Exploration & Production.
