The Public Accounts Committee of the House of Representatives has confirmed that two oil companies have collectively refunded approximately N28.7 billion to the Federation Account as part of an ongoing probe into revenue remittances.
The investigation follows the 2021 financial audit report from the Office of the Auditor General for the Federation.
According to a statement by the House spokesman, Akin Rotimi, Chorus Energy Limited settled its outstanding liability with a payment of $847,623 (N1.2 billion) on March 11, 2025, while Seplat Production Development Limited fully discharged its obligation by remitting $18.39 million (N27.6 billion) between March 10 and March 14, 2025.
Rotimi further noted that the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has been provided with evidence of these payments for final verification.
Additionally, Shoreline Natural Resources Ltd., which owed $100.28 million, had made an initial payment of $30 million before the investigation began. The company has now requested a structured repayment plan for the remaining balance.
During the committee’s proceedings, Balarabe Haruna, a representative of the NUPRC, reported that after recent reconciliations, Seplat Energy Producing Nigeria Unlimited (formerly Mobil Producing) 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,” Haruna stated.
The committee reaffirmed its commitment to utilizing all constitutionally sanctioned measures to recover outstanding debts from the remaining 38 oil companies under investigation.
Rotimi also disclosed that Amalgamated Oil Company Nigeria Ltd., Seplat Energy, Shell Exploration and Production, and Shell Petroleum Development Company have fully settled their obligations and are no longer financially liable.
The investigation stems from a 2024 House resolution mandating the committee to probe revenue leakages and non-remittance of funds by Ministries, Departments, and Agencies (MDAs) through Remita. This followed a motion sponsored by Jeremiah Umaru, which was subsequently referred to the committee.
The audit revealed that value chain providers, including banks, Remita, and the Central Bank of Nigeria (CBN), had been directed to refund 1% transaction charges collected via Remita between March and October 2015.
The report showed that while N7,626,503,441.42 had been refunded, an outstanding N1,984,355,431.08 remained unpaid. Applying the 27.25% Monetary Policy Rate (MPR), the accumulated interest on the unpaid amount totaled N4,842,928,161.36, bringing the total refundable sum to N6,827,283,592.44.
“The committee confirmed that on March 13, 2025, Guaranty Trust Bank (GTB) settled N40.6 million in overdue charges for the period between March and October 2015,” the statement read.
Further investigations uncovered a non-remittance of VAT on transactions processed via Remita. The CBN acknowledged an outstanding VAT liability of N521,765,134.17 for transactions between November 2018 and April 2024, which remains unsettled.
Following the committee’s intervention, Zenith Bank remitted N126,131,692.86, while GTB paid N32,585,882.48.
Despite these recoveries, several value chain providers are yet to comply with VAT remittance requirements and other under-remittances identified in the investigation.
Chairman of the House Public Accounts Committee, Bamidele Salam, reaffirmed the committee’s resolve to pursue every avenue to recover public funds.
“These recoveries demonstrate the effectiveness of the oversight function of the National Assembly in ensuring accountability and transparency in the management of public funds,” Salam stated.
He further emphasized the committee’s commitment to engaging relevant institutions and deploying 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,” Salam added.
