By Paul Effiong, Abuja
House of Representatives Public Accounts Committee, PAC, has made another significant breakthrough in its ongoing efforts to recover public funds from the oil and gas sector.
Additional $14.2 million (approximately N21.4 billion) has been recovered from four oil and gas companies, following the committee’s investigation into financial discrepancies within the industry.
This was contained in a press statement signed by the spokesman of the House, Akin Rotimi in Abuja, yesterday.
According to the statement, “The latest recovery brings the total amount reclaimed to a staggering $33.44 million (N50.1 billion), as PAC continues to intensify its pursuit of financial accountability.
It would be recalled that earlier this month, the committee had announced recoveries totaling N28.7 billion ($19.24 million), marking a steady and relentless effort to safeguard Nigeria’s financial resources.
The companies that have made payments include Platform Petroleum Ltd, which remitted $1.9 million (N2.9 billion); Midwestern Oil and Gas Ltd, which paid $1.578 million (N2.3 billion); Universal Energy, which contributed $523,845 (N785.7 million); and Aradel Energy Ltd, which settled a significant $10.3 million (N15.5 billion).
These payments represent a crucial step in addressing the financial gap uncovered by PAC’s comprehensive investigation.
Chairman of the Public Accounts Committee, Bamidele Salam commended the leadership and support of Speaker Tajudeen Abbas, attributing the committee’s success to his unwavering commitment to legislative oversight and accountability.
Salam said Abbas has championed an approach that prioritises fiscal transparency and good governance, granting committees the independence needed to operate effectively and without undue interference.
“Under Speaker Abbas leadership, the House has renewed its commitment to financial integrity, ensuring that public resources are thoroughly accounted for.
“This environment has been instrumental in empowering our committee to diligently carry out its mandate,” Salam stated.
He emphasised that PAC remains committed to sustaining its momentum in financial recovery, noting that the success so far is just the beginning of broader efforts to hold defaulters accountable.
In addition to the recovered funds, the committee also issued a stern ultimatum to four oil companies to remit $23.2 million (N34.8 billion) within the next 20 days.
These companies include Total Energies, which is required to pay $2 million within seven days and Seplat Energies, SPDC, which must remit $6.036 million and N1.5 billion within the same period.
Also, Aradel Energy Ltd has been directed to pay additional $12.1 million, while Network Exploration is expected to remit $3.1 million within seven days.
Salam, therefore, warned that failure to comply with these directives would result in the imposition of appropriate sanctions, including publicising the names of defaulting companies in national newspapers.
He also stressed that legislative oversight would be rigorously enforced to ensure compliance and companies that persist in flouting their financial obligations would face severe consequences.
The committee also expressed concern over several oil and gas companies that have repeatedly failed to honor invitations to appear before the committee.
Firms under heightened scrutiny include Frontier Oil and Gas, Conoil Producing, Walter Smith Petrochemical, Bilton, Energia Ltd, Aiteo Petroleum Ltd, and Pillar Oil Ltd.
The committee made it clear that continued evasiveness would result in more stringent measures.
Additionally, First E & P Oil Company has been mandated to reconcile an outstanding balance of $90 million with the Nigerian Upstream Petroleum Regulatory Commission, NUPRC.
The company has been summoned to appear before PAC on April 16 to address the issue conclusively.
These decisive actions are part of a broader resolve by the House to curb impunity and financial misconduct in Nigeria’s vital oil and gas sector.
The ongoing investigations align with the findings from the 2021 auditor-general’s report, which indicated that over N10 trillion in payments remain unaccounted for by industry operators.
Public hearings are set to continue as the committee seeks to recover all outstanding funds owed the Federation Account.
