By Adenike Lawal
Seven oil companies have committed to settling a $37.4 million debt owed to the Federation Account by August 2025, following pressure from the House of Representatives’ Public Accounts Committee.
House spokesperson Akin Rotimi, in a statement on Sunday, revealed that the pledge came amid an ongoing investigation into discrepancies in royalty payments flagged by the Auditor General’s report, which identified ₦9 trillion in outstanding liabilities as of 2021.
The firms that have agreed to repay their debts include Belema Oil, Panocean Oil Nigeria Ltd, Newcross Exploration & Production Ltd, Dubri Oil Company Ltd, Chorus Energy, Amni International, and Network Exploration.
However, nine companies; among them Chevron and Seplat Energy—are disputing $429.2 million in outstanding balances and have been given two weeks to reconcile their accounts with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
Meanwhile, 28 firms, including Addax Petroleum and Total E&P Nigeria, have yet to respond to invitations regarding their combined $1.23 billion debt.
The committee has warned that non-compliant companies face strict legislative and regulatory actions as the government intensifies efforts to plug revenue leakages in the oil and gas sector.
