{"id":62469,"date":"2025-03-10T09:27:00","date_gmt":"2025-03-10T09:27:00","guid":{"rendered":"https:\/\/abujacityjournal.com\/livenews\/?p=62469"},"modified":"2025-03-10T09:27:24","modified_gmt":"2025-03-10T09:27:24","slug":"seven-oil-firms-pledge-37-4m-debt-repayment-by-august-2025","status":"publish","type":"post","link":"https:\/\/abujacityjournal.com\/livenews\/2025\/03\/10\/seven-oil-firms-pledge-37-4m-debt-repayment-by-august-2025\/","title":{"rendered":"Seven Oil Firms Pledge $37.4M Debt Repayment by August 2025"},"content":{"rendered":"<p><strong>By Adenike Lawal<\/strong><\/p>\n<p>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\u2019 Public Accounts Committee.<\/p>\n<p>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\u2019s report, which identified \u20a69 trillion in outstanding liabilities as of 2021.<\/p>\n<p>The firms that have agreed to repay their debts include Belema Oil, Panocean Oil Nigeria Ltd, Newcross Exploration &amp; Production Ltd, Dubri Oil Company Ltd, Chorus Energy, Amni International, and Network Exploration.<\/p>\n<p>However, nine companies; among them Chevron and Seplat Energy\u2014are 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).<\/p>\n<p>Meanwhile, 28 firms, including Addax Petroleum and Total E&amp;P Nigeria, have yet to respond to invitations regarding their combined $1.23 billion debt.<\/p>\n<p>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.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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\u2019 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 [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":62470,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[],"class_list":["post-62469","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/62469","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=62469"}],"version-history":[{"count":2,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/62469\/revisions"}],"predecessor-version":[{"id":62472,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/62469\/revisions\/62472"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/62470"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=62469"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=62469"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=62469"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}