News
Reps Secure $37.4m Oil Debt Repayment as Probe Uncovers $1.7bn in Unpaid Royalties
Published
12 months agoon
By
admin
The House of Representatives has announced that seven oil companies have pledged to settle a cumulative debt of $37.4 million owed to the Federation Account before August 2025.
Akin Rotimi, the spokesperson for the House, disclosed this in a statement on Sunday, highlighting the commitment as part of an ongoing investigation by the Public Accounts Committee (PAC).
“This commitment 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,” Rotimi stated.
The pledged repayment is a fraction of the ₦9 trillion outstanding liability flagged by the Auditor General for the Federation in the 2021 report submitted to the National Assembly. The debts, some of which have accrued over four years, underscore persistent revenue leakages in Nigeria’s oil and gas industry.
$1.7 Billion Still Unpaid by 45 Companies
Beyond the seven firms that have agreed to settle their debts, the Committee’s probe has uncovered an additional $1.7 billion (₦2.5 trillion) in unpaid royalty payments by 45 oil and gas companies as of December 31, 2024.
The seven companies that acknowledged their outstanding liabilities and pledged to clear them before August 2025 are:
Belema Oil
Panocean Oil Nigeria Ltd
Newcross Exploration & Production Ltd
Dubri Oil Company Ltd
Chorus Energy
Amni International
Network Exploration
Nine Companies Contest $429.2 Million Debt Figures
Meanwhile, nine companies with a combined outstanding balance of $429.2 million have contested the figures provided by the NUPRC, requesting a reconciliation process 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
Seplat Energy
The committee has mandated that the reconciliation process be concluded within two weeks, after which companies must settle their confirmed debts without delay.
28 Companies Fail to Honour House Invitation
In a more concerning development, 28 oil companies collectively owing $1,230,708,293.14 have failed to appear before the Committee or respond to public notices. The House has granted them a final grace period of one week to submit relevant documentation and appear before the PAC.
The affected 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
Frontier Oil Limited
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
Oriental Energy Resources Limited
Failure to comply within the stipulated timeframe, the House warned, would attract firm legislative and regulatory sanctions to enforce accountability and compliance.
Two Companies Found Compliant
On a positive note, only two companies—Shell Petroleum Development Company (SPDC) and Shell Nigeria Exploration & Production—were found to have fully met their royalty obligations.
The House of Representatives reaffirmed its commitment to enforcing financial discipline in the oil and gas sector to plug revenue leakages and ensure all outstanding debts to the Federation Account are settled.
Related
News
Kano Assembly Moves to Impeach Deputy Governor Gwarzo Over ₦1.6bn Alleged Fraud
Published
8 hours agoon
March 5, 2026By
adminThe Kano State House of Assembly has initiated impeachment proceedings against Deputy Governor Aminu Abdussalam Gwarzo over allegations of gross misconduct, abuse of office, and breach of public trust.
The notice was presented yesterday during plenary by the Majority Leader, Lawan Hussaini Dala, who said the action follows Section 188 of the 1999 Constitution of the Federal Republic of Nigeria.
Dala said the allegations stem from Abdussalam’s tenure as Commissioner for Local Government (2023–2024) and his current role as deputy governor. He accused the deputy governor of diverting funds meant for the 44 local government councils.
According to the majority leader, Abdussalam allegedly received N1.5 million monthly from each council between June 2023 and January 2024, totaling N462 million. Between February and July 2024, he allegedly collected N3.255 million monthly from each council under the guise of special assignments, amounting to N726 million.
Dala also accused the deputy governor of abuse of office, claiming he facilitated payments of N10 million from each council to NovoMed Pharmaceuticals Limited, totaling N440 million, in violation of state procurement laws.
“The misuse of official capacity to confer undue advantage constitutes abuse of power and undermines public trust,” Dala told lawmakers, adding that the allegations amount to gross misconduct under the Constitution.
The impeachment notice was reportedly endorsed by 38 lawmakers, meeting the constitutional threshold to proceed. The Speaker has acknowledged receipt, and the House is expected to serve the allegations on the deputy governor.
If approved, a panel may be constituted by the state Chief Judge to investigate the claims.
As of filing, Abdussalam had yet to respond publicly to the allegations.
Related
News
IGP Inaugurates State Police Committee, Gives Four-Week Deadline
Published
1 day agoon
March 4, 2026By
adminThe Inspector-General of Police, Tunji Disu, on Wednesday inaugurated a seven-member committee on the establishment of state police, giving it four weeks to submit its report.
The inauguration was held during his maiden conference with senior police officers at the Peacekeeping Conference Centre, Force Headquarters, Abuja.
Charging members of the panel to discharge their duties with professionalism and objectivity, Disu described the assignment as “both significant and timely,” noting that it would shape the framework through which state policing may operate in Nigeria.
“In carrying out this assignment, your deliberations must be guided by professionalism, objectivity, and a clear appreciation of the unique complexities of policing a diverse nation such as our own,” the IGP said.
He stated that if properly designed and effectively implemented, state policing holds significant potential benefits for the country.
“By bringing law enforcement closer to communities, state police institutions can deepen local knowledge of security dynamics and enable quicker and more targeted responses to emerging threats,” he added.
The committee is expected to review existing policing models within and outside Nigeria, assess community security needs and emerging risks, and propose an operational framework for the establishment and coordination of state police structures.
It will also address issues relating to recruitment, training, standards and resource allocation, as well as develop accountability and oversight mechanisms to ensure professionalism and public trust.
The panel is chaired by Olu Ogunsakin, with Bode Ojajuni as secretary. Other members are Emmanuel Ojukwu, Okebechi Agora, Suleyman Gulma, Ikechukwu Okafor and Tolulope Ipinmisho.
Disu said the committee had about four weeks to conclude its assignment and submit a comprehensive report.
The move marks one of the first major steps taken by the new police chief since his appointment and confirmation a few days ago.
The development comes amid rising security concerns across the country, with several stakeholders advocating state policing as part of measures to tackle insecurity.
President Bola Tinubu had earlier asked the National Assembly to commence the process of amending relevant laws to pave the way for the creation of state police.
Related
News
Tinubu swears in Disu as IGP, inaugurates RMAFC, FCSC commissioners
Published
1 day agoon
March 4, 2026By
adminPresident Bola Tinubu on Wednesday swore in Olatunji Disu as the Inspector-General of Police (IGP).
Disu took the oath of office at the Council Chamber of the Presidential Villa, Abuja, shortly before the commencement of the Federal Executive Council (FEC) meeting.
The President also administered the oath of office to six commissioners of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) and two commissioners of the Federal Civil Service Commission (FCSC).
The ceremonies were witnessed by ministers, senior government officials and family members of the appointees.
The council meeting began shortly after the swearing-in.
In attendance were Vice President Kashim Shettima; the Secretary to the Government of the Federation, Senator George Akume; the Chief of Staff to the President, Femi Gbajabiamila; the National Security Adviser (NSA), Nuhu Ribadu; and the Head of the Civil Service of the Federation, Mrs EsthMrs.Walson-Jack.
Disu was appointed acting IGP on February 25, 2026, by President Tinubu, following the resignation of former IGP Kayode Egbetokun.
His appointment was subsequently endorsed by the Nigeria Police Council (NPC).
The former Assistant Inspector-General of Police assumed office last Wednesday.
He previously served as Assistant Inspector-General in charge of the Force Criminal Investigation Department (FCID) Annex, Alagbon, Lagos, after his promotion to the rank last year.
A former head of the Lagos Rapid Response Squad (RRS), Disu has pledged to deliver accountable, modern and professional policing.
Related
Advertisement
Entertainment
Adekunle Gold, Simi welcome twins
Ayefele drops new album, Reflections
Reggae Legend, Jimmy Cliff, Dies At 81
Photos: Davido blows $3.7m on lavish Miami white wedding for Chioma
FAAN probes K1 for spilling alcohol on airport officer during boarding
Odunlade Adekola loses father
MegaIcon Magazine Facebook Page
MEGAICON TV
Advertisement
Trending
-
Politics2 days agoIbarapa East Assembly Hopeful, Ramon Congratulates Ajiboye, Says Emergence Good for Oyo APC
-
Politics7 days agoMakinde: My Successor Must Be Loyal to Oyo, Not Me
-
Politics2 days ago2027: Former Oyo Deputy Governor Adeyemo Emerges APC Chairman (See Full List)
-
Politics6 days agoFintiri Dumps PDP for APC, Moves with Cabinet, 14 Adamawa Lawmakers