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.

The post Reps Secure $37.4m Oil Debt Repayment as Probe Uncovers $1.7bn in Unpaid Royalties first appeared on MegaIcon Magazine.

The post Reps Secure $37.4m Oil Debt Repayment as Probe Uncovers $1.7bn in Unpaid Royalties appeared first on MegaIcon Magazine.