The House of Representatives Public Accounts Committee (PAC) has successfully recovered N28.7 billion from two oil companies indebted to Nigeria’s Federation Account.

Akin Rotimi, the spokesperson for the Green Chamber, confirmed the development in a statement on Sunday.

The recovery is part of the $1.7 billion debt owed by 45 oil companies to Nigeria, as revealed in the 2021 Audit Report. The committee had summoned these companies for an investigative inquiry to ensure compliance with their financial obligations.

NAIJABLOGDAILY.COM

Breakdown of Recoveries:

Chorus Energy Limited paid N1.2 billion on March 11, 2025 to settle its liabilities.

Seplat Production Development Limited fully cleared its outstanding debt by remitting N27.6 billion between March 10 and March 14, 2025.

Following these payments, the committee cleared the financial records of:
✅ Amalgamated Oil Company Nigeria Ltd
✅ Seplat Energy
✅ Shell Exploration and Production
✅ Shell Petroleum Development Company

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has been furnished with evidence of these payments for final verification.

Additional Payments and Outstanding Debts:

Shoreline Natural Resources Ltd. made a $30 million payment towards its $100.28 million debt and requested a structured repayment plan for the balance.

HEED: Follow us on Instagram or any other social media platform and get the most reliable news directly in your favourite app!

Seplat Energy Producing Nigeria Unlimited (formerly Mobil Producing) now holds a credit balance of $211,911.09 for crude oil royalty, $33.01 million for gas flare penalties, and $163,046.40 for concession rentals, with no outstanding liabilities.

The committee commended Seplat Energy for its prompt financial compliance and reaffirmed its commitment to recovering outstanding debts from the remaining 38 oil companies under investigation.

Stay updated with Naija Blog Daily for the latest Nigerian economy news, oil industry updates, and financial reports.

NaijaBlogDaily# is visible on all social media platforms and we bring you the latest Nigerian news on politics and economy, entertainment and celebrity updates including sports across Nigeria and beyond…

Keep visiting and following up with us on any social media platform you are using to keep you updated 💯
Remember (information brings knowledge and power).
STAY TUNED!!!