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The Public Accounts Committee (PAC) of the House of Representatives announced on Sunday that two oil companies owing the Federation Account have collectively refunded approximately ₦28.7 billion to the government.
The committee is currently investigating the audit report from the Office of the Auditor General for the Federation for the 2021 financial year.
According to a statement by House spokesman Akintunde Rotimi (APC, Ekiti), Chorus Energy Limited cleared its outstanding liability by paying $847,623 (₦1.2 billion) on March 11, 2025, while Seplat Production Development Limited fully settled its obligation by remitting $18.39 million (₦27.6 billion) between March 10 and March 14, 2025.
Rotimi added that the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has been provided with payment evidence for final verification.
The statement also noted that Shoreline Natural Resources Ltd. had already paid $30 million toward its $100.28 million debt before the investigation began and has requested a structured repayment plan for the remaining balance.
During the committee’s proceedings, NUPRC representative Balarabe Haruna reported that, following recent reconciliations, 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 compliance with its financial obligations.”
Furthermore, the Committee reaffirmed its commitment to deploying all constitutionally sanctioned measures to recover outstanding debts from the remaining 38 oil companies under investigation.
He said Amalgamated Oil Company Nigeria Ltd, Seplat Energy, Shell Exploration and Production and Shell Petroleum Development Company have fully settled their obligations and are no longer financially liable.
The stati also said that the Committee has successfully recovered ₦199.3 million out of an outstanding ₦6.8 billion excessive charges levied between March and October 2015 and unremitted Value Added Tax (VAT) on transactions processed via the Remita platform from 2015 to 2022.
Following a motion sponsored by Jeremjah Umaru, the House in 2024 ordered the committee to investigate revenue leakages and non-remittance of funds by Ministries, Departments, and Agencies (MDAs) through Remita.
A report of the committee said, “The Federal Government had previously directed value chain providers, including banks, Remita, and the Central Bank of Nigeria (CBN), to refund 1% transaction charges collected via Remita between March and October 2015. Nation
