3 Major Oil Companies Owe FG $5.5m

A probe by the House of Representatives Public Accounts Committee has revealed that three major oil companies owe the Federation Account over $5.5 million.

The companies, Chorus Energy, Dubril Oil Company Limited, and Belema Oil, confirmed the debt during the investigation.

“Chorus Energy’s debt stands at $814,680.06 and N181,954,238.43, while Dubril Oil Company Limited owes $3,025,193.71 and Belema Oil, $1,703,617.68.

Eroton Exploration & Production has a significant debt of $78,486,333.27.”

The oil companies attributed their debts to factors such as increased crude oil price rates, declined production, and operational challenges.

The committee chairman, Akinlade Isaq, expressed disappointment at the oil companies’ failure to meet their financial obligations.

The committee has given the companies a two-week ultimatum to settle their debts, warning of severe consequences for non-compliance.

Isaq emphasized the importance of retrieving the owed funds, stating that “paying off these outstanding debts is not just a matter of financial responsibility, it is a critical step toward improving governance in Nigeria.”

The investigation also revealed that other oil operators, including Conoil Producing, Continental Oil, Enageed Resources, and Energia Limited, owe significant amounts to the Federation Account.

The committee’s findings highlight the need for increased transparency and accountability in Nigeria’s oil sector.

Oduyemi Odumade, Edited By Grace Namiji