HOR : PAC Recovers Additional N21.4b From 4 Oil Companies

The House of Representatives Public Accounts Committee (PAC) has recovered an additional N21.4b from four oil and gas companies as part of its ongoing investigation into financial discrepancies in the sector.

In a statement by the House Spokesperson Akin Rotimi, the latest recovery brings the total amount recovered so far to ₦50.1b.

According to the statement, the recovered funds came from Platform Petroleum Ltd ($1.9 million), Midwestern Oil and Gas Ltd ($1.578 million), Universal Energy ($523,845), and Aradel Energy Ltd ($10.3 million).

Chairman of the Committee, Bamidele Salam, attributed the successes to the unwavering support and leadership of the Speaker, Dr. Abbas Tajudeen.

Salam emphasized the Committee’s commitment to enforcing compliance, warning that companies that fail to meet their financial obligations would face legislative oversight.

The Committee has issued a 20-day ultimatum to four companies to remit a total of N34.8b. These companies include Total Energies, Seplat Energies (SPDC), Aradel Energy Ltd, and Network Exploration.

Additionally, several companies, including Frontier Oil and Gas, Conoil Producing, and Aiteo Petroleum Ltd, are under heightened scrutiny for disregarding invitations to appear before the Committee.

The Committee’s investigation is ongoing, with public hearings on the 2021 Auditor General’s report, which indicated that over ₦10 trillion in payments remain outstanding to the Federation Account from industry operators.

Oduyemi Odumade, Edited By Blessing Nyor