Financial Energy Review
The House of Representatives has successfully recovered $19,241,109.35 (approximately N28.8 billion) from two oil companies indebted to the federal government, Chorus Energy Limited and Seplat Production Development Limited.
In a statement, the spokesperson of the House, Akin Rotimi, described the recovery as a significant milestone in the legislature’s ongoing efforts to reclaim outstanding revenues owed to the federation account. He attributed the achievement to the diligent investigation carried out by the House Committee on Public Accounts, based on findings from the 2021 audit report.
According to Rotimi, Chorus Energy Limited settled its liability with a payment of $847,623 (N1.2 billion) on March 11, 2025, while Seplat Production Development Limited fully cleared its debt by remitting $18.39 million (N27.6 billion) between March 10 and March 14, 2025. “The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has been furnished with evidence of these payments for final verification,” he said.
Additionally, Shoreline Natural Resources Ltd. had made a $30 million payment towards its $100.28 million debt before the committee’s investigation commenced and has since requested a structured repayment plan for the outstanding balance.
Rotimi further disclosed that, during committee proceedings, a representative of the NUPRC, Balarabe Haruna, confirmed that after reconciliations, Seplat Energy Producing Nigeria Unlimited (formerly Mobil Producing) holds a credit balance of $211,911.09 for crude oil royalty, $33.01 million for gas flare penalties, and $163,046.4 for concession rentals, with no outstanding liabilities. The committee commended Seplat Energy for its prompt compliance with financial obligations.
“The Committee reaffirmed its commitment to deploying all constitutionally sanctioned measures to recover outstanding debts from the remaining 38 oil companies under investigation,” Rotimi stated. He further revealed that four companies—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.
In another financial recovery effort, the House committee on public accounts successfully recovered N199.3 million out of an outstanding N6.8 billion related to excessive charges levied between March and October 2015 and unremitted value-added tax (VAT) on transactions processed through the Remita platform from 2015 to 2022.
Rotimi explained that in 2024, the House mandated the committee to investigate revenue leakages and non-remittance of funds by ministries, departments, and agencies (MDAs) through Remita. This directive stemmed from a motion sponsored by lawmaker Jeremiah Umaru, which was subsequently referred to the committee.
As part of the probe, the committee confirmed that Guaranty Trust Bank (GTB) settled N40.6 million in overdue charges on March 13, 2025. Investigations also uncovered an outstanding VAT liability of N521,765,134.17 acknowledged by the Central Bank of Nigeria (CBN) for transactions processed via Remita between November 2018 and April 2024. Following the committee’s intervention, Zenith Bank remitted N126,131,692.86, while GTB paid N32,585,882.48.
Despite these recoveries, Rotimi noted that several other financial service providers are yet to comply with VAT remittance requirements and other identified under-remittances.
The chairman of the House Committee on Public Accounts, Bamidele Salam, reaffirmed the panel’s commitment to ensuring accountability in public finance management. “These recoveries demonstrate the effectiveness of the oversight function of the National Assembly in ensuring accountability and transparency in the management of public funds,” Salam said. “We will continue to engage with relevant institutions and deploy all necessary legislative tools to recover outstanding debts and prevent revenue leakages. Our objective is to ensure that every kobo due to the federation is accounted for and remitted accordingly.”
Rotimi emphasized that the House, through the public accounts committee, remains committed to upholding financial discipline, strengthening institutional accountability, and safeguarding public resources in the nation’s interest.
