House C’ttee recovers additional ₦11.49bn from Oil Coys, total recovery now, N61.5bn
By Tom Okpe
The House of Representatives’ Public Accounts Committee, PAC, has additionally, recovered ₦11,488,761,099.00 from oil and gas companies with outstanding obligations to the Federal Government.
The House spokesman, Rep Akin Rotimi made this declaration on Tuesday in Abuja, saying, “this recovery has brought up a total of ₦61.5 billion, secured by the Committee since the process adding that the House will not tolerate evasion of Responsibility’s.
He said: “The Committee’s intensified efforts are anchored on findings from the Auditor-General’s reports and data, obtained from the Nigerian Upstream Petroleum Regulatory Commission, NUPRC.
“These have informed sustained engagements with oil firms, to ensure accountability for unremitted funds and outstanding liabilities.”
Breakdown of Recently Recovered Funds are; Platform Petroleum Ltd; $182,057.44, ₦291.29 million; Midwestern Oil and Gas, $730,889.37; ₦1.17 billion; Seplat Energies; ₦1.58 billion, Aradel Holdings, $3.9 million; ₦6.1 billion; Network Exploration & Production, $500,000; ₦775 million and Shoreline Resources Ltd; $1 million, ₦1.55 billion.
This however, brings up a total recovery in this phase to: ₦11,488,761,099.
“Despite multiple invitations issued through public notices and official correspondence, several oil and gas companies have failed to appear before the Committee.
“These defaulting firms collectively owe over $384 million, and ₦325.7 million to the Federal Government.”
The Companies in this category are; Neconde Energy Ltd; $110.5 million and ₦325.7 million, Heirs Holdings; $137.7 million, AITEO Ltd; $34.8 million, Continental Oil & Gas Ltd; $31 million, General Hydrocarbon; $28.4 million, Energia Ltd; $19.5 million, Waltersmith OML 16; $8.7 million, Bilton; $5 million, Pillar Oil Ltd; $4.6 million, Millennium Oil and Gas Ltd; $2.067 million, Conoil Producing Ltd; $1.1 million and Frontier OML 13; $952,216.51.
While addressing journalists, House PAC Chairman, Rep Bamidele Salam condemned the continued non-compliance by certain oil companies, issuing a firm warning that: “This Committee will not tolerate attempts by corporate entities to evade their responsibility to the Nigerian people.
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“These Companies are withholding billions of Naira, owed to the Federal Government, and we will not allow them to disregard the authority of Parliament.
“If these Companies believe they are too big to be held accountable, they must understand that their licenses are at risk. We are prepared to recommend immediate revocation for any company that shows contempt for this Committee and the laws of the nation.”
Rep Salam further emphasised the importance of fulfilling legal obligations to ensure National development:
“No company is above the law. The funds being withheld are critical to the country’s growth and must not be hoarded while Nigeria suffers. Every company operating in Nigeria must settle its obligations promptly, as required by law,” he stated.
The House of Representatives, under the powers granted by Section 88 of the 1999 Constitution of the Federal Republic of Nigeria, as amended, is empowered to summon any individual or entity to provide evidence on matters relating to public funds, ensuring accountability and compliance with our National laws.
