House Committee Recovers N28.7 Billion from Indebted Oil Companies.

The House of Representatives Public Accounts Committee (PAC) has announced the recovery of N28.7 billion from two oil companies, Chorus Energy Limited and Seplat Production Development Limited, owed to the Federation account. This recovery represents a portion of the total $1.7 billion owed by 45 oil companies, as identified in the 2021 Audit Report.

Chorus Energy settled its N1.2 billion liability on March 11, 2025, while Seplat Production Development Limited remitted N27.6 billion between March 10 and March 14, 2025, fully discharging its obligation. As a result, the PAC has cleared Amalgamated Oil Company Nigeria Ltd, Seplat Energy, Shell Exploration and Production, and Shell Petroleum Development Company of all financial indebtedness to the Federation Account.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has been provided with evidence of the payments for verification. Shoreline Natural Resources Ltd. has also made a $30 million payment towards its $100.28 million debt and has requested a structured repayment plan.

The PAC commended Seplat Energy for its prompt compliance and reaffirmed its commitment to recovering outstanding debts from the remaining 38 oil companies under investigation, utilizing all constitutionally sanctioned measures. This development follows the committee’s summons to the companies, based on findings from the 2021 Audit Report.