Reps Recover ₦28.7bn from Oil Firms Amid $1.7bn Debt Probe

Nigeria’s House of Representatives Public Accounts Committee (PAC) has retrieved ₦28.7 billion from two oil companies indebted to the Federation Account.

Akin Rotimi, spokesperson of the Green Chamber, announced the recovery in a Sunday statement, highlighting ongoing efforts to reclaim outstanding oil sector liabilities.

The recovered sum is part of a staggering $1.7 billion debt owed by 45 oil firms. PAC disclosed that Chorus Energy Limited cleared its ₦1.2 billion obligation on March 11, 2025, while Seplat Production Development Limited remitted ₦27.6 billion between March 10 and March 14, 2025.

Following these payments, the committee officially absolved Amalgamated Oil Company Nigeria Ltd., Seplat Energy, Shell Exploration and Production, and Shell Petroleum Development Company of any financial indebtedness to the Federation Account.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has been presented with payment evidence for final verification.

Additionally, Shoreline Natural Resources Ltd. made a $30 million payment toward its $100.28 million liability before the probe commenced and has proposed a structured repayment plan for the balance.

Balarabe Haruna, an NUPRC representative, informed the committee that reconciliations show Seplat Energy Producing Nigeria Unlimited (formerly Mobil Producing) now holds a credit balance of $211,911.09 for crude oil royalty, $33.01 million for gas flare penalties, and $163,046.40 for concession rentals, with no outstanding debts.

Commending Seplat Energy’s compliance, the committee reaffirmed its resolve to exhaust all constitutional measures in retrieving outstanding dues from the 38 oil firms still under investigation.

The development follows a House probe triggered by the 2021 Audit Report, which exposed massive oil sector liabilities. PAC had earlier summoned the defaulting firms, issuing a final ultimatum for compliance.