Seven main operators in Nigeria’s oil and fuel trade have undertaken to remit a complete of $37,435,094.52 (roughly ₦58 billion) to the Federation Account earlier than August 2025.
The pledge by the oil corporations adopted the intervention of the Home of Representatives Committee on Public Accounts, chaired by Mr. Bamidele Salam.
The seven corporations which have acknowledged their excellent money owed and agreed to settle them earlier than August 2025 comprise Belema Oil, Panocean Oil Nigeria Ltd, Newcross Exploration & Manufacturing Ltd, Dubri Oil Firm Ltd, Refrain Power, Amni Worldwide, and Community Exploration.
Spokesman of the Home, Mr. Akin Rotimi Jr., in a press release on Sunday night time, defined that the dedication by the oil corporations follows the Committee’s scrutiny of monetary data from the Nigerian Upstream Petroleum Regulatory Fee (NUPRC), which flagged vital lapses in royalty funds and reconciliation processes throughout the sector.
The lawmaker defined that the pledged compensation kinds a part of a ₦9 trillion excellent legal responsibility queried by the Auditor Normal for the Federation in his 2021 report submitted to the Nationwide Meeting.
He added that the money owed, a few of which have accrued over a interval of 4 years, spotlight longstanding income leakages within the oil and fuel sector.
He additional acknowledged that past the seven firms, the Committee’s investigation has uncovered $1.7 billion (₦2.5 trillion) owed by 45 oil and fuel firms in unpaid royalty funds as of December 31, 2024.
The spokesman disclosed that 9 firms, with a mixed excellent steadiness of $429.2 million, have contested the figures and requested a reconciliation course of with NUPRC to confirm their precise liabilities.
These firms embody Aradel/Niger Delta, Chevron, STAR DEEP, Shore Line, Seplat Producing Limitless, Esso Erha, Esso Usan, Eroton Exploration, and Seplat Power.
He acknowledged that the Committee has directed that the reconciliation course of be concluded inside two weeks, after which firms should settle their confirmed money owed with out additional delay.
He additionally acknowledged {that a} complete of 28 firms, collectively owing $1,230,708,293.14, have didn’t honor invites by the Committee or reply to public notices. These firms embody Addax Petroleum Exploration Nigeria Ltd; AITEO Group; All Grace Power; Amalgamated Oil Firm Nigeria Restricted; Whole E&P Nigeria (OML 100, 102, 52 & 99); Bilton Power Restricted; Enageed Assets Restricted; Waltersmith Petroman Restricted; Conoil Plc; Continental Oil & Gasoline Firm Ltd; Energia Restricted; First E&P Ltd; and Frontier Oil Restricted.
Others are Normal Hydrocarbons Restricted; Inexperienced Power Worldwide Ltd; Nigeria Agip Exploration Ltd (NAE); Neconde Power Restricted; Nigeria Petroleum Growth Firm (NPDC) – OML 60, 61 & 63; Lekoil Oil and Gasoline Investments Restricted; Midwestern Oil and Gasoline Restricted; Millennium Oil and Gasoline Firm Restricted; Oando Oil Ltd (OML 60, 61 & 62); Heirs Holding; Pillar Oil Restricted; Platform Petroleum Restricted; Common Power Restricted / Sinpec; Sahara Subject Manufacturing Restricted, and Oriental Power Assets Restricted.
The Committee has given the affected firms an extra grace interval of 1 week to submit all related documentation relating to their statutory obligations and seem earlier than the Committee. Failure to conform inside this timeframe will end in agency legislative and regulatory sanctions to implement accountability and guarantee compliance.
The Committee additionally famous that solely two firms had been discovered to have absolutely met their royalty obligations. They comprise Shell Petroleum Growth Firm (SPDC) and Shell Nigeria Exploration & Manufacturing.
