The House of Representatives announced that seven major oil and gas operators in Nigeria have agreed to remit a total of $37,435,094.52 (about 58 billion guilds) to federal accounts by August 2025. The commitment comes after an ongoing investigation by the Green Room Public Accounts Commission.
In a statement released by House spokesman Akin Rotimi, the decision came after the committee reviewed the financial records of the Nigeria Upstream Petroleum Regulatory Commission (NUPRC) that revealed a large number of lapses in the royal payments and settlement process within the industry.
Rotimi said visa repayment is part of the outstanding liability raised by the Auditor General to the Federal Auditor General in his 2021 report to the National Assembly. He noted that some of this debt had accumulated over four years, highlighting the ongoing revenue leak in the oil and gas sector.
The two companies acknowledged their outstanding debts and promised to clean them up by August 2025.
In addition to these seven companies, the committee’s investigation shows that as of December 31, 2024, 45 oil and gas companies owed $1.7 billion (N2.5 trillion) in unpaid royalties.
“The nine companies have an ongoing balance of $429.2 million, which have been challenged by these figures and have requested a settlement process with NUPRC to verify their actual liabilities,” the statement said.
“These companies include Aradel/Niger Delta, Chevron, Star Deep, Shore Line, Seplat production Unlimited, Esso Erha, Esso Usan, Eroton Exploration and Seplat Energy.
“The committee directs the settlement process to be completed within two weeks and thereafter requires the company to clear its verified debt without further delay.”
Rotimi added that 28 companies had a total debt of $1,230,708,293.14 and they neither responded to public notice nor fulfilled the commission’s invitation.
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“The Commission provides a further grace period for affected companies to submit all relevant documents regarding their statutory obligations and appears before the Commission.”
Rotimi said the panel also warned that non-compliance with the prescribed timeline would attract companies to legislate and regulate sanctions to enforce accountability.
He said only two companies (Shell Petroleum Development Company (SPDC) and Shell Nigeria Exploration and Production) fully comply with their royalties obligations.
According to the MP, the committee confirmed its commitment to ensure that all oil and gas companies operating in Nigeria comply with the statutory payment obligations under the Petroleum Industry Act (PIA). The committee also pledged to strengthen oversight to recover excellent revenue and address revenue leaks in the industry.
