The House Public Accounts Committee has extended a two-week deadline for three major oil companies (Chorus Energy, Dubril Oil Company Limited and Belema Oil) to repay their outstanding debts, owing $5,543,491.45 to the Nigerian federal account.
The directive follows an ongoing investigation that was caused by a report by the Federal Auditor General.
During the hearing, Balarabe Haruna of the Nigeria Upstream Petroleum Regulatory Commission (NUPRC) detailed the debts owed by oil companies. Chorus Energy owes $814,680.06 and ₦181,954,238.43, allocated to crude oil prices and the amount produced. Dubrill Petroleum has an outstanding balance of $3,025,193.71, including crude oil production and natural gas fuel expenses. Belema Oil’s debt is $1,703,617.68, attributed to crude oil prices, gas combustion and concession rentals.
Oluseyi Simon, chief financial officer of Chorus Energy, acknowledged the debt, attributed it to the rise in crude oil prices. He assured lawmakers that the company had paid $5.3 million in 2024 and would clear the remaining balance by the end of the month. Similarly, Dubril Oil’s acting managing director Clement admitted that the outstanding amounts were cited as a decline in production in the first quarter of 2024. Clement also revealed ongoing discussions with the Economic and Financial Crime Commission (EFCC) and is expected to be resolved in the third quarter of 2025.
Belema Oil’s managing director Ahmad H. Sambk blamed operational challenges, including failures in evacuation pipelines since August 2022, resulting in huge leaks and losses of nearly 5 million barrels of crude oil. He explained that this led to a complete closure and therefore it was difficult to meet financial obligations.
Chairman of the Subcommittee of Investigation. Akinlade Isaq is frustrated that oil companies have failed to owe government funds. “Repaying these outstanding debts is not only a matter of financial responsibility, but also a key step in improving governance in Nigeria,” Isaq said.
The committee issued a strict two-week final atum to oil companies to pay off debts and warns of any companies that did not appear in court at the hearing. The lawmakers also disclosed debts owed by other unparticipated oil companies, including those of production, mainland oil, Eanaged Resources and Energia Limited, with liabilities reaching millions of dollars.
The Committee stressed that the non-compliance would lead to further investigation and enforcement actions, reaffirming its commitment to ensuring revenues for federal accounts.
