The House of Representatives has threatened to take action against the chief executive officers of Heirs Holdings, AITEO Group, Midwestern Oil and Gas Limited, and 25 other oil firms for failing to honor its invitations over its probe into an alleged $1,230,708,293.14 (approximately N1.8 trillion) debt owed to the federal government.
The other 24 companies are Addax Petroleum Exploration Nigeria Ltd, All Grace Energy, Amalgamated Oil Company Nigeria Limited, Total E&P Nigeria (OML 100, 102, 52 & 99), Bilton Energy Limited, Enageed Resources Limited, Waltersmith Petroman Limited, Conoil Plc, Continental Oil & Gas Company Ltd, Energia Limited and First E&P International Ltd.
Others include Nigeria Agip Exploration Ltd (NAE), Heirs Holdings, Neconde Energy Limited, Nigeria Petroleum Development Company (NPDC) – OML 60, 61 & 6, Lekoil Oil and Gas Investments Limited, Millennium Oil and Gas Company Limited, Oando Oil Ltd (OML 60, 61 & 62), Pillar Oil Limited, Platform Petroleum Limited, Universal Energy Limited/Sinpec, Sahara Field Production Limited, and Oriental Energy Resources Limited.
Akin Rotimi, spokesperson for the House of Representatives, made the disclosure in a statement on Sunday. He added that the funds are part of a N9 trillion outstanding liability queried by the auditor-general for the federation in a 2021 report submitted to the National Assembly.
Rotimi noted that after the committee scrutinized financial records from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), significant lapses in royalty payments and reconciliation processes within the sector were uncovered.
According to the lawmaker, some of the debts have accumulated over four years, underscoring persistent revenue leakages in the oil and gas sector.
“The committee has given the affected companies a further grace period of one week to submit all relevant documentation regarding their statutory obligations and appear before the committee,” Rotimi said. He also warned that failure to comply within the stipulated timeframe would attract firm legislative and regulatory sanctions to enforce accountability.
The statement also disclosed that 28 major oil and gas operator firms have agreed to remit a total of $37,435,094.52 (approximately N58 billion) to the federation account before August 2025. These companies include Belema Oil, Panocean Oil Nigeria Ltd, and Newcross Exploration & Production Ltd, along with Dubri Oil Company Ltd, Chorus Energy, Amni International, and Network Exploration.
In addition to the seven companies that have committed to payment, Rotimi said the committee’s investigation revealed that 45 oil and gas firms owe $1.7 billion (N2.5 trillion) in unpaid royalties as of December 31, 2024.
“Nine companies, with a combined outstanding balance of $429.2 million, have contested the figures and requested a reconciliation process with NUPRC to verify their actual liabilities,” the statement reads.
“These companies include Aradel/Niger Delta, Chevron, STAR DEEP, Shore Line, Seplat Producing Unlimited, Esso Erha, Esso Usan, Eroton Exploration, and Seplat Energy. The committee has directed that the reconciliation process be completed within two weeks, after which companies are required to clear their verified debts without further delay.”
Rotimi said only two companies, Shell Petroleum Development Company (SPDC) and Shell Nigeria Exploration and Production, have fully complied with their royalty payment obligations.
According to the lawmaker, the committee affirmed its commitment to ensuring that all oil and gas companies operating in Nigeria comply with statutory payment obligations under the Petroleum Industry Act (PIA). The committee also pledged to intensify oversight to recover outstanding revenues and address revenue leakages in the industry.
