BY BONNY AMADI
For a huge debt of N9.4 trillion, the Nigerian House of Representatives has summoned 48 oil companies over their alleged failure to remit approximately N9.4 trillion in outstanding debts to the federation account.
The debt ranks over N9.2 trillion Lagos state successive four years budget, N3.37trn 2025, N2.27ttn 2024, N1.77 Trn 2023 and N1.76 trn, 2022, reflecting huge lacuna in government revenue generation.
In a statement on Sunday, Akin Rotimi, spokes- person of the house, said the debts are related to unpaid royalties, concession rentals, gas flare penalties, and obligations from production sharing contracts.
“During the review of the Auditor-General’s Annual Report on the Consoli- dated Financial Statement for the year ended December 31, 2021 and following further in-depth investigations, it was revealed that, as of the last quarter of 2024, several oil companies owe a combined total of approximately N9.4 trillion,” the statement reads.
“This amount covers unpaid royalties, concession rentals, and gas flare penalties, in addition to obligations arising from Production Sharing Contracts, Repayment Agreements, and Modified Carry Arrangements.”
Rotimi said further investigations revealed that the debts remained un- paid as of the last quarter of 2024, despite the Petroleum Industry Act (PIA) mandating settlement with- in 30 days.
The invitation was is- sued by the house committee on public accounts, chaired by Bamidele Salam, following a review of the auditor-general’s annual report on the consolidated financial statement for the year ended December 31, 2021.
According to the House of Representatives, the investigative hearings will be held from March 3 to March 7 at the national assembly complex, Abuja.
“Oil companies must fulfil their statutory obligations to maintain the integrity and accountability of our nation’s resources,” Salam said.
“We welcome a collaborative approach with all stakeholders as we work together to address these discrepancies in an effective and efficient manner.”
On March 3, the companies expected to appear before the committee include Addax Petroleum Exploration Nigeria Ltd, AITEO Group, All Grace Energy, Amalgamated Oil Company Nigeria Limited, Amni International Petroleum Development Company Limited, Belemaoil Producing Ltd, Bilton Energy Limited, Britannia-U, and Waltersmith Petroman Limited.
The next day, Chevron Nig Ltd (OML 90, 95, 49), Chorus Energy, Conoil Plc, Continental Oil & Gas Company Ltd., Dubri Oil Company Limited, Enageed Resources Limited, Shell Nigeria Exploration and Production Company, Energia Limited, Eroton Exploration & Production Company Limited and Dubri Oil Company Limited are expected to be present before the lawmakers.
The House of Representatives also requested the presence of Esso E & P. Ltd (Usan, Erha), First E & P. Ltd, Frontier Oil Limited, General Hydrocarbons Limited, Green Energy International Ltd, Nigeria Agip Expl. Ltd (NAE), Panocean Oil Nigeria Limited (OML 147), Neconde Energy Limited, Newcross Exploration and Production Limited, and Newcross Petroleum (OML 152) on March 5.
On March 6, Network Exploration & Production Limited, Total E and P Nigeria (OML 100, 102, 52 & 99), Niger Delta Petroleum, Nigeria Petroleum Development Company (NPDC) (OML 60, 61 & 63), Lekoil Oil and Gas Investments Limited, Midwestern Oil and Gas Limited, Millenium Oil and Gas Company Limited, Seplat Energy (OML 4, 38 & 41), and Oriental Energy Resources Limited are expected to appear before the committee.
The lawmakers slated March 7 for the appearance of Oando Oil Ltd (OML 60, 61 & 62), Heirs Holdings, Pillar Oil Limited, Platform Petroleum Limited, Shell Petroleum Development Company (OML 27), Universal Energy Limited/Sinpec, Shoreline Natural Resources, Star Deep Water Petroleum Limited, Sahara Field Production Limited, and Mobil Producing Nig. Unlimited (OML 67 & 70).
Each company is expected to be represented by its chief executive officer and any officer well-versed in the issues under investigation.
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