Abuja, Nigeria – The House of Representatives Public Accounts Committee (PAC) has issued a stern warning to 13 oil companies over their continued failure to respond to official summons regarding unremitted oil revenues totaling $456,952,216.51 (approximately ₦731.1 billion).
In a press release signed by House Spokesman Rep. Akin Rotimi Jr., on June 18, 2025, the Committee expressed deep concern over the companies’ disregard for multiple invitations and public notices, stating that it may be forced to impose constitutional sanctions on the non-compliant firms.
“These companies have persistently ignored our calls. Recalcitrant companies will face the constitutional consequences of their refusal to cooperate,” said Committee Chairman Rep. Bamidele Salam.
Companies listed for non-compliance include:
- Neconde Energy Ltd. – $325.7m
- Continental Oil & Gas Ltd. – $57m
- Heirs Holdings – $137.7m
- Energia Ltd. – $19.5m
- Aiteo Ltd. – $34.8m
- Eroton – $34.5m
- General Hydrocarbon Ltd. – $22.5m
- Waltersmith OML 16 – $8.7m
- Pillar Oil Ltd. – $4.6m
- Conoil Producing Ltd. – $5m
- Millennium Oil & Gas Ltd. – $2.07m
- Frontier OML 13 – $952,216
- Bilton – $5m
The Committee has directed these companies to appear before it between July 2 and July 3, 2025.
Additionally, six more companies with alleged outstanding liabilities amounting to $125.5 million have been asked to reappear, including Shoreline ($70m), OML 18 ($15.2m), and Newcross Exploration ($25m).
Meanwhile, the Committee reported fresh recoveries of $15.7 million (approximately ₦25 billion), pushing total recoveries to ₦86.5 billion. The funds, recovered from companies such as TotalEnergies, Shoreline Natural Resources, and Enageed Resource Ltd., have been remitted to the Federation Account.
The investigation stems from the Auditor-General’s report on the 2021 Consolidated Financial Statements and has so far revealed that oil and gas firms owe the Federation roughly ₦9.4 trillion as of Q4 2024 in unpaid royalties, gas flare penalties, and other contractual obligations.
The House reaffirmed its commitment to fiscal accountability, saying it would not relent in protecting public resources and enforcing compliance in Nigeria’s extractive industries.
