Nigeria’s House of Representatives says its outstanding revenue recovery investigation through its Public Accounts Committee has recorded a significant breakthrough with the remittance of 28.7 billion naira from two oil companies indebted to the Federation Account.
A statement by the House Spokesperson, Akin Rotimi Jnr explained that the Committee’s investigation, which is based on findings from the 2021 Audit Report, focused on 45 oil companies collectively owing 1.7 billion dollars in outstanding liabilities to the Federation.
The statement revealed that Chorus Energy Limited settled its outstanding liability with a payment of 1.2 billion naira on March 11, 2025 while Seplat Production Development Limited fully discharged its obligation by remitting 27.6 billion naira between March 10 and March 14, 2025.
Akin Rotimi Jnr disclosed that the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has been furnished with evidence of these payments for final verification
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The statement also revealed that Shoreline Natural Resources Ltd. had made a 30 million dollar payment towards its 100.28 million dollars debt before the investigation commenced and has requested a structured repayment plan for the outstanding balance.
The Committee reaffirmed its commitment to deploying all constitutionally sanctioned measures to recover outstanding debts from the remaining 38 oil companies under investigation.
The statement added that a total of 199.3 million naira has been recovered through investigation into the Remita platform out of an outstanding 6.8 billion naira, comprising excessive charges levied between March and October 2015 and unremitted Value Added Tax (VAT) on transactions processed via the Remita platform from 2015 to 2022.
Rotimi Jnr reiterated the commitment of the House of Representatives through its Public Accounts Committee to uphold financial discipline, strengthening institutional accountability, and safeguarding public resources in the national interest.
(Editor: Ebuwa Omo-Osagie)
