Seven oil companies have pledged to settle a $37.4 million debt owed to Nigeria’s Federation Account before August 2025, according to the House of Representatives.
Reps spokesman Akin Rotimi confirmed on Sunday that the companies made this commitment amid an ongoing probe by the Public Accounts Committee (PAC). The investigation, based on financial records from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), exposed major lapses in royalty payments and revenue reconciliation across the oil and gas sector.
The $37.4 million repayment is part of a much larger ₦9 trillion outstanding liability flagged by the Auditor General for the Federation in his 2021 report.
Some of these debts have accumulated over four years, highlighting significant revenue losses in the sector.
The probe also uncovered $1.7 billion (₦2.5 trillion) in unpaid royalties owed by 45 oil and gas companies as of December 31, 2024.
The findings reveal longstanding revenue leakages in Nigeria’s oil and gas sector, raising concerns about accountability and financial mismanagement. Lawmakers are now pushing for strict enforcement of royalty payments to boost government revenue.
With the August deadline approaching, the House of Representatives is expected to closely monitor compliance. Meanwhile, pressure is mounting on other defaulting oil firms to clear their debts and enhance financial transparency.
He listed the seven companies that have acknowledged their outstanding debts and agreed to settle them before August 2025:
1. Belema Oil
2. Panocean Oil Nigeria Ltd
3. Newcross Exploration & Production Ltd
4. Dubri Oil Company Ltd
5. Chorus Energy
6. Amni International
7. Network Exploration
He said 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. These companies include:
1. Aradel/Niger Delta
2. Chevron
3. STAR DEEP
4. Shore Line
5. Seplat Producing Unlimited
6. Esso Erha
7. Esso Usan
8. Eroton Exploration
9. Seplat Energy
The committee directed that the reconciliation process be concluded within two weeks, after which companies must settle their confirmed debts without further delay.
Also, Rotimi said a total of 28 companies, collectively owing $1,230,708,293.14, have failed to honour invitations by the Committee or respond to public notices. These companies include:
1. Addax Petroleum Exploration Nigeria Ltd
2. AITEO Groupw
3. All Grace Energy
4. Amalgamated Oil Company Nigeria Limited
5. Total E&P Nigeria (OML 100, 102, 52 & 99)
6. Bilton Energy Limited
7. Enageed Resources Limited
8. Waltersmith Petroman Limited
9. Conoil Plc
10. Continental Oil & Gas Company Ltd
11. Energia Limited
12. First E&P Ltd
13. Frontier Oil Limited
14. General Hydrocarbons Limited
15. Green Energy International Ltd
16. Nigeria Agip Exploration Ltd (NAE)
17. Neconde Energy Limited
18. Nigeria Petroleum Development Company (NPDC) – OML 60, 61 & 63
19. Lekoil Oil and Gas Investments Limited
20. Midwestern Oil and Gas Limited
21. Millennium Oil and Gas Company Limited
22. Oando Oil Ltd (OML 60, 61 & 62)
23. Heirs Holding
24. Pillar Oil Limited
25. Platform Petroleum Limited
26. Universal Energy Limited / Sinpec
27. Sahara Field Production Limited
28. Oriental Energy Resources Limited
“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.
“Failure to comply within this timeframe will result in firm legislative and regulatory sanctions to enforce accountability and ensure compliance,” he said.
The lower legislative chamber said only two companies were found to have fully met their royalty obligations:
1. Shell Petroleum Development Company (SPDC)
2. Shell Nigeria Exploration & Production
