The House of Representatives has launched a probe into outstanding debts totaling N9.4 trillion owed the Federation Accounts by several oil companies.
The investigation, spearheaded by the House Committee on Public Accounts, follows findings from the Auditor-General’s 2021 Annual Report, which uncovered long-standing unpaid royalties, concession rentals, and gas flare penalties, among other financial obligations.
The committee said despite the provisions of the Petroleum Industry Act requiring settlement within 30 days, many companies have yet to clear their debts.
In a bid to enforce compliance, the committee, chaired by Bamidele Salam (Osun, PDP), has summoned the defaulting companies to appear before it at the National Assembly Complex, Abuja, from March 3 to March 7, 2025.
Among those invited are major industry players such as Shell, Chevron, Total Energies, Oando, Conoil, Aiteo, Adax, and Mobil Producing Nigeria.
The Committee Chairman, Bamidele Salam, emphasised the importance of accountability, stating that “Oil companies must fulfill their statutory obligations to maintain the integrity and accountability of our nation’s resources.
“We welcome a collaborative approach with all stakeholders as we work together to address these discrepancies in an effective and efficient manner.”
