The House of Representatives has commenced an investigation into outstanding debts amounting to approximately N9.4 trillion owed by several oil companies to the Federation Account.
House spokesman Akintunde Rotimi confirmed this in a statement, noting that the investigative hearing aligns with the constitutional mandate of the Public Accounts Committee (PAC) under Sections 85, 88, and 89 of the 1999 Constitution (as amended) and Order XX – Rule 6 of the House Standing Orders (11th edition).
According to the statement, a review of the Auditor-General’s Annual Report on the Consolidated Financial Statement for the year ending December 31, 2021, along with further investigations, revealed that as of late 2024, numerous oil companies had yet to settle their financial obligations to the government.
The N9.4 trillion debt covers unpaid royalties, concession rentals, gas flare penalties, and obligations from production-sharing contracts, repayment agreements, and modified carry arrangements.
Despite the provisions of the Petroleum Industry Act (PIA), which requires such payments to be made within 30 days, many of these debts have remained unsettled since 2021, the statement noted.
As part of the probe, the Public Accounts Committee has invited several oil companies to appear before it at Meeting Room 446, Fourth Floor, House of Representatives, National Assembly Complex, Abuja, at 10 a.m.
The companies expected to appear include Addax Petroleum Exploration Nigeria Ltd, AITEO Group, Chevron Nigeria Ltd, Conoil Plc, Shell Nigeria Exploration and Production Company, TotalEnergies, Mobil Producing Nigeria Unlimited, and Nigeria Agip Exploration Ltd (NAE), among others.
The committee has mandated that each company be represented by its Chief Executive Officer (CEO) and other officials knowledgeable about the financial obligations under review.
It also warned that failure to appear on the scheduled date could result in further action against defaulting organizations.
