Paragraph 1: Unveiling Financial Discrepancies and Initial Recoveries
The Nigerian House of Representatives Public Accounts Committee (PAC), spearheading an extensive investigation into financial irregularities within the oil and gas sector, has achieved significant progress in recovering misappropriated funds. As of March 16, 2025, the committee had already recouped N28.7 billion (equivalent to $19.24 million). This marked a crucial step towards ensuring accountability and transparency within a sector vital to Nigeria’s economy. The PAC’s relentless pursuit of financial rectitude signaled a new era of oversight, promising to hold industry players accountable for their financial dealings.
Paragraph 2: Amplifying Recoveries and Acknowledging Leadership
Building upon their initial success, the PAC further intensified its efforts, resulting in the recovery of an additional $14.2 million (N21.4 billion) from four oil and gas companies. This brought the total recovered sum to an impressive $33.44 million (N50.1 billion), demonstrating the committee’s unwavering commitment to uncovering and addressing financial discrepancies. PAC Chairman, Bamidele Salam, attributed these achievements to the strong leadership of House Speaker Tajudeen Abass, emphasizing the importance of the independence granted to committees in effectively carrying out their oversight responsibilities.
Paragraph 3: Detailing the Latest Recoveries and Setting Ultimatums
The latest round of recoveries included $1.9 million (N2.9 billion) from Patform Petroleum Ltd., $1.578 million (N2.3 billion) from Midwestern Oil and Gas Ltd., $523,845 (N785.7 million) from Universal Energy, and a substantial $10.3 million (N15.5 billion) from Aradel Energy Ltd. In addition to these recoveries, the PAC issued a 20-day ultimatum to four other companies – Total Energies, Seplat Energies (SPDC), Aradel Energy Ltd (a second demand), and Network Exploration – to remit a combined total of $23.2 million (N34.8 billion). This decisive action underscored the committee’s resolve to enforce compliance and ensure timely remittance of outstanding funds.
Paragraph 4: Escalating Pressure and Expressing Concerns
Chairman Salam emphasized the committee’s commitment to holding companies accountable, warning that failure to meet financial obligations would result in serious consequences. He expressed concern over the non-appearance of several companies, including Frontier Oil and Gas, Conoil Producing, Walter Smith Petrochemical, Bilton, Energia Ltd, Aiteo Petroleum Ltd, and Pillar Oil Ltd., despite invitations to appear before the committee. This blatant disregard for legislative oversight further highlighted the need for stringent measures to ensure compliance.
Paragraph 5: Focusing on Reconciliation and Uncovering Further Discrepancies
In addition to pursuing outstanding payments, the PAC directed First E & P Oil Company to reconcile a substantial balance of $90 million with the Nigerian Upstream Petroleum Regulatory Commission. The company was summoned to appear before the committee on April 16, 2025, for further deliberations. These ongoing investigations, including public hearings on the 2021 Auditor-General’s report, are expected to uncover additional discrepancies and potentially reveal a staggering N10 trillion in outstanding payments owed to the Federation Account by industry operators.
Paragraph 6: Declaring an End to Impunity and Emphasizing Accountability
Chairman Salam delivered a strong message, declaring an end to the era of impunity and financial recklessness within the oil and gas sector. He affirmed the committee’s unwavering determination to recover every kobo owed to the Nigerian people and ensure the highest level of integrity in the management of public funds. This resolute stance signifies a paradigm shift in the oversight of the oil and gas industry, prioritizing transparency and accountability to safeguard the nation’s resources.
