The House of Representatives Public Accounts Committee (PAC) has announced plans to impose constitutional sanctions on 13 oil companies accused of owing the Federal Government a combined $456.95 million in unremitted oil revenue. The move follows the companies’ repeated failure to respond to formal invitations and public summons to appear before the committee.

According to House Spokesperson Akin Rotimi, despite being served with several invitations — including public notices published in national newspapers — the defaulting firms have refused to honour the Committee’s requests, prompting lawmakers to consider disciplinary action in accordance with constitutional powers.

The affected companies and their alleged debts include:

Conoil Producing Ltd. – $5 million

Continental Oil & Gas Ltd. – $57 million

Energia Ltd. – $19.5 million

Frontier OML 13 – $952,216.51

Millennium Oil & Gas Ltd. – $2.067 million

Neconde Energy Ltd. – $325.7 million

Pillar Oil Ltd. – $4.6 million

Waltersmith OML 16 – $8.7 million

Aiteo Ltd. – $34.8 million

Bilton – $5 million

Heirs Holdings – $137.7 million

General Hydrocarbon Ltd. – $22.5 million

Eroton – $34.5 million

The PAC has directed all 13 firms to appear before it without fail on Wednesday, July 2, and Thursday, July 3, 2025.

Additionally, the committee has summoned several other oil companies to reappear in connection with unresolved liabilities totalling $125.5 million, including:

OML 18 – $15.2 million

Shoreline – $70 million

Network Exploration – $2.6 million

Aradel – $8.2 million

Newcross Exploration – $25 million

Pan Ocean – $4.5 million

PAC Chairman, Rep. Bamidele Salam, warned that companies refusing to comply will face constitutional consequences, stating, “We are committed to upholding accountability and recovering every kobo owed to the Nigerian people.”

The House reaffirmed its dedication to transparency, fiscal responsibility, and the protection of public resources.

In a related development, the committee disclosed the recovery of an additional $15.7 million (about ₦25 billion) from oil companies, bringing the total recoveries so far to ₦86.5 billion.

This comes after the review of the Auditor-General’s Report on the Consolidated Financial Statements for the year ending December 31, 2021. The findings revealed that as of the fourth quarter of 2024, oil and gas firms collectively owed the Federation Account an estimated ₦9.4 trillion, covering unpaid royalties, concession rentals, gas flare penalties, and other contractual obligations under various oil sector agreements.

Breakdown of recent recoveries includes:

TotalEnergies – $2 million

Shoreline Natural Resources – $10 million

OML 18 Resources – $3.47 million

Enageed Resource Ltd. – $280,000

These funds have been deposited into the Federation Account and represent a significant step toward strengthening financial oversight in Nigeria’s oil and gas sector.