The Public Accounts Committee (PAC) of the House of Representatives has summoned the chief executives of eight oil companies over an alleged debt of $506.5 million owed to the Federal Government.
At a hearing on Tuesday, the committee, led by Chairman Bamidele Salam, expressed frustration over the failure of several oil firms to honor invitations to clarify their financial obligations to the Federation.
Initially, nine oil companies were summoned to appear before the committee on Monday, March 3, 2025, to address their outstanding debts. However, only one company attended the session, while the others were absent without providing any explanation.
The summoned companies included Addax Petroleum Exploration Nigeria Ltd, AITEO Group, All Grace Energy, Amalgamated Oil Company Nigeria Ltd, Amni International Petroleum Development Company Ltd, Belemaoil Producing Ltd, Bilton Energy Ltd, Britannia-U, and Waltersmith Petroman Ltd.
Hon. Isiaq Akinlade, Chairman of the PAC Investigation Sub-Committee, emphasized that the summons comes at a critical time when the Nigerian government is dealing with a massive budget deficit, having recently approved a ₦54.9 trillion budget.
“How do we fund this budget if these companies refuse to settle their obligations on time?” Akinlade questioned. “Their failure to pay undermines the fiscal integrity of the Federation and delays national development.”
A representative from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Balarabe Haruna, presented a detailed breakdown of the debts owed by the oil firms, which total $506,565,187.96. Some of the largest debts include:
Amni International Petroleum: $434.9 million
AITEO: $34.8 million
Addax Exploration: $17.5 million
Waltersmith OML 16: $8.7 million
Bilton Energy: $5 million
The committee has given the companies 72 hours to appear and justify their debts. Failure to comply could lead to further actions, including a directive requiring the companies to settle their liabilities within seven days.
The PAC adjourned its session to reconvene today, expecting appearances from additional oil firms, including Chevron Nigeria Ltd, Shell Nigeria Exploration and Production Company, Conoil Plc, and others.
