House of Reps Investigates N9.4 Trillion Oil Debt Owed to Federation Account

The Nigerian House of Representatives is holding investigative hearings to address the N9.4 trillion outstanding debts owed by certain oil companies to the Federation Account.

This probe, spearheaded by the House Committee on Public Accounts, is set to take place from March 3rd to 7th, 2025, at the National Assembly Complex in Abuja.

According to Akin Rotimi, spokesperson for the House of Representatives, the hearings are being conducted in line with:

• Sections 85, 88, and 89 of the 1999 Constitution of Nigeria (as amended)
• Order XX—Rule 6 of the House of Representatives Standing Orders (11th Edition)

The debts include but are not limited to:

• Unpaid royalties
• Concession rentals
• Gas flare fines
• Outstanding commitments from Production Sharing Contracts (PSCs), Payback Agreements, and Modified Carry Arrangements

Despite the Petroleum Industry Act (PIA) mandating that such debts be cleared within 30 days, many of these liabilities have remained unpaid since 2021.

Citing the Auditor General of the Federation’s report, the committee stated that several oil firms collectively owe the N9.4 trillion debt as of Q4 2024.

The summoned companies must submit the required documents and appear before the committee at Meeting Room 446, Fourth Floor, National Assembly Complex, by 10:00 AM on their assigned date.

Full List of Indebted Oil Companies

1. Addax Petroleum Exploration Nigeria Ltd.
2. AITEO Group
3. All Grace Energy
4. Amalgamated Oil Company Nigeria Limited
5. Amni International Petroleum Development Company Limited
6. Belemaoil Producing Ltd.
7. Bilton Energy Limited
8. Britannia-U
9. Waltersmith Petroman Limited
10. Chevron Nigeria Ltd. (OML 90, 95, 49)
11. Chorus Energy
12. Conoil Plc
13. Continental Oil & Gas Company Ltd.
14. Dubri Oil Company Limited
15. Engaged Resources Limited
16. Shell Nigeria Exploration and Production Company
17. Energia Limited
18. Eroton Exploration & Production Company Limited
19. Esso E & P Ltd. (Usan, Erha)
20. First E & P Ltd.
21. Frontier Oil Limited
22. General Hydrocarbons Limited
23. Green Energy International Ltd.
24. Nigeria Agip Expl. Ltd. (NAE)
25. Panocean Oil Nigeria Limited (OML 147)
26. Neconde Energy Limited
27. Newcross Exploration and Production Limited
28. Newcross Petroleum (OML 152)
29. Network Exploration & Production Limited
30. Total E and P Nigeria (OML 100, 102, 52 & 99)
31. Niger Delta Petroleum
32. Nigeria Petroleum Development Company (NPDC) (OML 60, 61 & 63)
33. Lekoil Oil and Gas Investments Limited
34. Midwestern Oil and Gas Limited
35. Millennium Oil and Gas Company Limited
36. Seplat Energy (OML 4, 38 & 41)
37. Oriental Energy Resources Limited
38. Oando Oil Ltd. (OML 60, 61 & 62)
39. Heirs Holdings
40. Pillar Oil Limited
41. Platform Petroleum Limited
42. Shell Petroleum Development Company (OML 27)
43. Universal Energy Limited/Sinpec
44. Shoreline Natural Resources
45. Star Deep Water Petroleum Limited
46. Sahara Field Production Limited
47. Mobil Producing Nigeria Unlimited (OML 67 & 70)

The House of Representatives is expected to use this hearing to:

• Hold defaulting oil firms accountable
• Ensure compliance with the Petroleum Industry Act (PIA)
• Recover the outstanding funds for the Federation Account

Failure to comply with the hearing may result in further legal action against the defaulting oil companies.