The Nigerian House of Representatives, through its Committee on Public Accounts, has launched an investigative hearing to address a staggering N9.

House spokesperson, Akin Rotimi, confirmed this development in a statement on Sunday, emphasizing that the probe aligns with the committee’s constitutional mandate under sections 85, 88, and 89 of the 1999 Constitution (as amended) and Order XX—Rule 6 of the House Standing Orders (eleventh edition).

Breakdown of the Outstanding Debt

The debt, as outlined in the statement, includes:

• Unpaid royalties
• Concession rentals
• Gas flare penalties
• Obligations from production sharing contracts, repayment agreements, and modified carry arrangements

Despite the Petroleum Industry Act (PIA) mandating that such debts be cleared within 30 days, several oil companies have defaulted on payments dating back to 2021.

Investigative Hearing Schedule

The hearings will take place from Monday, March 3rd, to Friday, March 7th, 2025, at 10:00 AM in Meeting Room 446, Fourth Floor, House of Representatives, National Assembly Complex, Abuja.

The Public Accounts Committee has officially summoned the listed oil companies to present the necessary documents and appear before the committee.

Full List of Indebted Oil Companies

• Addax Petroleum Exploration Nigeria Ltd.
• AITEO Group
• All Grace Energy
• Amalgamated Oil Company Nigeria Limited
• Amni International Petroleum Development Company Limited
• Belemaoil Producing Ltd.
• Bilton Energy Limited
• Britannia-U
• Waltersmith Petroman Limited
• Chevron Nigeria Ltd. (OML 90, 95, 49)
• Chorus Energy
• Conoil Plc
• Continental Oil & Gas Company Ltd.
• Dubri Oil Company Limited
• Engaged Resources Limited
• Shell Nigeria Exploration and Production Company
• Energia Limited
• Eroton Exploration & Production Company Limited
• Esso E & P. Ltd. (Usan, Erha)
• First E & P. Ltd.
• Frontier Oil Limited
• General Hydrocarbons Limited
• Green Energy International Ltd.
• Nigeria Agip Exploration Ltd. (NAE)
• Panocean Oil Nigeria Limited (OML 147)
• Neconde Energy Limited
• Newcross Exploration and Production Limited
• Newcross Petroleum (OML 152)
• Network Exploration & Production Limited
• Total E & P Nigeria (OML 100, 102, 52 & 99)
• Niger Delta Petroleum
• Nigeria Petroleum Development Company (NPDC) (OML 60, 61 & 63)
• Lekoil Oil and Gas Investments Limited
• Midwestern Oil and Gas Limited
• Millennium Oil and Gas Company Limited
• Seplat Energy (OML 4, 38 & 41)
• Oriental Energy Resources Limited
• Oando Oil Ltd. (OML 60, 61 & 62)
• Heirs Holdings
• Pillar Oil Limited
• Platform Petroleum Limited
• Shell Petroleum Development Company (OML 27)
• Universal Energy Limited/Sinpec
• Shoreline Natural Resources
• Star Deep Water Petroleum Limited
• Sahara Field Production Limited
• Mobil Producing Nigeria Unlimited (OML 67 & 70)

What This Means for Nigeria’s Oil Industry

This investigation highlights the ongoing revenue losses due to unpaid obligations by major oil firms. The committee’s findings will be crucial in enforcing accountability and ensuring compliance with financial commitments within Nigeria’s oil sector.

Stay tuned for updates as the hearings unfold.