In a bold move to recover N9.4 trillion in outstanding debts owed to the Federation Account, Nigeria’s House of Representatives has summoned major oil companies, including Oando, Chevron, Mobil, and Shell, for an investigative hearing. The hearing, organized by the Committee on Public Accounts, aims to address unpaid royalties, concession rentals, gas flare penalties, and other obligations under the Petroleum Industry Act (PIA).
With the hearing scheduled from March 3rd to 7th, 2025, this is a critical step toward ensuring accountability and transparency in Nigeria’s oil and gas sector. Here’s what you need to know.
The Debt Breakdown
The N9.4 trillion debt comprises:
Unpaid royalties
Concession rentals
Gas flare penalties
Obligations from production sharing contracts, repayment agreements, and modified carry arrangements
Despite the PIA’s requirement for these debts to be settled within 30 days, many companies have failed to comply since 2021, prompting the House of Representatives to take action.
The Investigative Hearing
The hearing is part of the Committee on Public Accounts’ constitutional mandate under Sections 85, 88, and 89 of the 1999 Constitution (as amended) and Order XX—Rule 6 of the House of Representatives Standing Orders.
The committee has invited the affected oil companies to submit requested documents and appear before it at Meeting Room 446, Fourth Floor, House of Representatives, National Assembly Complex, Abuja, starting at 10:00 am on the specified dates.
Why This Matters
The N9.4 trillion debt represents a significant loss of revenue for Nigeria, impacting the country’s ability to fund critical infrastructure and social programs. By holding these companies accountable, the House of Representatives is taking a crucial step toward recovering these funds and ensuring compliance with the law.
This hearing also highlights the importance of enforcing the provisions of the Petroleum Industry Act, which was designed to modernize Nigeria’s oil and gas sector and improve revenue collection.
Full List of Invited Companies
The following oil companies have been summoned to appear before the committee:
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 Expl. 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 and 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’s Next?
The investigative hearing is expected to shed light on the reasons behind the unpaid debts and hold the companies accountable. If found culpable, the companies may face penalties or be compelled to settle their outstanding obligations.
This hearing is a critical step toward ensuring that Nigeria’s oil and gas sector operates transparently and contributes its fair share to the nation’s development.
