The House of Representatives has secured commitments from seven oil companies to remit a total of $37.4 million (approximately ₦58 billion) owed to the Federation Account by August 2025. This agreement was announced following an investigation by the House’s Public Accounts Committee into significant lapses in royalty payments within the oil and gas sector.
The companies involved are:
1.Belema Oil
2.Panocean Oil Nigeria Ltd
3.Newcross Exploration & Production Ltd
4.Dubri Oil Company Ltd
5.Chorus Energy
6.Amni International
7.Network Exploration
These firms are part of a broader inquiry into a total of ₦9 trillion in outstanding liabilities identified in the Auditor General’s report for 2021. The investigation revealed that many companies have failed to meet their royalty obligations, with additional debts totaling $1.7 billion (₦2.5 trillion) owed by 45 other firms as of December 31, 2024.
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