The House of Representatives has disclosed that Seplat Production Development Limited and Chorus Energy Limited have remitted a total of N28.7 billion into Nigeria’s Federation Account as part of efforts to clear outstanding liabilities owed to the nation.
This development was announced by the House of Representatives Public Accounts Committee (PAC) in a statement signed by Rep. Akin Rotimi Jr, the official spokesman of the House. The Committee, tasked with ensuring accountability in public financial management, described this as a significant breakthrough in ongoing efforts to recover overdue revenues from oil and gas companies operating in Nigeria.
According to the statement, Chorus Energy Limited settled its outstanding liability with a payment of $847,623 (N1.2 billion) on March 11, 2025, while Seplat Production Development Limited fully discharged its obligation by remitting $18.39 million (N27.6 billion) between March 10 and March 14, 2025.
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The payments come as part of a broader investigation into outstanding financial obligations owed by oil companies to the federal government. The House of Representatives, through its Public Accounts Committee, launched an investigation into these liabilities based on findings from the 2021 Audit Report, which revealed that 45 oil companies collectively owed Nigeria $1.7 billion.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the industry’s regulatory authority, has been provided with evidence of these payments for final verification. The House emphasized that this progress signals a renewed commitment to enforcing financial discipline among oil and gas operators.
Rep. Akin Rotimi Jr, speaking on behalf of the House, noted that another company, Shoreline Natural Resources Ltd., had made an initial payment of $30 million towards its total debt of $100.28 million before the commencement of the investigation. The company has also requested a structured repayment plan to clear the remaining balance.
During the Committee’s proceedings, a representative of the NUPRC, Balarabe Haruna, provided additional insights into the reconciliations undertaken so far. He stated that Seplat Energy Producing Nigeria Unlimited, formerly known as Mobil Producing, currently has a credit balance of $211,911.09 for crude oil royalty, $33.01 million for gas flare penalties, and $163,046.40 for concession rentals, with no outstanding liabilities owed to the federal government.
The House commended Seplat Energy for promptly fulfilling its financial obligations. The Public Accounts Committee reaffirmed its commitment to utilizing all constitutionally sanctioned measures to recover outstanding debts from the remaining 38 oil companies still under investigation. The Committee stressed that accountability remains a priority and that companies must comply with the financial obligations imposed by the government.
The House of Representatives also revealed that some other oil companies had fully settled their outstanding financial commitments. Among the companies that no longer have liabilities to the federal government are Amalgamated Oil Company Nigeria Ltd., Seplat Energy, Shell Exploration and Production, and Shell Petroleum Development Company.
VAT Recovery Too
In a separate development, the House reported significant progress in the recovery of public funds linked to excessive charges and non-remittance of Value Added Tax (VAT) on transactions processed through the Remita platform. It disclosed that a total of N199.3 million had been successfully recovered out of an outstanding N6.8 billion in excessive charges collected between March and October 2015.
The Committee had, in 2024, launched an investigation into revenue leakages and the non-remittance of funds by Ministries, Departments, and Agencies (MDAs) through Remita. This inquiry followed a motion sponsored by Hon. Jeremiah Umaru, which was subsequently referred to the Committee for thorough examination.
According to the Committee’s findings, the federal government had earlier directed financial service providers, including banks, Remita, and the Central Bank of Nigeria (CBN), to refund 1% of transaction charges collected through the Remita platform between March and October 2015. An audit of financial records from banks and Remita indicated that while N7.63 billion had been refunded, an outstanding sum of N1.98 billion remained unpaid.
Further analysis showed that applying the prevailing Monetary Policy Rate (MPR) of 27.25% to the unpaid sum resulted in the accumulated interest of N4.84 billion, bringing the total refundable amount to N6.83 billion.
The Committee confirmed that on March 13, 2025, Guaranty Trust Bank (GTB) remitted N40.6 million in overdue charges for the period between March and October 2015. Additionally, the Committee’s investigations revealed non-remittance of VAT on transactions processed through Remita. The Central Bank of Nigeria (CBN) acknowledged an outstanding VAT liability of N521.76 million for transactions conducted between November 2018 and April 2024, which remains unsettled.
Some banks have already remitted a portion of the funds. Zenith Bank has paid N126.13 million, while Guaranty Trust Bank has settled N32.59 million. However, the House noted that several other financial institutions and value chain providers are yet to comply with VAT remittance requirements and other under-remittances identified during the investigation.
Chairman of the House Public Accounts Committee, Rep. Bamidele Salam, vowed to pursue every available avenue to ensure that all outstanding public funds are recovered. He emphasized that these recoveries demonstrate the effectiveness of the National Assembly’s oversight function in ensuring transparency and accountability in public financial management.
“These recoveries demonstrate the effectiveness of the oversight function of the National Assembly in ensuring accountability and transparency in the management of public funds. We will continue to engage with relevant institutions and deploy all necessary legislative tools to recover outstanding debts and prevent revenue leakages. Our objective is to ensure that every kobo due to the Federation is accounted for and remitted accordingly,” he stated.
The House of Representatives, through its Public Accounts Committee, reaffirmed its unwavering commitment to upholding financial discipline, strengthening institutional accountability, and safeguarding public resources in the national interest. It stressed that its ongoing efforts are geared toward ensuring compliance with financial regulations, recovering lost revenues, and preventing future occurrences of financial misconduct by corporate entities and government agencies.