By Emmanuel Kwada
The House of Representatives’ Public Accounts Committee (PAC) has recovered ₦28.7 billion ($19.24 million) for the Federation Account in just one week, marking a significant victory in its mission to reclaim outstanding revenues from oil companies and financial institutions.
The Committee also secured an additional ₦199.3 million from Zenith Bank and Guaranty Trust Bank (GTB) as part of a separate investigation into the Remita payment platform, spotlighting its relentless pursuit of financial accountability.
The PAC’s efforts stem from a deep dive into the 2021 Audit Report, which exposed 45 oil companies owing a staggering $1.7 billion in unpaid liabilities to the Federation.
Chorus Energy Limited cleared its dues with a $847,623 (₦1.2 billion) payment on March 11
In a swift and decisive move, the Committee netted major payments from two industry players last week alone. Chorus Energy Limited cleared its dues with a $847,623 (₦1.2 billion) payment on March 11, while Seplat Production Development Limited shelled out $18.39 million (₦27.6 billion) between March 10 and 14.
Both transactions have been flagged to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for final confirmation.
The wins didn’t stop there. Shoreline Natural Resources Ltd., already on the hook for $100.28 million, had previously paid $30 million before the probe intensified and is now negotiating a repayment plan for the rest.
The PAC vowed to wield its full constitutional authority to recover every dime owed
Meanwhile, Seplat Energy Producing Nigeria Unlimited emerged as a standout, not only clearing its debts but securing a credit balance with the NUPRC—$211,911.09 for crude oil royalty, $33.01 million for gas flare penalties, and $163,046.40 for concession rentals. The Committee hailed Seplat’s compliance as a model for others.
With 38 oil companies still in the crosshairs, the PAC vowed to wield its full constitutional authority to recover every dime owed. Several firms, including Amalgamated Oil Company Nigeria Ltd, Shell Exploration and Production, and Shell Petroleum Development Company, have already settled their accounts, signaling a ripple effect of compliance.
These results showcase the effectiveness of our oversight in safeguarding public resources
In a parallel triumph, the Committee clawed back ₦199.3 million tied to excessive charges and unremitted Value Added Tax (VAT) from the Remita platform, a payment system used by Ministries, Departments, and Agencies (MDAs).
This follows a 2024 House mandate, sparked by Hon. Jeremiah Umaru’s motion, to probe revenue leakages through Remita spanning 2015 to 2022.
The investigation uncovered a tangled web of financial discrepancies. Between March and October 2015, value chain providers—including banks, Remita, and the Central Bank of Nigeria (CBN)—were ordered to refund 1% transaction charges.
We will leave no stone unturned to ensure every kobo owed to the Federation is recovered
While ₦7.6 billion was repaid, ₦1.98 billion remained outstanding, ballooning to ₦6.83 billion with interest at the current 27.25% Monetary Policy Rate. On March 13, GTB coughed up ₦40.6 million in overdue charges, while Zenith Bank and GTB later remitted ₦126.13 million and ₦32.59 million, respectively, for unremitted VAT.
Yet, the CBN still owes ₦521.76 million in VAT for transactions from November 2018 to April 2024, and other providers remain non-compliant. The Committee signaled it’s far from done, promising to chase down every outstanding sum.
Rep. Bamidele Salam, PAC Chairman, hailed the recoveries as proof of the National Assembly’s power to enforce accountability.
“These results showcase the effectiveness of our oversight in safeguarding public resources,” he declared. “We will leave no stone unturned to ensure every kobo owed to the Federation is recovered.”
House Spokesman Rep. Akin Rotimi, Jr., echoed this resolve, emphasizing the Committee’s unwavering commitment to financial discipline and transparency. As the PAC presses forward, its actions could reshape how Nigeria’s public funds are managed—and send a stern warning to those who fail to pay up.
