The House of Representatives has confirmed that Seplat Production Development Limited and Chorus Energy Limited have remitted a total of N28.7 billion to Nigeria’s Federation Account to clear their outstanding financial obligations.
In a statement signed by Rep. Akin Rotimi Jr., Spokesman of the House of Representatives, the Public Accounts Committee (PAC) announced the payments as a major breakthrough in revenue recovery efforts.
According to the report, Chorus Energy Limited settled its liability with a payment of $847,623 (N1.2 billion) on March 11, 2025, while Seplat Production Development Limited completed its payment of $18.39 million (N27.6 billion) between March 10 and March 14, 2025.
Ongoing Debt Recovery from Oil Companies
The House’s investigation stems from the 2021 Audit Report, which revealed that 45 oil companies collectively owed Nigeria $1.7 billion in outstanding liabilities.
As part of the debt recovery efforts, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has received proof of payment from the two oil firms and is conducting final verification.
Additionally, Shoreline Natural Resources Ltd. has so far paid $30 million towards its $100.28 million debt and has requested a structured repayment plan for the outstanding balance.
During a hearing, a NUPRC representative, Balarabe Haruna, reported that following recent reconciliations:
- Seplat Energy Producing Nigeria Unlimited (formerly Mobil Producing) now holds a credit balance of $211,911.09 for crude oil royalty.
- It has also cleared its liabilities for gas flare penalties ($33.01 million) and concession rentals ($163,046.40).
Full Compliance from Some Oil Companies
The Committee acknowledged that the following companies have fully settled their obligations and are no longer financially indebted to the Federal Government:
- Amalgamated Oil Company Nigeria Ltd
- Seplat Energy
- Shell Exploration and Production
- Shell Petroleum Development Company
Additional Revenue Recoveries from Banks
The House also announced the recovery of N199.3 million from an outstanding N6.8 billion, consisting of excessive transaction charges and unremitted Value Added Tax (VAT) from transactions processed via Remita between 2015 and 2022.
In March 2025, the Committee confirmed that Guaranty Trust Bank (GTB) paid N40.6 million in overdue charges. Other banks that have remitted funds include:
- Zenith Bank – N126,131,692.86
- Guaranty Trust Bank – N32,585,882.48
However, several value chain providers and financial institutions have yet to comply with VAT remittance requirements.
House Vows to Recover All Outstanding Debts
Chairman of the House Public Accounts Committee, Rep. Bamidele Salam, reaffirmed the House’s commitment to holding businesses accountable and ensuring public funds are properly managed.
“These recoveries demonstrate the effectiveness of the National Assembly’s oversight function in ensuring accountability and transparency. We will continue to engage relevant institutions and use all necessary legislative tools to recover outstanding debts and prevent revenue leakages,” Salam stated.
The House emphasized that it remains committed to financial discipline, institutional accountability, and safeguarding public resources in the national interest.
