How Reps Recovered 28.7bn in Just One Week-Shocking Details Emerge
Afnews Editor
Mar 16, 2025
In a groundbreaking move, Nigeria's House of Representatives recovered 28.7 billion from oil companies in just one week. Lawmakers have vowed to pursue more outstanding debts. Read the full details here.
The House of Representatives has successfully recovered $19,241,109.35 (approximately 28.7 billion) from two oil companies indebted to the Federation Account in a major financial breakthrough.
READ ALSO: CHILDREN'S DAY: We Will Work To Secure The Future Of Our Children - Alex Otti
The Public Accounts Committee (PAC) launched the probe based on findings from the 2021 Audit Report, which exposed that 45 oil firms collectively owed $1.7 billion in outstanding liabilities.
READ ALSO: EXCLUSIVE: How Biden's victory will attract $700b to Nigeria- experts reveals | READ DETAILS
How Lawmakers Secured 28.7 Billion in Debt Payments
READ ALSO: Alex Otti Foundation Begins 2022 Scholarship Selection For Undergraduates | READ IN FULL
According to a statement by House Spokesperson Akin Rotimi, two major oil companies made substantial payments within days:
Chorus Energy Limited cleared its debt with a payment of $847,623 (1.2 billion) on March 11, 2025.
READ ALSO: Why El-Rufai Was Returned To ICPC Custody?
Seplat Production Development Limited settled its obligations by remitting $18.39 million (27.6 billion) between March 10 and March 14, 2025.
READ ALSO: I Will Not Allow Criminality As President, Peter Obi Declares
These payments have been verified by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), signaling a major win for accountability and governance.
READ ALSO: Sowore's Miscalculation and the Need to beat a Wise Retreat
More Oil Companies Under Investigation-Who's Next?
READ ALSO: Prestige Ossy in celebration mood, as "Itu Eye" Abiriba Holds in Grand-style
The investigation revealed that Shoreline Natural Resources Ltd., which owed $100.28 million, made a $30 million payment before the probe began and is now seeking a structured repayment plan for the remaining debt.
READ ALSO: See List Of Major Oil Marketers Approved To Sell Dangote Fuel | READ DETAILS
Additionally, reconciliations by the NUPRC showed that Seplat Energy Producing Nigeria Unlimited (formerly Mobil Producing) now has a credit balance of:
$211,911.09 for crude oil royalty
READ ALSO: ARMED ROBBERY: How Soldiers Robbed PoS Agent In Borno | READ DETAILS
$163,046.40 for concession rentals
In a commendable move, the following companies have fully settled their obligations:
READ ALSO: CHILDREN'S DAY: We Will Work To Secure The Future Of Our Children - Alex Otti
Amalgamated Oil Company Nigeria Ltd
READ ALSO: EXCLUSIVE: How Biden's victory will attract $700b to Nigeria- experts reveals | READ DETAILS
Seplat Energy
READ ALSO: Alex Otti Foundation Begins 2022 Scholarship Selection For Undergraduates | READ IN FULL
Shell Exploration and Production
Shell Petroleum Development Company
READ ALSO: Why El-Rufai Was Returned To ICPC Custody?
House Probes Remita Revenue Leakages-199.3 Million Recovered
READ ALSO: I Will Not Allow Criminality As President, Peter Obi Declares
In a separate probe, the House Committee on Public Accounts recovered 199.3 million out of an outstanding 6.8 billion, following a 2024 directive to investigate revenue leakages in Ministries, Departments, and Agencies (MDAs) using the Remita platform.
READ ALSO: Sowore's Miscalculation and the Need to beat a Wise Retreat
Findings revealed that banks and Remita were ordered to refund 1% transaction charges collected between March and October 2015. While 7.63 billion had been refunded, 1.98 billion remained unpaid.
READ ALSO: Prestige Ossy in celebration mood, as "Itu Eye" Abiriba Holds in Grand-style
Applying the Monetary Policy Rate (MPR) of 27.25%, accumulated interest on the unpaid sum amounts to 4.84 billion, bringing the total refundable amount to 6.83 billion.
READ ALSO: See List Of Major Oil Marketers Approved To Sell Dangote Fuel | READ DETAILS
How Banks Settled Long-Overdue Payments
On March 13, 2025, the following payments were made:
READ ALSO: ARMED ROBBERY: How Soldiers Robbed PoS Agent In Borno | READ DETAILS
Guaranty Trust Bank (GTB) settled 40.6 million in overdue charges for the 2015 period.
Zenith Bank remitted 126.13 million.
READ ALSO: CHILDREN'S DAY: We Will Work To Secure The Future Of Our Children - Alex Otti
Guaranty Trust Bank paid 32.58 million.
READ ALSO: EXCLUSIVE: How Biden's victory will attract $700b to Nigeria- experts reveals | READ DETAILS
However, the Central Bank of Nigeria (CBN) still holds an outstanding VAT liability of 521.77 million for transactions between November 2018 and April 2024.
READ ALSO: Alex Otti Foundation Begins 2022 Scholarship Selection For Undergraduates | READ IN FULL
Despite these recoveries, several value chain providers remain non-compliant with VAT remittance requirements, prompting further scrutiny from lawmakers.
House of Reps Vows to Intensify Debt Recovery Efforts
READ ALSO: Why El-Rufai Was Returned To ICPC Custody?
Chairman of the Public Accounts Committee, Rep. Bamidele Salam, affirmed the committee's resolve to recover all outstanding debts, stating:
READ ALSO: I Will Not Allow Criminality As President, Peter Obi Declares
"These recoveries demonstrate the effectiveness of the National Assembly's oversight function in ensuring accountability and transparency in public fund management. We will continue to engage relevant institutions and deploy all necessary legislative tools to recover outstanding debts and prevent revenue leakages.ÔÇØ
READ ALSO: Sowore's Miscalculation and the Need to beat a Wise Retreat
The House of Representatives has reiterated its commitment to financial discipline, institutional accountability, and the protection of public funds to safeguard Nigeria's economic interests.
Related Stories
REVEALED: How All Progressives Congress (APC) Played Into The Opposition Hands Ahead Of 2027 - Sumner Sambo Warns
I Will Not Allow Criminality As President, Peter Obi Declares
Why El-Rufai Was Returned To ICPC Custody?
Sowore's Miscalculation and the Need to beat a Wise Retreat
Tinubu Breaks Silence on Hardship, Inflation, Power Crisis - Vows Nigeria Will Overcome Economic Storm
"Terrorists Have Outgunned Our TroopsÔÇØ - Ndume Raises Alarm Over Boko Haram War, Sends Urgent Message To Tinubu
""
— Afnews Editor