NASS Recovers Extra $14m from Oil Firms
The Nationwide Meeting’s Home of Representatives Public Accounts Committee has recovered an extra $14.2m (N21.4bn) from 4 oil and fuel firms in its ongoing investigation into monetary discrepancies within the oil and fuel sector.
This feat adopted an earlier announcement on March 16, 2025, of recoveries amounting to N28.7bn ($19.24m), bringing the whole quantity up to now recovered to $33.44m (N50.1bn).
The breakdown of the contemporary restoration revealed that $1.9m (N2.9bn was obtained from Patform Petroleum Ltd.
Others are Midwestern Oil and Fuel Ltd, $1.578m (N2.3bn); Common Vitality, $523,845 (N785.7m); and Aradel Vitality Ltd, $10.3m (N15.5bn).
A press release issued by the spokesman of the Home, Akin Rotimi, quoted PAC Chairman, Bamidele Salam, as crediting the successes recorded to “The unwavering help and management of the Speaker of the Home, Tajudeen Abass.”
He added that “underneath the management of Speaker Abbas, the Home of Representatives has bolstered its dedication to fiscal transparency and good governance.”
Salam acknowledged that the independence granted to committees had enabled them to hold out their mandates diligently, guaranteeing that public funds have been correctly accounted for.
“This method has been instrumental in our skill to recuperate these substantial sums, and we stay steadfast in our mission to strengthen monetary accountability in Nigeria,” Salam acknowledged.
Learn Additionally:
In the meantime, the committee has issued a 20-day ultimatum to 4 firms to remit a complete of $23.2m (N34.8bn). The committee vowed to name out any firm that didn’t honour its invitation.
The businesses concerned are Whole Energies, which is anticipated to remit $2m inside seven days; Seplat Energies (SPDC), $6.04m and N1.5bn inside seven days; Aradel Vitality Ltd, $12.1m inside seven days; and Community Exploration, $3.1m inside seven days
Salam additionally pledged the committee’s dedication to imposing compliance, warning that firms that fail to fulfill their monetary obligations will face the total weight of legislative oversight.
He additional expressed concern over a number of firms which have disregarded invites to look earlier than it. Firms which fall on this class embrace Frontier Oil and Fuel, Conoil Producing, Walter Smith Petrochemical, and Bilton.
Others embrace Energia Ltd, Aiteo Petroleum Ltd, and Pillar Oil Ltd. Moreover, First E & P Oil Firm has been directed to reconcile an excellent steadiness of $90m with the Nigerian Upstream Petroleum Regulatory Fee.
The corporate was requested to look earlier than the Salam-led committee on April 16, 2025, to additional deliberations.
The continued probes are anticipated to uncover extra discrepancies, with the Committee persevering with its public hearings on the 2021 Auditor-Basic’s report, which indicated that over N10tn in funds stay excellent to the Federation Account from trade operators.
“The period of impunity and monetary recklessness within the oil and fuel sector is coming to an finish. We’re decided to recuperate each kobo owed to the Nigerian individuals and make sure that public funds are managed with the very best degree of integrity,” Salam warned.
