The House of Representatives will today begin an investigation into outstanding debts by several oil companies to the Federation Account amounting to about N9.4 trillion.

In a statement, House spokesman Akintunde Rotimi said the investigative hearing is in compliance with the committee’s constitutional mandate under sections 85, 88, and 89 of the 1999 Constitution (as amended), as well as Order XX – Rule 6 of the House of Representatives Standing Orders (11th edition).

The statement revealed that during the review of the Auditor-General’s Annual Report on the Consolidated Financial Statement for the year ended December 31, 2021, and following further in-depth investigations, it was discovered that as of the last quarter of 2024, several oil companies owed a total of approximately N9.4 trillion to the Federal Government.

It added that the amount covered unpaid royalties, concession rentals, and gas flare penalties, besides obligations arising from production-sharing contracts, repayment agreements, and modified carry arrangements.

He said: “Despite the clear provisions of the Petroleum Industry Act – which require such debts to be settled within 30 days – many of these liabilities have remained unsettled since 2021.

“In light of these findings, the Public Accounts Committee hereby invites the oil companies listed below to submit the previously requested documents and appear before the committee in Meeting Room 446 of the Fourth Floor of the House of Representatives at the National Assembly Complex in Abuja at 10 a.m. prompt.

The companies listed to appear before the committee include: Addax Petroleum Exploration Nigeria Ltd, AITEO Group Chevron Nigeria Limited (OML 90, 95, 49), Chorus Energy, Conoil Plc, Continental Oil & Gas Company Limited, Shell Nigeria Exploration and Production Company, Esso E & P. Limited (Usan, Erha), First E & P. Limited, Frontier Oil Limited, General Hydrocarbons Limited, Nigeria Agip Exploration Limited (NAE), Panocean Oil Nigeria Limited (OML 147), Neconde Energy Limited, Total E and P Nigeria (OML 100, 102, 52 & 99), Niger Delta Petroleum, Nigeria Petroleum Development Company (NPDC) (OML 60, 61 & 63)

The others are: Oando Oil Limited (OML 60, 61 & 62), Heirs Holdings, Platform Petroleum Limited, Shell Petroleum Development Company (OML 27), Universal Energy Limited/Sinpec, Shoreline Natural Resources, Star Deep Water Petroleum Limited, Sahara Field Production Limited, and Mobil Producing Nigeria Unlimited (OML 67 & 70), among others.

The statement said: “This notice supersedes all previous communications regarding the dates for appearance. Every company is required to be represented by its Chief Executive Officer, in person, and any other officer(s) well-versed in the issues under investigation.

“The committee cautions that failure to appear on the designated date may result in further action being taken against the defaulting organisation.”

[TheNation]