The House of Representatives Committee on Public Accounts has launched a sweeping investigation into $457 million in unremitted funds by 13 oil companies, as part of ongoing efforts to plug revenue leakages and enforce fiscal accountability in the petroleum sector.
During a heated hearing at the National Assembly complex on Wednesday, lawmakers demanded explanations from top executives of the implicated firms, some of whom failed to provide satisfactory documentation on oil lifting and royalty payments.
The probe, which stems from an audit query raised by the Office of the Auditor-General of the Federation, revealed that several oil firms failed to remit funds due to the federal government over multiple years—violations that lawmakers described as “economic sabotage.”
Chairman of the Committee, Hon. Bamidele Salam, disclosed that N86 million has so far been recovered in the course of the investigation, adding that further recoveries are expected as the probe intensifies.
“This is about ensuring that what belongs to the Nigerian people is not diverted, underreported, or misappropriated,” Salam stated. “No company, no matter how big, is above accountability.”
Among the firms summoned were major local and international operators involved in crude oil lifting, joint venture operations, and marginal field production. Some companies claimed discrepancies stemmed from foreign exchange differentials or delayed reconciliation with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
Lawmakers, however, were unsatisfied with many of the responses, and warned that legal action or revocation of operational licenses could follow if the companies failed to comply fully with the investigation.
“It is unacceptable that such a huge amount—$457 million—remains unaccounted for. This probe will go as deep as necessary,” another committee member, Hon. Mark Gbillah, said.
The House Committee has given all affected firms a 14-day ultimatum to submit comprehensive financial records, payment receipts, and reconciliation statements.
The development comes at a time when Nigeria is grappling with dwindling oil revenues, rising debt, and calls for increased transparency in the extractive industries. Civil society organizations and anti-corruption watchdogs have lauded the National Assembly’s efforts, urging swift sanctions against any company found culpable.
The investigation is expected to continue next week, with more oil companies scheduled to appear before the committee.
