How Reps Recovered ₦28.7bn in Just One Week—Shocking Details Emerge

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.

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.

How Lawmakers Secured ₦28.7 Billion in Debt Payments

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.

Seplat Production Development Limited settled its obligations by remitting $18.39 million (₦27.6 billion) between March 10 and March 14, 2025.

These payments have been verified by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), signaling a major win for accountability and governance.

More Oil Companies Under Investigation—Who’s Next?

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.

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

$163,046.40 for concession rentals

In a commendable move, the following companies have fully settled their obligations:

Amalgamated Oil Company Nigeria Ltd

Seplat Energy

Shell Exploration and Production

Shell Petroleum Development Company

House Probes Remita Revenue Leakages—₦199.3 Million Recovered

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.

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.

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.

How Banks Settled Long-Overdue Payments

On March 13, 2025, the following payments were made:

Guaranty Trust Bank (GTB) settled ₦40.6 million in overdue charges for the 2015 period.

Zenith Bank remitted ₦126.13 million.

Guaranty Trust Bank paid ₦32.58 million.

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.

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

Chairman of the Public Accounts Committee, Rep. Bamidele Salam, affirmed the committee’s resolve to recover all outstanding debts, stating:

“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.”

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.