The Federal Government has recovered a total debt of N28.7 billion from the duo of Seplat Production Development Limited and Chorus Energy Limited.
The Spokesman of the House of Representatives, Akin Rotimi Jr., disclosed this in a statement on Sunday in Abuja.
He said the two companies paid the amount to the Federation Account in a bid to settle its outstanding liabilities to the nation.
The statement read: “Chorus Energy Limited settled its outstanding liability with a payment of $847,623 (N1.2 billion) on March 11, 2025”, while “Seplat Production Development Limited fully discharged its obligation by remitting $18.39 million (N27.6 billion) between March 10 and March 14, 2025.”
Rotimi described this as a significant breakthrough in the ongoing efforts to recover outstanding revenues.
This development followed the House Public Account Committee’s investigation based on findings from the 2021 Audit Report, which uncovered that 45 oil companies are collectively owing Nigeria $1.7 billion in outstanding liabilities.
Continuing, the spokesman noted that the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has been furnished with evidence of these payments by the two oil companies for final verification.
He added that Shoreline Natural Resources Limited had made a $30 million payment towards its $100.28 million debt before the investigation commenced and has requested a structured repayment plan for the outstanding balance.
“During the Committee’s proceedings, a representative of the NUPRC, Balarabe Haruna, reported that following recent reconciliations:
“Seplat Energy Producing Nigeria Unlimited (formerly Mobil Producing) now holds a credit balance of $211,911.09 for crude oil royalty, $33.01 million for gas flare penalties, and $163,046.40 for concession rentals, with no outstanding liabilities,” the statement added.
By: Babajide Okeowo