The House of Representatives Public Accounts Committee (PAC) has recovered an additional $14.2 million (₦21.4 billion) from four oil and gas companies, bringing the total amount retrieved so far to $33.44 million (₦50.1 billion). This follows an earlier recovery of ₦28.7 billion ($19.24 million) in March.
Chairman of the Committee, Rep. Bamidele Salam, attributed these successes to the leadership of Speaker Abbas Tajudeen, emphasizing that the House’s commitment to legislative oversight and accountability has enabled the PAC to function effectively.
In addition to the recovered funds, the Committee has issued a 20-day deadline for four companies to remit a total of $23.2 million (₦34.8 billion) or face sanctions, including public disclosure of defaulters. Several oil companies that have ignored invitations to appear before the committee are now under scrutiny, while First E & P Oil Company has been ordered to reconcile a $90 million balance with the Nigerian Upstream Petroleum Regulatory Commission and appear before the Committee on April 16, 2025.
The PAC’s ongoing investigations align with the House’s push for financial transparency, as the 2021 Auditor General’s report indicates over ₦10 trillion in outstanding payments from oil and gas operators. The committee remains determined to recover all funds owed to the Nigerian government and enforce stricter financial accountability in the sector.
