The House of Representatives’ Public Accounts Committee (PAC) has mandated OML18 Resources Limited, formerly known as Sahara Field Production Ltd, to remit \$4.02 million to the Federation Account within five days.
This amount represents 20% of the company’s total outstanding liabilities, which include \$17.37 million in crude oil royalties, \$2.86 million in gas flare penalties, and ₦173.7 million in gas sales revenue, as reported by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) .
During a recent hearing, OML18 Resources acknowledged the debt. Mrs. Olutobi Pamilerin Dairo, the company’s Commercial Department Team Lead, confirmed the accuracy of the liabilities presented by NUPRC.
PAC Chairman, Rep. Bamidele Salam, emphasized the urgency of the payment, highlighting the significance of the funds to the nation’s economy.I
In addition to the immediate payment, the committee has instructed OML18 Resources to reconcile its accounts with the asset operator within 14 days and provide a detailed breakdown of the remaining liabilities. This directive is part of a broader investigation into 45 oil companies collectively owing \$1.7 billion to the Federation Account, based on the 2021 Audit Report and NUPRC data .
