By Jemimah Wellington, JKNewsMedia Reporter
ONGOING INVESTIGATIONS into revenue discrepancies in Nigeria’s oil and gas sector have led to the recovery of $14.2 million (approximately ₦21.4 billion) from four companies.
This brings the total reclaimed unremitted funds to $33.44 million (around ₦50.1 billion).
Breakdown of the latest recoveries:
▪️Platform Petroleum Ltd.: $1.9 million (₦2.9 billion)
▪️Midwestern Oil and Gas Ltd.: $1.578 million (₦2.3 billion)
▪️Universal Energy: $523,845 (₦785.7 million)
▪️Aradel Energy Ltd.: $10.3 million (₦15.5 billion)
Committee Chairman Bamidele Salam credited the success to Speaker Tajudeen Abbas’ commitment to fiscal accountability.
He emphasised that effective legislative oversight has been key in ensuring public funds are properly accounted for.
An ultimatum has been issued to four companies to remit $23.2 million (₦34.8 billion) or face sanctions, including public disclosure of defaulters.
Those affected include Total Energies ($2 million), Seplat Energies (SPDC) ($6.036 million and ₦1.5 billion), Aradel Energy Ltd. ($12.1 million), and Network Exploration ($3.1 million).
“The era of impunity and financial recklessness in the oil and gas sector is coming to an end,” the committee warned, reaffirming its commitment to recovering all funds owed to Nigeria.
