Reps Probes 13 Oil Firms Over $457m Unremitted Funds, Recover N86m

The House of Representatives Public Accounts Committee, on Wednesday, warned 13 non-compliant oil companies to appear before it to answer questions in the ongoing probe of non-remittance of money due to the Federal Government, or face sanctions.

The companies allegedly owe the Federal Government about $456.95m (N731.12bn) in unremitted revenues.

In a statement issued by its spokesman, Mr Akin Rotimi, the House noted that despite repeated invitations and public notices through national newspapers, the companies failed to appear before the committee.

He said the development prompted the committee to consider punitive actions, in line with legislative and constitutional provisions.

According to the statement, the companies include Conoil Producing Ltd ($5m), Continental Oil & Gas Ltd ($57m), Energia Ltd ($19.5m), Frontier OML 13 ($952,216.51) and Millennium Oil & Gas Ltd ($2.07m).

Others are Neconde Energy Ltd ($326m), Pillar Oil Ltd ($4.6m), Waltersmith OML 16 ($8.7m), Aiteo Ltd ($34.8m), Bilton ($5m), Heirs Holdings ($137.7m), General Hydrocarbon Ltd ($22.5m) and Eroton ($34.5m).