• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Friday, August 29, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

Reps Recover Additional $14m From 4 Oil Companies

by James Kwen
5 months ago
in News
Speaker of the House of Representatives, Hon. Tajudeen Abbas

Speaker of the House of Representatives, Hon. Tajudeen Abbas

Share on WhatsAppShare on FacebookShare on XTelegram

The House of Representatives through its Public Accounts Committee has recovered an additional $14.2 million (N21.4 billion) from four oil and gas companies as part of its ongoing investigation into financial discrepancies in the sector.

Advertisement

This latest recovery follows an earlier announcement on March 16, 2025, of recoveries which amounted to N28.7 billion ($19.24 million), bringing the total sum recovered so far to $33.44 million (N50.1 billion).

The breakdown of the latest recoveries follows thus: Platform Petroleum Ltd: $1.9 million (N2.9 billion), Midwestern Oil and Gas Ltd: $1.578 million (N2.3 billion),  Universal Energy: $523,845 (N785.7 million) and Aradel Energy Ltd: $10.3 million (N15.5 billion).

The committee’s chairman, Hon. Bamidele Salam attributed the successes recorded to the unwavering support and leadership of Speaker Abbas Tajudeen.

Regulating Nigeria’s Oil Future

“Under the leadership of Speaker Abbas, the House of Representatives has reinforced its commitment to fiscal transparency and good governance. The independence granted to committees like ours has enabled us to carry out our mandate diligently, ensuring that public funds are properly accounted for.

RELATED

Court Jails Businessman 6 Months For Cocaine Trafficking

Court Jails Businessman 6 Months For Cocaine Trafficking

10 minutes ago
Activists Ask Federal Govt, States To Implement Laws Against Gender-based Violence

Lagos Records 8,692 Domestic, Sexual Violence Cases In 1 Year

22 minutes ago
ADVERTISEMENT

“This approach has been instrumental in our ability to recover these substantial sums, and we remain steadfast in our mission to strengthen financial accountability in Nigeria,” Salam stated.

The committee also issued a 20-day ultimatum for four companies to remit a total of $23.2 million (N34.8 billion) failure of which will result in the enforcement of appropriate sanctions, including the public naming of defaulters in national newspapers.

The companies are: Total Energies: $2 million within 7 days; Seplat Energies (SPDC): $6.036 million and N1.5 billion; Aradel Energy Ltd: $12.1 million within and Network Exploration: $3.1 million.

ADVERTISEMENT

The committee also expressed concern over several companies that have disregarded invitations to appear before it, including Frontier Oil and Gas, Conoil Producing, Walter Smith Petrochemical, Bilton Energia Ltd, Aiteo Petroleum Ltd and Pillar Oil Ltd.

The panel further directed First E&P Oil Company to reconcile an outstanding balance of $90 million with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) appear before the it on April 16, 2025, to finalise the matter.

 

 


Join Our WhatsApp Channel

Nigerians can now earn US Dollars monthly by acquiring domains cheaply and reselling for profits up to $18,000 (nearly ₦30Million). Beneficiaries include professionals, entrepreneurs, civil servants and more. Click here to start.


Tags: House of Representatives
SendShare10170Tweet6356Share
ADVERTISEMENT
Previous Post

Muslim Faithful Celebrate Sallah Amid Tough Times

Next Post

Nigeria Records 118 Lassa Fever Deaths, 645 Cases In 33 States

James Kwen

James Kwen

You May Like

Court Jails Businessman 6 Months For Cocaine Trafficking
News

Court Jails Businessman 6 Months For Cocaine Trafficking

2025/08/29
Activists Ask Federal Govt, States To Implement Laws Against Gender-based Violence
News

Lagos Records 8,692 Domestic, Sexual Violence Cases In 1 Year

2025/08/29
PICTORIAL: Obasanjo Visits Alaafin Amid Row With Ooni
News

PICTORIAL: Obasanjo Visits Alaafin Amid Row With Ooni

2025/08/29
Fitch Upgrades Afreximbank To ‘BBB’
Business

Japan Agency Rating Reinforces Afreximbank’s Credibility, Says Denya

2025/08/29
Opposition Will Collapse In Edo Before 2027 – Gov Okpebholo
News

Edo Resident Doctors Laud Okpebholo Over 2024 MRTF Payment, Ezoti Quarters Renovation

2025/08/29
Troops Kill 11 Terrorists, Recover Weapons In Sambisa Forest
News

Troops Rescue 117 Hostages, Arrest 150 Suspected Criminals In 1 Week

2025/08/29
Leadership Conference advertisement

LATEST

Court Jails Businessman 6 Months For Cocaine Trafficking

Lagos Records 8,692 Domestic, Sexual Violence Cases In 1 Year

PICTORIAL: Obasanjo Visits Alaafin Amid Row With Ooni

Abu Shouk: Inside Sudan’s Painful Memory

Japan Agency Rating Reinforces Afreximbank’s Credibility, Says Denya

Edo Resident Doctors Laud Okpebholo Over 2024 MRTF Payment, Ezoti Quarters Renovation

Troops Rescue 117 Hostages, Arrest 150 Suspected Criminals In 1 Week

Civil Service Reform Imperative Amid Neutrality Debate, Says FCSC Chair

2 Killed, 1 Injured In 2 Kwara Robbery Incidents

Dafinone Hails Okpebholo At 55, Praises Edo Gov’s Leadership, Humility

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.