Nigeria’s Federal House Of Representatives Moves To Recover Debt Owed Federal Government By Indegenous And Foreign Oil And Gas Companies Operating In Nigeria.

Nigeria’s House of Representatives Committee on Public Accounts says it has successfully recovered an additional 14.2 million dollars from four oil and gas companies as part of its ongoing investigation into financial discrepancies in the sector.

According to a press statement, the Committee Chairman, Bamidele Salam, credited the successes recorded in the recovery from the oil and gas companies to the unwavering support and leadership of the House Speaker, Tajudeen Abbas, noting that the speaker’s firm commitment to legislative oversight and accountability has ensured that committees operate effectively, free from undue interference, and with a clear mandate to safeguard public resources.

Rotimi Jnr disclosed that the Committee has issued a 20-day ultimatum to four other oil and gas companies operating in Nigeria to as a matter of urgency remit a total of 23.2 million dollars owed the federal government, failure of which will result in the enforcement of appropriate sanctions against them.

The chairman further noted that the consequences would include public naming of defaulters in national newspapers.

The committee which also instructed that another oil and gas company reconcile all outstanding payment balance of 90 million dollars with the Nigerian Upstream Petroleum Regulatory Commission, expressed concern over the refusal of six operating oil and gas companies in Nigeria to appear for it to give clarification on their indebtedness to government.

The committee warned that the era of impunity and financial recklessness in the oil and gas sector in Nigeria is near end, expressing determination to recover every kobo owed to the Nigerian people and ensure that public funds are managed with the highest level of integrity