Reps move to sanction 13 oil firms over $456m debt

House committee tells 13 oil firms owing $456.95m to attend July hearings or face sanctions as Nigeria drives fiscal accountability in extractive sector

[dropcap]O[/dropcap]il companies debt probe has moved into a decisive phase as the House Public Accounts Committee summons thirteen defaulting operators.

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The committee claims the firms owe about four hundred and fifty six point nine five million dollars, equal to seven hundred and thirty one point one two billion naira.

Oil executives ignored written invitations and press notices. He warned that executives must appear on two and three July or risk contempt of Parliament.

Salam stressed that lawmakers will use every constitutional power to secure overdue public money.

Companies on the list include Conoil Producing, Continental Oil and Gas, Energia, Frontier OML thirteen, and Neconde Energy.

Lawmakers also expect Waltersmith, Aiteo, Heirs Holdings, and Eroton to answer questions on their accounts.

The committee has recalled Shoreline, Aradel, and others to explain a combined shortfall of one hundred and twenty five point five million dollars.

Lawmakers say continued silence from the sector undermines accountability in Africa’s largest crude producer.

During the inquiry PAC secured fresh repayments of fifteen point seven million dollars, raising its total recoveries to about eighty six point five billion naira.

These funds were paid directly into the Federation Account, a move that supports strained public finances.

Auditor General figures put outstanding liabilities at roughly nine point four trillion naira by the final quarter of twenty twenty four.

The debts arise from unpaid royalties, concession rentals, gas flare penalties, and other obligations under production sharing contracts.

Salam enjoys cross party backing as colleagues insist that oil wealth must serve citizens rather than sit in private accounts.

“We are fully committed to enforcing accountability and recovering every kobo owed to the Nigerian people,” said Salam.

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Industry observers believe the upcoming hearings will test the resolve of both Parliament and operators to embrace transparent practice.