The House of Representatives Public Accounts Committee (PAC) has criticized several oil companies for failing to honor invitations to address their outstanding debts to the Federation. Despite public summons, only one of the nine invited companies appeared before the committee on March 3, 2025.
The absentees include Addax Petroleum, AITEO Group, All Grace Energy, Amalgamated Oil Company, Amni International Petroleum, Belemaoil, Bilton Energy, Britannia-U, and Waltersmith Petroman. Investigation Sub-Committee Chairman, Hon. Isiaq Akinlade, warned that the companies’ refusal to settle their obligations threatens Nigeria’s ability to fund its ₦54.9 trillion budget.
A Nigerian Upstream Petroleum Regulatory Commission (NUPRC) representative, Balarabe Haruna, revealed the total debt of $506.5 million, with Amni International owing $434.9 million, followed by AITEO ($34.8 million) and Addax ($17.5 million). Other companies also owe for crude oil, gas flares, and concession rentals.The PAC has given the defaulters 72 hours to appear and justify their debts or face directives for immediate payment.
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