N9.4trn unpaid revenue: Reps panel gives Addax, Aiteo, Waltersmith, five other oil companies 72 hours to appear

The ad hoc committee set up by the House of Representatives Public Accounts Committee (PAC) to investigate the N9.4 trillion owed the federal government by oil companies has given 72 hours to eight out of nine oil companies invited to appear before it on Monday or face the consequences.

The ultimatum was given by the committee after eight of the nine companies invited failed to appear at the investigative hearing held on Monday.

Only Belema Oil Producing Ltd, whose team led by its Managing Director (MD), Ahmad H. Sambo, honoured the invitation.

The company’s team was, however, told to come back on Tuesday because of the late arrival of their documents to the committee.

The nine companies invited to appear on Monday include Addax Petroleum Exploration Nigeria Ltd; AITEO Group; All Grace Energy; Amalgamated Oil Company Nigeria Limited; and Amni International Petroleum Development Company Limited.

Others are Belema oil Producing Ltd; Bilton Energy Limited; Britannia-U and Waltersmith Petroman Limited.

The investigation was based on the Auditor General of the Federation’s (OAuGF) report submitted to the Public Accounts Committee (PAC); and the amount owed were unpaid royalties, concession rentals and gas flare penalties and other obligations arising from production sharing contracts, repayment agreements and modified carry arrangements.

It read in part, “The Oil Royalty amounting to US$1,742,280,008.32 (one billion, seven hundred and forty two million, two hundred and eighty thousand, eight dollars, thirty two cents) remained unpaid by some oil companies as at the end of December, 2021.

“The sum of US$13,805,135.46 (thirteen million, eight hundred and five thousand, one hundred and thirty five dollars, forty six cents) for revenue relating to Royalty on Gas Sales (Foreign) still remain outstanding as at 31 of December, 2021, while the sum of 848,218,163,192.67 (forty eight billion, two hundred and eighteen million, one hundred and sixty three thousand, one hundred and ninety two naira, sixty seven kobo) was in arrears for Gas Royalty (Local) for the same period.”