Connect with us

Business

House Public Accounts Committee Recovers Additional $14 Million from Oil Companies

Published

on

195 Views

The House of Representatives Public Accounts Committee (PAC) said on Saturday that it has successfully 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.

This latest recovery follows an earlier announcement on March 16, 2025, of recoveries amounting to ₦28.7 billion ($19.24 million), bringing the total recovered so far to $33.44 million (₦50.1 billion).

In a statement by Akin Rotimi Jr, House Spokesperson, the breakdown of the latest recoveries is as follows:
✓ 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)
✓Aradel Energy Ltd: $10.3 million (N15.5 billion)

Speaking on the recoveries, the Chairman of the Committee, Rep. Bamidele Salam, credited the successes recorded to the unwavering support and leadership of the Speaker of the House, Rt. Hon. Abbas Tajudeen, PhD., GCON.

He noted 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.

“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.

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,” Rep. Salam stated.

In addition to the recovered funds, the Committee has issued a 20-day ultimatum for four companies to remit a total of $23.2 million (N34.8 billion).

Failure to comply within the stipulated timeframe will result in the enforcement of appropriate sanctions, including the public naming of defaulters in national newspapers.

The companies and their required payments are as follows:

  • Total Energies: $2 million within 7 days
  • Seplat Energies (SPDC): $6.036 million and N1.5 billion within 7 days
  • Aradel Energy Ltd: $12.1 million within 7 days
  • Network Exploration: $3.1 million within 7 days
    Rep. Salam emphasised the Committee’s commitment to enforcing compliance, warning that companies that fail to meet their financial obligations will face the full weight of legislative oversight.
  • The Committee also expressed concern over several companies that have disregarded invitations to appear before it.
  • The following firms are now under heightened scrutiny and may face further actions if they continue to evade accountability:
  • Frontier Oil and Gas
  • Conoil Producing
  • Walter Smith Petrochemical
  • Bilton
  • Energia Ltd
  • Aiteo Petroleum Ltd
  • Pillar Oil Lt
  • Additionally, First E & P Oil Company has been directed to reconcile an outstanding balance of $90 million with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and is expected to appear before the Committee on April 16, 2025, to finalise the matter.
  • The actions of the Public Accounts Committee reflect the House of Representatives’ increasing resolve to ensure transparency, accountability, and financial discipline in the Nigerian oil and gas sector.
  • Ongoing investigations are expected to uncover more discrepancies, with the Committee continuing its public hearings on the 2021 Auditor General’s report, which indicated that over ₦10 trillion in payments remain outstanding to the Federation Account from industry operators.
  • “The era of impunity and financial recklessness in the oil and gas sector is coming to an end.
  • We are determined to recover every kobo owed to the Nigerian people and ensure that public funds are managed with the highest level of integrity,” Rep. Salam reaffirmed.

Business

Following Lagos, FG moves to ban single-use plastics

In his inaugural address, the SGF, George Akume, stated that the initiative aligned with Nigeria’s commitment to global environmental standards.

Published

on

By

23 Views

The Federal Government has commenced the process to ban single-use plastics, inaugurating a committee to steer the policy.

Lagos government began fully enforcement ban on single-use plastics (SUPs), including styrofoam packs, plastic straws, disposable cups, plastic cutlery, and nylons less than 40 microns thick, on July 1, 2025.

The Office of the Secretary to the Government of the Federation (SGF) , yesterday , set up an Inter-Ministerial Committee on the Ban of Single-Use Plastics (SUPs).

Earlier, the Federal Executive Council (FEC) during its meeting on June 25, 2024, approved the ban , specifically targeting Polyethene Terephthalate (PET) bottles, styrofoam food packs, plastic shopping bags, sachet water packaging, and plastic straws.

In his inaugural address, the SGF, George Akume, stated that the initiative aligned with Nigeria’s commitment to global environmental standards.

He said: “The FEC decision was in line with the Federal Government’s efforts to tackle various health and environmental challenges, especially those caused by single-use plastic products and therefore, approved the ban in the country of polyethene terephthalate (PET) bottles, styrofoam, plastic bags, sachet water and straw, which has become an environmental sanitation challenge.”

Continue Reading

Business

UBA commits $102m direct investments in Chad’s securities

Themed “Financing African Competitiveness – Building Bridges, Powering Progress,” the forum highlighted investment opportunities under Chad’s $30 billion Tchad Connexion 2030 development blueprint.

Published

on

By

26 Views

•Oliver Alawuba, GMD UBA

United Bank for Africa (UBA) Plc has announced a $102 million direct investment in the State of Chad’s securities in an efforts to strengthen economic growth and financial inclusion across Africa.

The announcement was made by UBA Group Managing Director/Chief Executive Officer, Oliver Alawuba, during his keynote address at the UAE–Chad Trade and Investment Forum held on Monday, November 10, 2025, in Abu Dhabi, United Arab Emirates.

Themed “Financing African Competitiveness – Building Bridges, Powering Progress,” the forum highlighted investment opportunities under Chad’s $30 billion Tchad Connexion 2030 development blueprint.

According to Alawuba, the $102 million investment underscored UBA’s confidence in Chad’s economic potential and demonstrates its long-term commitment to financing sustainable development on the continent.

“At UBA, our commitment is two-fold: we are both architects of national infrastructure and champions of grassroots financial inclusion,” he said. “Here in Chad, this is not a promise; it is a proven track record.”

Continue Reading

Business

Dangote Fertiliser Limited Partners German’s Firm to License Four Urea Granulation Units

Commenting on the partnership, Nadja Haakansson, CEO of thyssenkrupp Uhde, said: “This partnership with Dangote Fertiliser Limited underscores our shared vision for sustainable industrial development and global food security.

Published

on

By

32 Views

Thyssenkrupp Uhde Fertilizer Technology (UFT), a subsidiary of thyssenkrupp Uhde, has entered into a strategic agreement with Dangote Fertiliser Limited (DFL) to license its advanced UFT Fluid Bed Granulation Technology for four new urea granulation units in Nigeria.

The agreement includes the provision of the technology license, a comprehensive Process Design Package (PDP), and the supply of proprietary equipment such as granulators and scrubbers.

Each of the four new units will have a nameplate capacity of 4,235 metric tons per day, significantly boosting DFL’s annual urea granule production from approximately 2.65 million tons to over 8 million tons.

These units will be constructed in Lekki, adjacent to DFL’s existing fertilizer complexes, which have been operating with UFT technology since 2021 and produce 3,850 metric tons per day each.

The new facilities will incorporate UFT’s energy-efficient scrubbing system, designed to minimize pressure drop while effectively controlling dust and ammonia emissions to meet stringent environmental standards.

Additionally, the plants will feature the Ammonia Convert Technology (ACT), which integrates ammonium sulfate byproducts into the urea granules, eliminating waste streams and offering logistical and commercial advantages.

Commenting on the partnership, Nadja Haakansson, CEO of thyssenkrupp Uhde, said: “This partnership with Dangote Fertiliser Limited underscores our shared vision for sustainable industrial development and global food security.

By deploying our proven UFT®️ Fluid Bed Granulation Technology, we are setting new standards in efficiency and environmental stewardship in fertilizer production. We are proud to support DFL in building resilient and future-ready value chains.”

In the same vein, President of Dangote Group, Aliko Dangote, said: “We are pleased to deepen our collaboration with thyssenkrupp Uhde Fertilizer Technology for the expansion of our fertilizer operations in Lekki.

This initiative reflects our commitment to agricultural self-sufficiency and industrial progress across Africa.

With UFT®️ technology, we are ensuring the production of high-quality urea fertilizer that meets global standards while reducing environmental impact.

This investment further positions Nigeria as a leading fertilizer producer.”

Dangote Fertiliser Limited is one of Africa’s largest fertilizer producers, committed to enhancing agricultural productivity and supporting food security across the continent while thyssenkrupp Uhde’s UFT®️ Fluid Bed Granulation Technology is recognized globally as one of the most advanced solutions for producing urea granules.

Currently, over 70% of the world’s urea granule output is produced using this technology, contributing significantly to global food supply while maintaining emissions well below regulatory limits.

Continue Reading

Trending