…Payment Deadline Set for August 2025 The House of Representatives Committee on Public Accounts has successfully secured a commitment from seven leading oil and gas companies in Nigeria to remit a total sum of $37,435,094.52 (approximately ₦58 billion) to the Federation Account before August 2025. This resolution follows an in-depth financial audit by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), which identified inconsistencies in royalty payments within the petroleum sector. The Committee’s investigation highlights a broader concern over revenue leakages, prompting urgent corrective measures. Oil Companies Pledge Debt Settlement According to Rep Akin Rotimi, House Spokesperson, the agreed repayment forms part of a ₦9 trillion outstanding liability flagged by the Auditor General for the Federation in the 2021 report submitted to the National Assembly. The debts, accrued over four years, reflect persistent financial gaps in the oil and gas industry. Beyond these seven companies, further investigations uncovered a massive $1.7 billion (₦2.5 trillion) in unpaid royalties, owed by 45 oil and gas firms as of December 31, 2024. The following seven companies have acknowledged their outstanding debts and pledged full repayment before August 2025: Nine Companies Dispute Figures, Demand Reconciliation Nine additional companies, with a combined outstanding debt of $429.2 million, have contested the reported figures and requested a reconciliation process with NUPRC to verify their actual liabilities. These companies include: The Committee has mandated that this reconciliation process be completed within two weeks, after which the companies must settle their confirmed debts promptly. 28 Companies Fail to Respond to Public Notices Meanwhile, 28 companies with a cumulative debt of $1.23 billion (₦1.8 trillion) have failed to respond to public notices or honor the Committee’s invitations. These companies include: The Committee has granted these companies a final grace period of one week to provide necessary documentation and appear before the panel. Failure to comply will result in legislative and regulatory penalties, ensuring full enforcement of royalty obligations. Full Compliance Achieved by Two Companies Only two companies were found to have fully settled their royalty obligations: The House Committee on Public Accounts has reaffirmed its commitment to enforcing compliance with the Petroleum Industry Act (PIA) to prevent further financial discrepancies in the sector. Ensuring Financial Accountability in the Oil Sector The House of Representatives has emphasized the need for strict adherence to statutory royalty payments, stating that all oil and gas firms must fulfill their financial responsibilities to support Nigeria’s economic development. For more information on regulatory compliance in Nigeria’s oil and gas sector, visit the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) official website: NUPRC. READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Channel
Discover the winners of the 2024 oil licensing bid round announced by NUPRC. Learn about Nigeria’s strategic efforts to boost oil production and attract investment under the Petroleum Industry Act. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has officially announced 25 winners in the 2024 oil licensing bid round. This landmark event, held in Lagos, underscores Nigeria’s commitment to revitalizing its oil and gas sector under the Petroleum Industry Act (PIA). Key Winners from the 2024 Bid Round Prominent players emerged victorious in competitive bids across various categories: Other winners included Petroli Energy Marketing and Supply Ltd. for PPL 269, Sahara Deepwater Resources Ltd. for PPL 270 and PPL 271, and TotalEnergies, which topped PPL 2000/2001 with 126 points, narrowly beating Star Deepwater Petroleum Ltd. Additional Licenses Awarded Licenses were also awarded to sole bidders in categories such as: Future Licensing Rounds and Strategic Focus The NUPRC Chief Executive, Mr. Gbenga Komolafe, revealed plans for the next oil licensing bid round in 2025. This initiative aims to capitalize on lessons learned from 2024 and prioritize: Komolafe emphasized the regulator’s dedication to boosting investor confidence and optimizing Nigeria’s hydrocarbon resources. Driving Industry Transformation The annual licensing rounds, introduced by the NUPRC, aim to position Nigeria as a global leader in oil production. The Petroleum Industry Act’s provisions empower the commission to actively recover unused resources and reintroduce them for productive use through future bidding processes. “This marks a new era for the oil and gas industry in Nigeria. Our commitment remains to grow, preserve, and optimize our hydrocarbon resources,” Komolafe stated. READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Chanel.
