Tension Rises: Oil Firms Risk Sanctions As Reps Demand Answers On ₦9.4 Trillion Debt

The House of Representatives has given oil companies a three-day ultimatum to appear before its investigative panel over a ₦9.4 trillion debt owed to the Federal Government.

Companies that ignored the summons include Waltersmith Petroman Limited, Addax Petroleum Exploration Nigeria Ltd, AITEO Group, Britannia-U, and two others.

Following their absence on Monday, the ad hoc committee handling the probe reiterated its demand for their attendance. It revealed that out of the nine invited firms, only Belema Oil Producing Ltd showed up.

However, Belema Oil’s delegation, led by Managing Director Ahmad Sambo, was asked to return on Tuesday due to a delay in document submission.

A prior notice issued on Sunday had summoned Addax Petroleum, AITEO Group, All Grace Energy, Amalgamated Oil Company Nigeria Limited, Amni International Petroleum Development Company Limited, Belema Oil, Bilton Energy Limited, Britannia-U, and Waltersmith Petroman Limited to appear before the committee.

The investigation follows a report from the Auditor General of the Federation (OAuGF) to the Public Accounts Committee (PAC), which flagged the ₦9.4 trillion debt arising from unpaid royalties, concession rentals, gas flare penalties, and other financial obligations tied to production-sharing contracts, repayment agreements, and modified carry arrangements.

The oil firms involved are expected to appear before the House between Monday, March 3, and Friday, March 7, 2025.