Seven major operators in Nigeria’s oil and gas industry have undertaken to remit a total of $37,435,094.52 (approximately ₦58 billion) to the Federation Account before August 2025.
The pledge by the oil firms followed the intervention of the House of Representatives Committee on Public Accounts, chaired by Mr. Bamidele Salam.
The seven firms that have acknowledged their outstanding debts and agreed to settle them before August 2025 comprise Belema Oil, Panocean Oil Nigeria Ltd, Newcross Exploration & Production Ltd, Dubri Oil Company Ltd, Chorus Energy, Amni International, and Network Exploration.
Spokesman of the House, Mr. Akin Rotimi Jr., in a statement on Sunday night, explained that the commitment by the oil firms follows the Committee’s scrutiny of financial records from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), which flagged significant lapses in royalty payments…
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