N9.4tn Debt: Nigerian Lawmakers Issue 3-day Ultimatum As Oil Companies Shun Summons

Nigeria’s House of Representatives has issued a three-day ultimatum to oil companies that failed to appear for its investigative hearing into a N9.4 trillion debt owed to the Federal Government.

The oil companies include Waltersmith Petroman Limited, Addax Petroleum Exploration Nigeria Ltd, AITEO Group, Britain U, and two others.

The ad hoc committee conducting the investigation disclosed this after the companies shunned its earlier invitation on Monday.

According to the committee, out of the nine oil companies summoned, only Belema Oil Producing Ltd honoured the invitation.

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Belema Oil Producing Ltd’s team, led by its Managing Director, Ahmad Sambo, was, however, told to come back on Tuesday because of the late arrival of their documents to the committee.

Recall that in a notice on Sunday, the Nigerian lawmakers invited Addax Petroleum Exploration Nigeria Ltd., AITEO Group, All Grace Energy, Amalgamated Oil Company Nigeria Limited, Amni International Petroleum Development Company Limited, Belema Oil Producing Ltd., Bilton Energy Limited, Britannia-U, and Waltersmith Petroman Limited to appear before it on Monday.

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The investigation was based on the Auditor General of the Federation’s (OAuGF) report submitted to the Public Accounts Committee (PAC).

The report explained that the amount owed the Nigerian Government was unpaid royalties, concession rentals, gas flare penalties and other obligations arising from production sharing contracts, repayment agreements and modified carry arrangements.

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Oil companies identified in the debt are expected to appear before the House from Monday to Friday, 3rd to 7th March, 2025.