By Comfort Olayinka
The House of Representatives has achieved a major breakthrough in its ongoing efforts to recover public funds, securing ₦28.7 billion ($19.24 million) from two oil companies with outstanding liabilities.
In a week-long operation, the Public Accounts Committee (PAC) led by Rep Bamidele Sallam successfully recovered the funds from Chorus Energy Limited and Seplat Production Development Limited, both of which had overdue payments to the Federation Account.
Chorus Energy settled ₦1.2 billion ($847,623), while Seplat fully discharged ₦27.6 billion ($18.39 million) in outstanding obligations, following an investigation based on the 2021 Audit Report. These efforts, led by the PAC, target 45 oil companies owing a total of $1.7 billion in unpaid debts to the Federation.
Meanwhile, in another development, the PAC also tackled a separate investigation into the Remita platform, uncovering excessive charges and VAT non-remittances amounting to ₦6.8 billion. The investigation resulted in ₦199.3 million in recoveries from Zenith Bank and GTB, although much remains to be done.
Chairman of the PAC, Rep. Bamidele Salam, emphasized that these recoveries reflect the National Assembly’s commitment to ensuring financial accountability and transparency, vowing to continue holding institutions accountable for any outstanding public funds.
These actions highlight the legislature’s proactive stance in securing resources vital for national development and ensuring public funds are appropriately accounted for and remitted.
