The House of Representatives Public Accounts Committee (PAC) has directed OML18 Resources Limited, formerly Sahara Field Production Ltd, to remit $4,020,000 to the Federation Account within five days.
The directive was issued during the Committee’s hearing yesterday, as part of its ongoing investigation into outstanding debts owed by oil companies to the Federation Account.
The investigation, based on findings from the 2021 Audit Report and data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), involves 45 oil companies collectively owing $1.7 billion in outstanding liabilities.
During the session, NUPRC representative Balarabe Haruna reported that OML18 Resources owes a total of $20,232,978.58 — comprising $17,370,619.89 in crude oil royalties and $2,862,358.69 in gas flare penalties.
He added that the company also owes N173,707,943.05 in gas sales revenue.
Responding to the allegations, Mrs. Olutobi Pamilerin Dairo, Team Lead of OML18 Resources’ Commercial Department, acknowledged the debt, stating that the NUPRC is the custodian of the relevant figures and confirming the accuracy of the liabilities.
“I agree there are liabilities,” she said.
Committee Chairman, Rep. Bamidele Salam, emphasized the seriousness of the matter: “The money owed to the Federation Account is significant and Nigeria needs the money. We take it that you have confirmed the NUPRC’s claims.”
The Committee resolved that 20% of the total amount equivalent to $4.02 million must be paid within five days.
PAC also instructed OML18 Resources to reconcile its accounts with the asset operator within 14 days and report back to the Committee with a breakdown of the remaining liabilities.
