Seven oil companies in Nigeria have committed to paying $37.4 million in outstanding debts to the federal government by August 2025, following an investigation by the House of Representatives’ Public Accounts Committee. The probe revealed a staggering $6.39 billion owed by 48 oil firms, including Shell, Chevron, and Seplat. The debts include unpaid royalties, gas flare penalties, and contract obligations. While nine companies dispute their $429.2 million liabilities and seek reconciliation, 28 firms, owing $1.2 billion, have failed to respond to summons. The House has warned that companies which fail to comply could face sanctions. Meanwhile, Shell Petroleum Development Company and Shell Nigeria Exploration remain the only firms found to have fully met their royalty obligations.
Source: Nairametrics