Economy
Reps Public Accounts Committee Recovers Additional $14m From Oil Companies
Reps Public Accounts Committee Recovers Additional $14m From Oil Companies
Reps public accounts committee recovers additional $14m from oil companies. House Public Accounts Committee recovers additional $14 million from oil companies
The House of Representatives Public Accounts Committee (PAC) has made another major breakthrough in its ongoing investigation into financial irregularities in the oil and gas sector, recovering an additional $14.2 million (₦21.4 billion) from four companies. This brings the total amount reclaimed by the committee to $33.44 million (₦50.1 billion) so far.
Chairman of the Committee, Hon. Bamidele Salam, attributed the success to the strong leadership and commitment to accountability by Speaker of the House, Hon. Abbas Tajudeen. He emphasized that the Speaker’s unwavering support has allowed the committee to operate independently and effectively in safeguarding public resources.
According to the PAC, the latest financial recoveries are broken down as follows:
Platform Petroleum Ltd: $1.9 million (₦2.9 billion)
Midwestern Oil and Gas Ltd: $1.578 million (₦2.3 billion)
Universal Energy: $523,845 (₦785.7 million)
Aradel Energy Ltd: $10.3 million (₦15.5 billion)
Hon. Salam reaffirmed the committee’s commitment to fiscal transparency and warned that additional measures would be taken against defaulting companies.
ULTIMATUM FOR FURTHER RECOVERIES:
The PAC has issued a 20-day deadline for four more companies to remit outstanding payments totaling $23.2 million (₦34.8 billion). The affected firms and their required payments are:
Total Energies: $2 million within 7 days
Seplat Energies (SPDC): $6.036 million and ₦1.5 billion within 7 days
Aradel Energy Ltd: $12.1 million within 7 days
Network Exploration: $3.1 million within 7 days
Failure to comply within the stipulated timeframe could result in public sanctions, including the naming of defaulters in national newspapers.
In a related development, several companies have failed to respond to committee invitations and are now under increased scrutiny. These companies include:
Frontier Oil and Gas
Conoil Producing
Walter Smith Petrochemical
Bilton
Energia Ltd
Aiteo Petroleum Ltd
Pillar Oil Ltd
Additionally, First E & P Oil Company has been directed to reconcile an outstanding balance of $90 million with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and is scheduled to appear before the Committee on April 16, 2025, for further review.
ONGOING INVESTIGATIONS:
The PAC’s investigation is part of a broader push to ensure financial accountability in the oil and gas sector, particularly in response to findings from the 2021 Auditor General’s report, which revealed over ₦10 trillion in outstanding payments to the Federation Account.
Hon. Salam vowed that the era of financial mismanagement in the sector is nearing its end.

Reps
“We are determined to recover every kobo owed to the Nigerian people and ensure that public funds are managed with integrity,” he stated. As the PAC continues its investigations and public hearings, further updates on recovered funds and enforcement actions will be provided.
The House of Representatives remains steadfast in its commitment to upholding transparency, accountability, and financial discipline in Nigeria’s oil and gas industry.
Economy
Lagos Assembly Strongly Seeks Suspension Of Makoko Demolition
Lagos Assembly Strongly Seeks Suspension Of Makoko Demolition
Lagos assembly strongly seeks suspension of Makoko demolition. The Lagos state house of assembly has called for the suspension of demolition activities in Makoko, Oko-Agbon and Shogunro waterfront communities following protests by displaced residents and growing public concern over the exercise.
The call was announced on Tuesday by Noheem Adams, chairman of an ad hoc committee set up by Mudashiru Obasa, speaker of the house, during a stakeholders’ meeting held at the Lateef Jakande auditorium.
Adams called on all state ministries to cease demolition work and promised compensation to the affected residents.
“On behalf of the speaker and all 40 members of the house, we are directing that all demolitions in Makoko, Oko-Agbon, and Shogunro communities should stop from today until further notice,” New Telegraph quoted Adams as saying.
He called for transparency by demanding the full list of taskforce members and the criteria used for engagement, insisting that residents must be actively involved in the process.
“That the taskforce that was constituted, we want to see the list of the taskforce because we want the residents to be duly involved and to be carried along. So we want to have the schedule of those task forces and the criteria for those that we are inviting,” Adams added.

Lagos Assembly
“To the residents of Makoko, Oko-Agbon and Shogunro communities, as your representatives, we are giving you all assurances that they will stop demolitions henceforth and there will be compensations for all those whose properties have been demolished.”
Stephen Ogundipe, member of the ad-hoc, said there is need for clear communication, adding that residents targeted for relocation or redevelopment must be informed of the government’s plans in advance.
Babatunde Olajide, special adviser to governor of Lagos on E-GIS and urban renewal, confirmed that $2 million had been earmarked since 2021 to transform Makoko into a modern, internationally compliant water city.
He said enumeration of affected properties is underway and reiterated the administration’s commitment to handling the situation with a human face, prioritizing resident safety and fair compensation.
Yusuf Sagra, baale of Makoko, described the assembly’s decision as a “word of peace,” while Orioye Ogungbure, another leader of the community, praised the “democratic responsiveness” of the government.
Crime
EFCC Arrests Kannywood Star, Samha Inuwa for Alleged Naira Mutilation In Viral Video
EFCC Arrests Kannywood Star, Samha Inuwa for Alleged Naira Mutilation In Viral Video
EFCC arrests Kannywood Star, Samha Inuwa for alleged naira mutilation in viral video. The Kano Zonal Directorate of the Economic and Financial Crimes Commission, EFCC, on Tuesday, February 3, 2026 arrested a Kannywood Star, Samha Inuwa over alleged Naira mutilation.
Inuwa was arrested following a viral video circulated on social media platforms where she was seen conspicuously cleaning mucus from her nose using Naira notes.

EFCC
Following the release of the viral video, the Commission swung into action by tracing and subsequently arrested her to answer questions.
She is currently being held at the Commission’s detention facility while investigation is ongoing.
The suspect will be charged to court upon conclusion of investigations.
Dele Oyewale
Head, Media & Publicity
February 3, 2026
Economy
Access Bank Gets New Board Chair Ifeyinwa Osime
Access Bank Gets New Board Chair Ifeyinwa Osime
Access Bank gets new board chair Ifeyinwa Osime. Access Bank Plc has appointed Ifeyinwa Osime as chair of the board of directors, following the retirement of Paul Usoro, on January 29.
Access Bank Plc has appointed Ifeyinwa Osime as chair of the board of directors, following the retirement of Paul Usoro, on January 29, according to a statement to the Nigerian Exchange Ltd. on Monday.
Ms Osime, a legal practitioner, joined Access Bank’s board in November 2019 as an independent non-executive director and had chaired its Human Resources and Sustainability Committee and the Governance, Nomination, and Remuneration Committee. This role made her contribute significantly to the bank’s corporate governance, leadership development, and sustainability initiatives.
Additionally, Ms Osime is a director at Ebudo Trust Ltd. and a partner at McPherson Legal Practitioners, where she advises on corporate and commercial matters and contributes to strategic leadership.
She is also a member of the Nigerian Bar Association, the Women Corporate Directors, Nigeria Chapter, and the Chartered Institute of Directors, Nigeria, where she serves on the Executive Committee of the Women Sectoral Group.

Access Bank Gets New Board Chair Ifeyinwa Osime
Beyond her professional responsibilities, Ms Osime is committed to mentoring youths and is actively involved in the Autism and Developmental Delays Support Community, reflecting her dedication to inclusion and social impact.
Speaking on her appointment, the group chairman, Aigboje Aig-lmoukhuede, said, “Mrs Osime is a principled and experienced leader with a deep understanding of the Bank’s strategy and values.
“She has demonstrated strong commitment to the bank’s vision and mission, and I am confident that, under her leadership, the bank will continue to advance its strategic objectives of delivering sustainable value to shareholders and other stakeholders in the pursuit of its vision to become the world’s most respected African bank.”
Mr Aig-lmoukhuede also congratulated Mr Usoro on the completion of his tenure and on his exemplary leadership, dedication, and significant contributions to the group, saying he remains a valued member of the Access family.
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