Economy
Reps: Seven Oil Firms pledge To Pay $37.4m Debt To Federation Account By August
Reps: Seven Oil Firms pledge To Pay $37.4m Debt To Federation Account By August
Seven oil firms pledge to pay $37.4m debt to Federation Account by August. In a major development from the House of Representatives’ Public Accounts Committee investigation, seven oil and gas companies have committed to remitting a total of $37,435,094.52 (approximately ₦58 billion) to the Federation Account before August 2025.
The decision follows a detailed review of financial records by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), which uncovered lapses in royalty payments and reconciliation processes within the sector.
Oil Sector Revenue Leakages Uncovered
The pledged payments are part of a broader ₦9 trillion debt flagged in the 2021 Auditor General’s report submitted to the National Assembly. Some of these outstanding liabilities have accrued over the past four years, underscoring persistent revenue leakages in the oil and gas sector.
Beyond the seven companies that have committed to payment, the House investigation has revealed that 45 oil and gas firms owe a staggering $1.7 billion (₦2.5 trillion) in unpaid royalty payments as of December 31, 2024.
Companies Committed to Payment
The seven companies that have agreed to settle their outstanding debts before August 2025 include:
Belema Oil
Panocean Oil Nigeria Ltd
Newcross Exploration & Production Ltd
Dubri Oil Company Ltd
Chorus Energy
Amni International
Network Exploration
Companies Contesting Debt Figures
Meanwhile, nine oil companies, with a combined outstanding balance of $429.2 million, have disputed their recorded liabilities and requested a reconciliation process with NUPRC. These firms include:
Aradel/Niger Delta
Chevron
STAR DEEP
Shore Line
Seplat Producing Unlimited
Esso Erha
Esso Usan
Eroton Exploration
Seplat Energy
The House Committee has mandated that reconciliation be completed within two weeks, after which all confirmed debts must be paid without further delay.
Companies Yet to Appear Before the House Committee
A total of 28 oil companies, collectively owing $1.23 billion, have failed to appear before the Public Accounts Committee or respond to public notices. Some of the defaulting firms include:
Addax Petroleum Exploration Nigeria Ltd
AITEO Group
Total E&P Nigeria (OML 100, 102, 52 & 99)
Oando Oil Ltd (OML 60, 61 & 62)
Nigeria Agip Exploration Ltd (NAE)
Conoil Plc
Oriental Energy Resources Limited
The Committee has given the affected companies one more week to submit their financial records or face legislative and regulatory sanctions.

Reps
Companies in Full Compliance
Only two firms were found to have fully met their royalty obligations:
Shell Petroleum Development Company (SPDC)
Shell Nigeria Exploration & Production
House of Reps Vows to Enforce Compliance
The House Committee on Public Accounts has reaffirmed its commitment to ensuring accountability and recovering outstanding revenues in Nigeria’s oil and gas sector.
Lawmakers emphasized that companies benefiting from Nigeria’s natural resources must comply with financial obligations as stipulated under the Petroleum Industry Act (PIA).
The House of Representatives has warned that necessary legislative measures will be taken against companies that fail to comply, as part of ongoing efforts to plug revenue leakages and safeguard national income.
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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