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Reps: Seven Oil Firms pledge To Pay $37.4m Debt To Federation Account By August

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Reps

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

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.

Crime

Navy Dismantles Illegal Refining Capacity, Destroys Site With 3 Storage Tanks in Rivers

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Troops Destroy 56 Illegal Refining Sites

Navy Dismantles Illegal Refining Capacity, Destroys Site With 3 Storage Tanks in Rivers

The Nigerian Navy, through FOB BONNY, has dismantled an illegal refining site discovered in Promise Land Community along Nanabie Creek, Bonny Local Government Area of Rivers State, further denying criminal operators the infrastructure required to process stolen crude oil.
Eereporter.com

The site was discovered on 30 September 2026 following credible intelligence and comprised one large cooking pot and 3 large storage tanks intended for illegal refining activities. On 2 October 2026, the Commanding Officer, FOB BONNY, Captain SMC Umeh, led a team to the location, where the illegal refining site and associated equipment were destroyed in accordance with established regulations.

The intervention represents a further disruption of illegal refining capacity within the Bonny area, particularly by removing infrastructure that could be used to process and store stolen crude oil. It also follows recent operations by FOB BONNY under Operation DELTA SENTINEL that uncovered substantial volumes of suspected stolen crude oil and associated illegal refining infrastructure within its Area of Operations

Troops Destroy 56 Illegal Refining Sites

Oil

The Nigerian Navy has continued to strengthen surveillance and monitoring across the area to prevent the establishment or reactivation of illegal refining sites and deny criminal operators the infrastructure required to sustain crude oil theft and related activities.

ABIODUN FOLORUNSHO

Navy Captain

Director Naval Information

Nigerian Navy
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Economy

NNPC Ltd Offers N66 Fuel Discount Throughout the Nation

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NNPC

NNPC Ltd Offers N66 Fuel Discount Throughout the Nation

The Nigerian National Petroleum Company Limited (NNPC Ltd.) has unveiled a nationwide ₦66 fuel discount promotion for customers using the NNPC Fuel App.
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In a post obtained from its X handle on Friday, the promotion, which runs from October 1 to 7, is being held across NNPC stations nationwide as part of activities marking the period.

“The ₦66 Discount Promo is ongoing & the excitement is already happening across our stations nationwide!

“All over Nigeria, our customers are getting in on the action & there’s still time for you to benefit!

The promo runs from 1–7 October on the NNPC Fuel App,” the post read.

NNPC said customers across the country have already begun participating in the promotion, with highlights from the first day showing activities at several stations.

“Keep fueling, keep transacting and keep your eyes on our pages,” the post read.

NNPC

NNPC

NNPC also shared moments from the first day of the promotion and said more pictures and activities from stations across the country would be released.

The company urged customers not to miss the opportunity to participate before the promotion ends on October 7.

The ₦66 discount offer is available through the NNPC Fuel App during the stated promotional period.
Eereporter.com

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Economy

President Tinubu Tells EFCC: You Have Justified my Confidence in You

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EFCC Arraigns Gidado Ibrahim

President Tinubu Tells EFCC: You Have Justified my Confidence in You

President Bola Ahmed Tinubu has applauded the efforts and performance of the Economic and Financial Crimes Commission, EFCC, in tackling economic and financial crimes and other acts of corruption in the country, stressing that it has justified the confidence reposed on it.
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He gave this commendation on Friday, October 2, 2026 in Awka, Anambra State at the commissioning of a new Zonal Directorate of the EFCC. The President pointed out that there are evidential proofs of the success of the Commission in convictions, recoveries and other landmark achievements

Represented by Honourable Tajudeen Abbas, Speaker, House of Representatives, Tinubu noted that “supporting the EFCC is not particularly difficult. The agency has consistently demonstrated that the confidence reposed on it is well founded. Without mincing words, the evidential proof of the EFCC’s success speaks loudly in convictions secured, assets and properties recovered”

He affirmed that the strides of the Commission are in tandem with the Renewed Hope Agenda of his administration.

“When we came in three years ago, I highlighted nine major focal areas of my administration. Two of which are reforming the economy for sustained and inclusive growth and promotion of good governance. The anti-graft agency compliments this agenda as they are focused on accountability and transparency and appropriate deployment of resources”, he said.

At the commissioning, the Executive Chairman of the EFCC, Mr. Ola Olukoyede restated the commitment of the Commission to preventive frameworks in tackling economic and financial crimes and other acts of corruption in the country.

According to him, the Commission will continue its focus on making corrupt practices difficult by blocking avenues through which they may happen.

“This new Directorate will not only enforce the law professionally and courageously, it will be high on corruption prevention. It will engage government institutions, businesses, financial institutions, professional bodies, schools, markets, civil society organisations, traditional institutions, religious bodies and communities. It will educate stakeholders, build relationships and mobilise the people to own the fight against all forms of corrupt practices in the zone”, he said

He assured Nigerians that the EFCC would not relent in the pursuit of its mandate, recalling the achievements of the Commission in the last 34 months and describing them as impressive progress.

“The pursuit of our mandate has been our dominant engagement and in the past few years, we have made impressive progress. Between October 2023 and July 2026, the Commission received 49, 673 petitions, investigated 39, 615 cases, filed 14, 476 cases in court and secured 10, 872 convictions. This gives a conviction-to-filing ratio of 75.1 percent. In the first half of 2026 alone, we recorded 1, 370 convictions from 1, 889 filings. The Commission also recorded recoveries of N1, 233, 612, 040, 411. 11, $684, 478, 457. 32, £373, 905. 78, €9, 343, 803. 66 inn addition to recoveries in other currencies”, he said.

He noted that at the institutional level, the Commission has made radical reforms that have been yielding optimal results as there are consequential improvements in the agency’s processes and procedures, which partly explains the impacts the EFCC has made and will continue to make in all the matrices of law enforcement.

“Reforms that have strengthened the Commission during the period include new guidelines on arrest and bail, a review of sting operations, the establishment of the Department of Fraud Risk Assessment and Control, the Security Department, the Immigration and Visa Section and the Cybercrime Rapid Response Centre”, he said.

While charging Ndi Anambra on whistleblowing, the anti-graft czar said that the Commission has established channels through which members of the public can submit petitions and provide information. He noted that the Commission’s Eagle Eye App allows citizens to provide details of suspected wrongdoing and makes the provision of an informant’s personal details optional. “However, whistleblowing must be responsible and based on facts. It must not become an instrument for settling scores”, he said.

EFCC Arraigns Gidado Ibrahim

EFCC

He thereafter said that Anambra and Imo States deserve effective and responsive institutional presence as they are renowned for enterprise, innovation, commerce and an extraordinary culture of industry, adding that these legitimate activities must be protected from fraud, cybercrime, money laundering, investment fraud, diversion of public resources and other forms of economic and financial crimes. “Therefore, our coming to Awka is beyond geographical expansion. It is about taking the mandate of the EFCC closer to the people and closer to the economic activities we are meant to protect”, he said.

In their remarks, His Excellencies, Professor Chukwuma Soludo, Governor of Anambra State and Senator Hope Uzodinma, Governor of Imo State said that they were pleased with the activities and management of the EFCC under the leadership of Olukoyede. They pledged their support to the Commission as it opened a new Zonal Directorate in their domain.

The commissioning of the new Directorate witnessed massive turn out of distinguished Nigerians, including members of the National Assembly, civil society organisations, community leaders, students, media among others.
Eereporter.com

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