The House of Representatives Public Accounts Committee (PAC) has ordered OML18 Resources Limited—formerly Sahara Field Production Ltd—to remit $4.02 million to the Federation Account within five days.
The directive was issued on Wednesday during a committee hearing probing debts owed by oil companies, following revelations from the 2021 Audit Report and data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). According to House Spokesperson Akin Rotimi, 45 oil firms collectively owe the nation approximately $1.7 billion.
Representing the NUPRC at the hearing, Mr. Balarabe Haruna disclosed that OML18 Resources’ outstanding debt totals $20.23 million. This includes $17.37 million in crude oil royalties, $2.86 million in gas flare penalties, and an additional ₦173.7 million in gas sales revenue.
Acknowledging the debt, Mrs. Olutobi Pamilerin Dairo, Commercial Team Lead at OML18 Resources, confirmed the figures, stating: “I agree there are liabilities. The NUPRC is the custodian of the data, and the figures are accurate.”
Committee Chairman Rep. Bamidele Salam emphasized the urgency of recovering the funds, stating: “This money belongs to the Nigerian people, and it is urgently needed. We take your confirmation as a formal admission of the debt.”
PAC has mandated the company to pay 20% of the total liability—$4.02 million—within five days. Additionally, OML18 Resources is to reconcile its accounts with the asset operator and report back to the committee with a full breakdown of the remaining balance within 14 days.
