Reps Orders OML18 Resources To Pay $4m in 5 Days
THECONSCIENCE NG reports that the Public Accounts Committee (PAC) of the House of Representatives has ordered OML18 Resources Limited—formerly Sahara Field Production Ltd—to pay $4.02 million into the Federation Account within five days.
The directive was issued during a hearing on Wednesday as part of the Committee’s ongoing probe into outstanding debts owed by oil companies. The investigation stems from the 2021 Audit Report and data provided by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), which shows that 45 oil companies collectively owe $1.7 billion in unremitted funds.
Representing the NUPRC, Balarabe Haruna disclosed that OML18 Resources owes a total of $20,232,978.58. This includes $17,370,619.89 in crude oil royalties, $2,862,358.69 in gas flare penalties, and an additional N173,707,943.05 in unpaid gas sales revenue.
Responding to the Committee, Mrs. Olutobi Pamilerin Dairo, Team Lead of OML18’s Commercial Department, acknowledged the debt and affirmed the accuracy of the figures provided by the NUPRC.
“I agree there are liabilities,” she stated, confirming the company’s awareness of the outstanding amounts.
Committee Chairman, Rep. Bamidele Salam, underscored the gravity of the situation: “The money owed to the Federation Account is significant, and Nigeria needs the money. We take it that you have confirmed the NUPRC’s claims.”
The Committee resolved that 20% of the total outstanding sum—amounting to $4.02 million—must be paid within five days. Additionally, OML18 was instructed to reconcile its accounts with the asset operator within 14 days and return to the Committee with a detailed report on the remaining liabilities.
