The recovery, presented by the EFCC’s representative, Mr. Francis Oka-Phillips Usani, to the Senate Committee on Public Accounts, comprises two components: N76.883 billion and $81.076 million.
According to Mr. Usani, the EFCC investigated 43 oil companies identified in the Nigeria Extractive Industries Transparency Initiative (NEITI) 2021-2023 Oil and Gas Sector Audit.
‘At the commencement of the investigation, the EFCC invited 43 oil companies. Of these, 24 operating within the Niger Delta were found to have outstanding liabilities totaling N76,883,705,907.17 and $81,076,655.00. The remaining 19 companies were given a clean bill of health,’ he stated.
He added that as a result of the investigation and pressure mounted on the 24 defaulting firms, some companies paid their liabilities directly to the NDDC, totaling N6.709 billion and $16.994 million.
Mr. Usani informed the committee, led by Senator Ibrahim Hassan Dankwambo, that the commission has already remitted a significant portion of the recovered funds to the NDDC.
He noted that the total amounts released to NDDC are N73.373 billion and $67.070 million, leaving N3.510 billion and $14.005 million in the EFCC recovery account as balance.
Explaining the scope of the operation, Mr. Usani noted that the EFCC focused primarily on the 3% statutory levy shortfall identified in the NEITI report.
However, he emphasized that the commission remains vigilant regarding other potential unpaid statutory obligations and taxes due to the Federal Government.
Following the EFCC’s presentation, the committee rejected an attempt by Total Energies EP Nigeria Limited to defend audit queries, citing inadequate representation.
The committee subsequently resolved that the Managing Director of Total Energies must appear in person at a date to be fixed for next week.
Additionally, the committee issued a final warning to the Managing Directors of South Atlantic Petroleum Limited, Oando Oil Limited, Famfa Oil, and Green Energy International Limited, mandating their physical appearance to respond to the audit queries.