Reps order oil firm to remit $4m to federation account

The House of Representatives Public Accounts Committee on Wednesday ordered OML18 Resources Limited, to remit $4,020,000 to the Federation Account within five days.

The company was formerly known as Sahara Field Productions Limited.

The committee, according to a statement issued by its media unit, gave the directive at its investigative hearing on outstanding debts owed the Federal Government by oil companies.

The exercise followed the release of the 2021 Audit Report and data by Nigerian Upstream Petroleum Regulatory Commission on the activities of 45 oil companies in the country.

NUPRC revealed that the companies are owing the federal government $1.7 billion.

The statement read: “The NUPRC representative, Balarabe Haruna, reported that OML18 Resources owes a total of $20.23m, comprising $17. 37m in crude oil royalties and $2.86m in gas flare penalties.”

.

The post Reps order oil firm to remit $4m to federation account appeared first on Latest Nigeria News | Top Stories from Ripples Nigeria.