The House of Representatives’ Public Accounts Committee (PAC) has ordered OML18 Resources Ltd (formerly Sahara Field Production Ltd) to remit $4,020,000 to the Federation Account within five days, in a bid to settle outstanding oil royalties and gas flare penalties.

During a hearing on Wednesday, PAC was briefed on the company’s unpaid debts, which are part of a larger investigation into oil companies’ liabilities totaling $1.7 billion.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) revealed that OML18 owes $20,232,978.58, including $17.37 million in crude oil royalties and $2.86 million in gas flare penalties.

In response to the claims, Mrs. Olutobi Pamilerin Dairo, the Team Lead of OML18 Resources’ Commercial Department, confirmed the debt, agreeing that the figures provided by NUPRC were accurate.“We acknowledge the liabilities,” she stated.Committee Chairman, Rep. Bamidele Salam, emphasized the importance of the matter, saying, “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.”

In a resolution, PAC instructed that 20% of the total debt, approximately $4.02 million, must be paid within five days. Additionally, the company has been given 14 days to reconcile its accounts with the asset operator and submit a detailed breakdown of its remaining liabilities.