Heirs Holdings, Aiteo, Eroton, 10 Other Oil Firms Face House Probe Over $457m Debt

Heirs Holdings, Aiteo, and Eroton among 10 other oil firms are currently facing House probe over $457m debt.

 

NewsOnline Nigeria reports that the House of Representatives Public Accounts Committee has summoned 13 oil companies, including Heirs Holdings, Aiteo, and Eroton, over their alleged failure to remit a combined $456.95 million (₦731.12 billion) to the Federal Government.

 

In a statement released Wednesday and signed by its spokesperson, Akin Rotimi, the committee said the companies had repeatedly ignored invitations and public summons published in national newspapers, prompting threats of constitutional sanctions.

 

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According to the committee, the defaulting firms include:

Heirs Holdings– $137.7 million
Aiteo Ltd – $34.8 million
Eroton – $34.5 million
Conoil Producing Ltd – $5 million
Continental Oil & Gas Ltd – $57 million
Energia Ltd – $19.5 million
Frontier OML 13 – $952,216.51
Millennium Oil & Gas Ltd – $2.07 million
Neconde Energy Ltd– $326 million
Pillar Oil Ltd – $4.6 million
Waltersmith OML 16– $8.7 million
Bilton– $5 million
General Hydrocarbon Ltd – $22.5 million

The committee has scheduled the companies to appear on Wednesday, July 2, and Thursday, July 3, 2025, warning of punitive action for failure to comply.

 

In a related development, the committee also summoned six additional companies over unresolved liabilities amounting to $125.5 million. These include:

 

OML 18 – $15.2 million
Shoreline– $70 million
Network Exploration – $2.6 million
Aradel – $8.2 million
Newcross Exploration – $25 million
Ocean – $4.5 million

Committee chairman, Bamidele Salam, emphasized that defiant companies would be held accountable.

 

“Recalcitrant companies will face the constitutional consequences of their refusal to cooperate. We are fully committed to enforcing accountability and recovering all funds owed to the Nigerian people,” he said.

 

The probe is part of an ongoing audit of the Auditor-General’s Annual Report on the Consolidated Financial Statements for the year ending December 31, 2021, which revealed outstanding liabilities of approximately ₦9.4 trillion in unremitted oil royalties, concession rentals, gas flare penalties, and other obligations.

As part of the effort, the committee disclosed fresh recoveries totaling $15.7 million (₦25 billion) from companies such as:

TotalEnergies – $2 million
Shoreline Natural Resources– $10 million
OML 18 Resources – $3.47 million
Enageed Resource Ltd. – $280,000

These funds have been remitted into the Federation Account, as the House intensifies its push to improve fiscal accountability in the oil and gas sector.