NNPC Denies Owing $6.8 Billion to Foreign Oil Traders.
The Nigerian National Petroleum Company Limited (NNPC) has firmly denied allegations that it owes international oil traders a sum of $6.8 billion. In a recent statement, the company addressed various claims regarding its financial dealings, asserting that these allegations are unfounded.
Additionally, NNPC refuted claims that it has failed to remit funds into the federation account since January. Olufemi Soneye, the Chief Corporate Communications Officer, clarified that such assertions do not reflect the company’s financial practices.
Soneye acknowledged that as the sole importer of petrol in Nigeria, NNPC engages in credit transactions with its suppliers. He emphasized that it is common for outstanding amounts to exist at certain times, given the nature of the oil trading business.
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Furthermore, he highlighted that NNPC, through its subsidiary NNPC Trading, maintains multiple open trade credit lines with various traders, and the company is committed to fulfilling its obligations on a first-in-first-out (FIFO) basis.
Regarding the issue of remittances, Soneye stated, “It is incorrect to claim that NNPC Ltd has not remitted any funds to the federation account since January.” He pointed out that NNPC and its subsidiaries consistently remit their taxes to the Federal Inland Revenue Service.
Lastly, Soneye stressed that NNPC is not a regulator and does not oversee the quality of imported fuel. He clarified that the company has no role in verifying the quality and quantity of imported petroleum products, distancing itself from regulatory responsibilities.
