The Nigerian National Petroleum Company Limited (NNPCL) has dismissed recent media allegations, asserting that the company does not owe $6.8 billion to international oil traders, nor has it failed to remit revenues to the Federation Account since January, contrary to reports.
In a Sunday statement, Olufemi Soneye, NNPC Limited’s Chief Corporate Communications Officer, refuted the claims, stating that the company “does not owe $6.8 billion to any international trader(s).”
Soneye explained that the nature of the oil trading business involves transactions carried out on credit, so it’s common for debts to accumulate temporarily. He emphasized that through its subsidiary, NNPC Trading, the company has access to numerous open trade credit lines from various traders and is fulfilling its financial obligations by paying related invoices on a first-in, first-out (FIFO) basis.
Moreover, the company refuted the notion that it hasn’t remitted any funds to the Federation Account since January. NNPC Ltd. and its subsidiaries regularly pay their taxes to the Federal Inland Revenue Service (FIRS). In addition, the company contributes to the Road Investment Tax Credit Scheme by paying Corporate Income Tax (CIT) to road contractors. According to the company, NNPC Ltd. remains the largest contributor to the tax revenue shared monthly by the Federation Account Allocation Committee (FAAC).
Regarding the quality and quantity inspection of imported petroleum products, Soneye clarified that NNPC Ltd. is not responsible for this process, as it is a regulatory function handled by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). The NMDPRA operates independently and does not report to NNPC Ltd.
NNPC Ltd. welcomed media inquiries about its operations and encouraged journalists to seek clarification before publishing information. Soneye reaffirmed the company’s commitment to transparency, accountability, and performance excellence, which has been a core philosophy of the Mele Kyari-led management since 2019.
Stay updated by joining our WhatsApp channel: https://whatsapp.com/channel/0029VabITrvEAKW7DSkTfP0JNigerian.