The Nigerian National Petroleum Company Limited (NNPC Ltd.) has refuted a media report claiming that the company owes international oil traders $6.8 billion and has not remitted revenues to the Federation Account since January, among other accusations.
Olufemi Soneye, Chief Corporate Communications Officer of NNPC Ltd. made this clarification on Sunday in a statement obtained by Advisors Reports.
According to him, in the oil trading business, transactions are carried out on credit, and so it is normal to owe at one point or the other.
He said, ” But NNPC Ltd., through its subsidiary, NNPC Trading, has many open trade credit lines from several traders.
Soneye explained that the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), which is the relevant regulatory agency in charge of such issues, is an independent body and does not report to the NNPC Ltd.
The Chief Corporate Communications Officer of NNPC Ltd emphasized that the national oil company welcomes media inquiries about its operations before public dissemination through print or electronic channels, and will gladly take the opportunity to present the facts on any given issue.
He said, “This is in line with the company’s commitment to the Transparency, Accountability, and Performance Excellence (TAPE) philosophy as emplaced by the Mele Kyari-led management since stepping into the saddle in 2019.”
