The Nigerian National Petroleum Company Limited (NNPCL) has strongly denied allegations that it owes international oil traders a debt of $6.8 billion. The company issued a statement on Sunday, August 18, through its Chief Corporate Communications Officer, Olufemi Soneye, addressing these claims and other related accusations.
Soneye clarified that while transactions in the oil trading industry often involve credit, it is inaccurate to claim that NNPCL owes $6.8 billion to international traders. He explained that the company, through its subsidiary NNPC Trading, manages several open trade credit lines and is fulfilling its financial obligations based on a first-in-first-out (FIFO) payment system.
Regarding the accusation that NNPCL has not remitted any revenue to the Federation Account since January, Soneye stated that this claim is also incorrect. He emphasized that NNPCL, along with its subsidiaries, regularly remits taxes to the Federal Inland Revenue Service (FIRS) and contributes significantly to the Federation Account Allocation Committee (FAAC). He also highlighted the company's role in the Road Investment Tax Credit Scheme.
Furthermore, Soneye pointed out that the responsibility for the quality and quantity verification of imported petroleum products lies with the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), not NNPCL. He reiterated the company's commitment to transparency and accountability, as guided by the management's TAPE (Transparency, Accountability, and Performance Excellence) philosophy since 2019 under the leadership of Mele Kyari.
NNPCL also urged the media to verify facts directly with the company before publishing reports, emphasizing their openness to inquiries about their operations.
