NNPC Ltd. denies owing $6.8 billion to international oil traders and refutes claims of non-remittance to the Federation Account. The company reaffirms its commitment to transparency, highlighting its regular tax contributions and adherence to payment obligations. NNPC Ltd. maintains no regulatory role in petroleum product visualization.
The Nigerian National Petroleum Company Limited (NNPC Ltd.) has dismissed recent claims that it owes $6.8 billion to international oil traders and has failed to remit revenues to the Federation Account since January. In a statement released by Femi Soneye, Chief Corporate Communications Officer, NNPC Ltd. clarified that while transactions in the oil trading business are often conducted on credit, the company does not owe the alleged amount. NNPC Ltd. emphasized its commitment to paying obligations on a first-in-first-out (FIFO) basis through its subsidiary, NNPC Trading, which maintains multiple trade credit lines.
NNPC Ltd. also refuted claims of non-remittance to the Federation Account, highlighting its regular tax contributions to the Federal Inland Revenue Service (FIRS) and payments under the Road Investment Tax Credit Scheme. The company asserted its status as the largest contributor to the tax revenue distributed monthly at the Federation Account Allocation Committee (FAAC).
Addressing concerns about the quality and quantity of imported petroleum products, NNPC Ltd. stated that it has no regulatory role in this area, with the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) being the responsible agency. NNPC Ltd. reiterated its commitment to transparency and accountability, encouraging media inquiries into its operations to ensure accurate public dissemination of information.
