The Nigerian National Petroleum Company Limited (NNPCL) has firmly denied allegations that it owes international oil traders $6.8 billion and has not remitted funds into the Federation Account since January 2024. In a statement released on Sunday, NNPCL’s Chief Corporate Communications Officer, Olufemi Soneye, described the claims as inaccurate.
Addressing the debt claims, Soneye acknowledged that owing at some point is not unusual in the oil trading business, where transactions are often carried out on credit. However, he clarified, “NNPC Ltd., through its subsidiary, NNPC Trading, has many open trade credit lines from several traders. The company is paying its obligations of related invoices on a first-in-first-out (FIFO) basis.”
Soneye also refuted the claim regarding non-remittance to the Federation Account, stating, “It is not correct to say that NNPC Ltd. has not remitted any money to the Federation Account since January. NNPC Ltd. and all its subsidiaries remit their taxes to the Federal Inland Revenue Service (FIRS) regularly. This is in addition to payments of CIT to road contractors under the Road Investment Tax Credit Scheme.”
He emphasized that NNPCL is the largest contributor to the tax revenue shared every month at the Federation Account Allocation Committee (FAAC). Furthermore, on the issue of quality and quantity fiscalization of imported petroleum products, Soneye clarified that NNPCL has no regulatory role in this process, as it falls under the purview of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), an independent body.
NNPCL reiterated its commitment to transparency and accountability, with Soneye concluding,
“NNPC Ltd. is not averse to inquiries by the media into issues on and around its operations before dissemination to the public. 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,” NNPCL Stated.
