NNPCL Refutes Claims of $6.8bn Debt to Foreign Oil Traders

The statement also countered accusations that the NNPCL has not remitted funds to the federation account since January.

Abuja, Nigeria – The Nigerian National Petroleum Company Limited (NNPCL) has dismissed reports suggesting that it owes international oil traders a sum of $6.8 billion.

In a statement issued on Sunday, the company’s Chief Corporate Communications Officer, Olufemi Soneye, clarified the allegations, stressing that such claims are false.

Soneye explained that while it is common in the oil trading business for transactions to occur on a credit basis, the NNPCL, through its subsidiary, NNPC Trading, maintains open trade credit lines with several traders. “The company is meeting its obligations and is paying invoices on a first-in-first-out (FIFO) basis,” he added.

The statement also countered accusations that the company has not remitted funds to the federation account since January.

Soneye emphasized that the company and its subsidiaries consistently remit taxes to the Federal Inland Revenue Service (FIRS) and make payments under the Road Investment Tax Credit Scheme. “NNPC Ltd. remains the largest contributor to the tax revenue shared monthly at the Federation Account Allocation Committee (FAAC),” he noted.

Regarding the fiscalization of imported petroleum products, Soneye clarified that the company does not play a regulatory role in this process. He stated that the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), an independent body, is responsible for overseeing such matters and does not report to the NNPCL.

Soneye concluded by reaffirming the company’s commitment to transparency and accountability, encouraging media inquiries into its operations.

He stressed that the Nigerian oil giant, under the leadership of Mele Kyari, has upheld the principles of Transparency, Accountability, and Performance Excellence (TAPE) since 2019.