By Ayomide Otitoju
The Nigerian National Petroleum Company Limited (NNPCL) has refuted claims that it owes international oil traders $6.8 billion and that it has failed to remit funds into the federation account since January.
In a statement issued on Sunday, Chief Corporate Communications Officer Olufemi Soneye dismissed the allegations, clarifying that while it is typical for oil trading companies to have credit lines, NNPCL is managing its trade credit obligations effectively. “NNPC Ltd., through its subsidiary NNPC Trading, maintains numerous open trade credit lines with various traders and is adhering to a first-in-first-out (FIFO) payment schedule for related invoices,” Soneye stated.
The statement also countered claims that the company has not made any remittances to the Federation Account, asserting that NNPCL and its subsidiaries regularly remit taxes to the Federal Inland Revenue Service (FIRS) and contribute significantly to the monthly tax revenue shared at the Federation Account Allocation Committee (FAAC). Additionally, payments are made to road contractors under the Road Investment Tax Credit Scheme.
Regarding the regulation of imported petroleum products, Soneye emphasized that NNPCL has no involvement in quality or quantity fiscalization, as this falls under the jurisdiction of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), an independent body not reporting to NNPCL.
The statement reaffirmed NNPCL’s commitment to transparency and accountability, highlighting the company’s openness to media inquiries as part of its Transparency, Accountability, and Performance Excellence (TAPE) philosophy established by the current management under Mele Kyari since 2019.
