Nigerian National Petroleum Company Limited (NNPCL) has denied reports making the rounds that it owes the International Oil Companies (IOCs) $6.8bn.
In a press statement on Sunday signed by Olufemi Soneye, the Chief Corporate Communications Officer, NNPCL, the National oil company also denied reports that it has not remitted revenues to the Federation Account since January, among other allegations.
The statement reads, “The attention of the Nigerian National Petroleum Company Limited (NNPC Ltd.) has been drawn to a media report that the company is indebted to international oil traders to the tune of $6.8bn and that it has not remitted revenues to the Federation Account since January, among other allegations.
“Consequently, the following clarifications have become necessary: That NNPCL does not owe the sum of $6.8bn to any international trader(s).
“In the oil trading business, transactions are carried out on credit, and so it is normal to owe at one point or the other. But NNPCL, 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.
“It’s not correct to say that NNPCL has not remitted any money to the Federation Account since January. NNPCL 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. In all, NNPCL is the largest contributor to the tax revenue shared every month at the Federation Account Allocation Committee (FAAC).
“On the issue of quality/quantity fiscalization of imported petroleum products, NNPCL has no role whatsoever as it is not a regulator.
“The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), which is the relevant regulatory agency in charge of such issues, is an independent body and doesn’t report to the NNPCL.
“That NNPCL is not averse to inquiries by the media into issues on and around its operations before dissemination to the public either through the print or electronic channels of communication as the company will, always, gladly take the opportunities to state the facts of the subject matter(s).
“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”.
In a related statement, the NNPCL called on members of the public, especially jobseekers, to discountenance rumours of employment slots for sale, reiterating it is not selling jobs
“The company stated that there is no iota of truth in the insinuations that it has employment slots on offer to anyone who wishes to buy, describing such as the antics of fraudsters who want to take advantage of unsuspecting applicants.
“It cautioned that as a responsible corporate entity, recruitment into the company is a straightforward process and doesn’t involve sale of slots or inducement of any kind, warning that anyone who pays money to anyone for any job in the company does so at his or her own risk,” he added.
- Entire Enugu State Caucus in House of Reps Formally Declares for APC - October 31, 2025
- Tinubu Reverses Clemency Granted Sanda, Reviews Other Pardons - October 29, 2025
- Forgery: Order Tunji-Ojo To Clear His Name, PDP Chieftain Urges Tinubu - October 23, 2025