NNPC Investigates To Recover $184m From Three Oil Firms

Group Managing Director of t‎he Nigerian National Petroleum Corporation (NNPC), says over $184 million in product under-deliveries recorded against three oil companies would be recovered soon.

Baru said this in Abuja on Friday in a statement signed by Mr Ndu Ughamadu, the Corporation’s Group General Manager, Group Public Affairs Division.‎

He said the exercise was a product of on-going extensive reconciliation process with the companies involved namely: AITEO Energy Resource Limited, Ontario Oil and Gas Limited, and Televaras Group of Companies. ‎

According to Baru, the $184 million is money for product under-deliveries recorded in the course of reconciliation of transactions executed during the defunct crude for product swap regime. ‎

“We have engaged them and positively too, so far AITEO has been very cooperative and we had extensive reconciliation across all our chains of businesses where they are involved.

“In the case of Televaras, they have agreed to make tranche payment of $10 million while Ontario has also agreed to come to the table with our team and present their repayment schedule and have pledged to repay $17 million,” Baru said.

‎ The NNPC boss said the on-going recovery process is geared towards ensuring probity and accountability in the operations of the corporation in line with current reforms in the industry. ‎

He emphasised the determination of the NNPC under his leadership to recover the outstanding stock of its missing petrol in Capital oil depot, noting that MRS had complied.

Baru, however, thanked the companies for their cooperation‎ so far. ‎ Last week, the NNPC announced aggressive measures to achieve full recovery of over 130 million litres of petrol stored in the facilities of two indigenous downstream operators, MRS Limited and Capital Oil & Gas Limited, under a throughput arrangement to ensure a robust strategic reserve. ‎ Mr Henry Ikem-Obih, NNPC Chief Operating Officer, Downstream, had explained to the Senate Committee on Downstream that the violation (from MRS and Capital Oil) was discovered earlier in the year.

He said the infraction was discovered when the corporation had need to access the over 100 million litres of petrol stored at the Capital Oil & Gas depot for NNPC Retail and just over 30 million litres in MRS Limited depot all in Apapa area of Lagos.

He said though MRS had fully complied by returning the 30 million litres of petrol it expropriated, the corporation was working assiduously to recover from Capital Oil & Gas the 82 million litres of petrol, valued at N11 billion, out of over 100 million litres.

Leave a Reply