NNPC Recovers $202m from Crude Swap Under-Deliveries

 NNPC Recovers $202m from Crude Swap Under-Deliveries


The Nigerian National Petroleum Corporation (NNPC) has recovered $202 million outstanding obligations from AITEO Group. The Group General Manager (GGM), Group Public Affairs Division of the NNPC, Ndu Nghamadu, confirmed the payment yesterday in Abuja.

Nghamadu explained that the revelation of the payment is in line with the on-going reforms in the industry as Dr. Maikanti Baru is committed to ensuring transparency and adequate public information on the on-going recovery effort.
He added that following extensive reconciliation between both parties across their business transactions and subsequent agreement by the parties therefrom, the Corporation stated that AITEO Group has paid in full all its outstanding indebtedness to our downstream entities amounting to $202,344,838.62.
The amount includes AITEO’s share of the $184million total indebtedness by three companies on crude swap obligations plus AITEO’s other downstream liabilities. Aside from AITEO, two other companies are involved in the crude swap under-deliveries. They are: Televaras Group of Companies and Ontario Oil Gas Ltd.
It would be recalled that following its engagement with the NNPC on the issue, AITEO Group has demonstrated cooperation and commitment towards a successful recovery process.
He hinted that Televaras has equally pledged to make a tranche payment of $17.2 million. However, the NNPC is still engaging Ontario Oil & Gas Limited for mutual settlement.
They pledged to provide members of the public through the mass media with up-to-date information on the on-going effort by the corporation to sanitise the record books through the painstaking reconciliation of the transactions executed during the defunct crude for product swap regime.
The corporation emphasized the determination of the NNPC management to achieve full recovery of the outstanding money involved in the crude-swap-product under-deliveries as well as the full value of stock of its missing petrol in Capital Oil depot, which currently stands at 82 million litres, amounting to over N11 billion.


Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.