NNPC Denies $6bn Debt To Oil Traders, Cites Normal Credit Practices

Nigerian National Petroleum Company Limited (NNPCL) has denied allegations of owing international oil traders $6 billion.

NNPCL’s chief corporate communications officer, Olufemi Soneye, stated that while transactions in the oil trading business are often conducted on credit, the company maintains open trade credit lines with various traders.

He emphasised that NNPCL is fulfilling its financial obligations on a first-in-first-out basis.

Additionally, Soneye refuted claims regarding the company’s remittances to the federation account, asserting that the NNPCL is the largest contributor to tax revenue shared monthly.

This explanation was in reaction to certain publication that suppliers of petrol were hesitant about supplying new product to the NNPCL due to filing debts, this newspaper can report.

The report alleged that NNPCL being the sole importer of petrol into the country and using supply agents is weighed down by over $6 billion in filed up payments.

It was also alleged that PMS importation into the country said at present at least five vessels originally intended for supply to Nigeria have refused to discharge fuel to NNPCL due to fear of payment.

Soneye however refuted all the allegations, explaining that though transactions in the oil trading business are often conducted on credit, the company maintains open trade credit lines with various traders.