Modupe Gbadeyanka
By Modupe Gbadeyanka
The Nigerian National Petroleum Corporation (NNPC) has refuted reports by a national newspaper that 67.2 million barrels of Nigerian crude oil valued at about $3.5 billion (N1.1 trillion) were lifted from the corporation between January-October 2017 by some “ghost companies.”
Reacting to the report yesterday, the state-owned oil firm said there was no iota of truth in the news article published by Daily Trust.
The firms alleged to have been involved in this deal were AMG Petroenergy Limited, Brittania-U, Cassiva Energy, Hyde Energy, Masters Energy, Bono Energy Ltd and Sahara.
But the NNPC, in a statement signed on Thursday by its Group General Manager in charge of Group Public Affairs Division, Mr Ndu Ughamadu, said these seven firms were not ghost companies as alleged.
Mr Ughamadu contrary to the report that said 67.2 million barrels of Nigerian crude oil valued at about $3.5 billion were lift during the period, only 8.8 million barrels of crude oil valued at $436.35 million were lifted by the firms as at October 30, 2017.
“Contrary to the assertions, NNPC duly entered into the 2017/2018 crude oil term contracts with the companies,” the statement said.
Reacting further, NNPC said, “The above clarifications demonstrate that the allegations are not only baseless but intended to mislead the public while disparaging the corporation.
“The corporation wishes to place on record that all crude oil lifting transactions are backed by irrevocable letters of credit issued by investment grade banks and, therefore, all payments are pre-secured.
“The lifting by the seven companies and all other off-takers are bound by these requirements.
“NNPC remains open to media that wish to cross-check their facts to avoid misrepresentation as in the case being referenced.”
