Dipo Olowookere
By Dipo Olowookere
Shares of Seplat Petroleum Development Company Plc appreciated on Tuesday by 5.75 percent after the company came out to emphasised that it was not indebted to federal government as alleged by the Special Presidential Investigation Panel for the Recovery of Public Property (SPIPRPP).
The panel had claimed that the oil firm and a subsidiary of the Nigerian National Petroleum Corporation (NNPC), the Nigerian Petroleum Development Company Ltd, were short-changing the Nigerian government the sum $1.8 billion and N8.8 billion from 2013 to 2017.
The NPDC signed Joint Venture agreements with nine companies, including Seplat, to operate Oil Mining Leases.
The nine oil firms and the OMLs were Seplat/NPDC JV (OML 4, 38 and 41); ND Western (OML 34); Elcrest /NPDC JV (OML 40); Neconde/NPDC JV (OML 42); NAOC (Nig. Agip Oil Coy)/NPDC JV (OML 60, 63); FHN (First Hydrocarbon Nigeria)/NPDC (OML 26); Abura/Oredo/Oziengbe (OML 65, 111); Okono/Okpoho/NPDC JV; and Shoreline/NPDC JV (OML 30).
In its report, SPIPRPP said, “The NPDC and its JV partners have failed to remit to the Federal Government its complete due on royalty (oil); royalty (gas); concessional rental; and gas flared penalty.”
But Seplat sent a statement to the Nigerian Stock Exchange (NSE) yesterday to “strongly refute the allegation of non-payment of Gas sale royalty, Oil royalty, Concession rental and Gas flare penalty.”
The company stressed that it was up to date on all statutory payments to the Nigerian authorities, promising to “vigorously defend its position.”
After the firm, which is also listed on the London Stock Exchange (LSE) made the clarification, its stocks went up, gaining N29.90k to settle at N549.90k per unit.
Seplat is a company which takes corporate governance seriously and ensures that it contribute to the economic growth of its host communities and country.
