By Dipo Olowookere
Leading indigenous oil and gas exploration and production company, Seplat Petroleum Development Company Plc, has denied an allegation against it that it owes federal government $1.8 billion and N8.8 billion.
The Special Presidential Investigation Panel for the Recovery of Public Property (SPIPRPP) had accused the company, a joint venture partner with the Nigerian Petroleum Development Company Ltd, of short-changing the Nigerian government the above amount from 2013 to 2017.
The panel had said, “NPDC has Joint Venture agreements with the following nine companies to operate Oil Mining Leases: 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).
“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 reacting, Seplat, a company listed on the Nigerian Stock Exchange (NSE), “strongly refutes the allegation of non-payment of Gas sale royalty, Oil royalty, Concession rental and Gas flare penalty.”
The firm said it was up to date on all statutory payments to the Nigerian authorities, promising to “vigorously defend its position.”
“This announcement is made in accordance with the provisions of Rule 17.10 (Dealing with Rumour), Rulebook of the Nigeria Stock Exchange, 2015 (Issuers Rule), where Seplat is required to publicly state its position,” the statement stressed.
Business Post recalls that yesterday, another company accused by the same panel of a debt of N7 billion, Unity Bank, denied the allegation.
