By Kawaekwune Jeffrey
In response to reports in certain sections of the media accusing the Nigerian National Petroleum Company Limited (NNPCL) of lacking transparency and failing to uphold accountability, particularly in its financial dealings and remittances to the Federation Account, the NNPCL says the criticisms lack merit and are without foundation.
The NNPCL also debunked allegations that it is indebted to the tune of $6.8 billion to international oil traders and has failed to remit revenues since January to the Federation account.
In a statement released on Sunday, NNPCL Chief Corporate Communications Officer, Mr Olufemi Soneye, addressed the claims, clarifying that while the oil trading business involves credit transactions, NNPCL, through its subsidiary NNPC Trading, maintains active trading credit lines and consistently settles invoices on a first-in-first-out (FIFO) basis.
NNPCL also responded to the accusation of non-remittance, stating that it has been regularly paying taxes to the Federal Inland Revenue Service (FIRS) and making significant contributions under the Road Investment Tax Credit Scheme. The company emphasized its role as the largest contributor to the tax revenues distributed by the Federation Account Allocation Committee (FAAC) each month.
NNPCL said that it is not responsible for the quality and quantity visualization of imported petroleum products. This responsibility lies with the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), an independent regulatory body.
NNPCL reaffirmed its commitment to transparency and accountability and urged the media to verify information before publication.
