Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 3,218,580 members, 8,038,423 topics. Date: Friday, 27 December 2024 at 03:58 PM

$6.8 Billion Debt: We Are Not Owing Any International Oil Trader - NNPC - Politics - Nairaland

Nairaland Forum / Nairaland / General / Politics / $6.8 Billion Debt: We Are Not Owing Any International Oil Trader - NNPC (10865 Views)

‘I Am Not Owing Workers Any Dime’ – Yahaya Bello Speaks After Election Victory / Nigeria’s $9 Billion Debt To P&ID: Everything You Need To Know / Salary Arrears: Gov Bello Makes U-turn, Insists He's Not Owing Workers' Salaries (2) (3) (4)

(1) (2) (3) (Reply) (Go Down)

$6.8 Billion Debt: We Are Not Owing Any International Oil Trader - NNPC by fergie001: 9:33pm On Aug 18
PRESS RELEASE

NNPC Ltd is not owing $6.8bn

The attention of the Nigerian National Petroleum Company Limited (NNPC Limited ) has been drawn to a media report that the company is indebted to international oil traders to the tune of $6.8bn and that it has not remitted revenues to the Federation Account since January, among other allegations.

Consequently, the following clarifications have become necessary:

1. That NNPC Ltd. does not owe the sum of $6.8bn to any international trader(s). In the oil trading business, transactions are carried out on credit, and so it is normal to owe at one point or the other. But NNPC Ltd., through its subsidiary, NNPC Trading, has many open trade credit lines from several traders. The company is paying its obligations of related invoices on a first-in-first-out (FIFO) basis.

2. It is not correct to say that NNPC Ltd. has not remitted any money to the Federation Account since January. NNPC Ltd. and all its subsidiaries remit their taxes to the Federal Inland Revenue Service (FIRS) regularly. This is in addition to payments of CIT to road contractors under the Road Investment Tax Credit Scheme. In all, NNPC Ltd. is the largest contributor to the tax revenue shared every month at the Federation Account Allocation Committee (FAAC).

3. On the issue of quality/quantity fiscalization of imported petroleum products, NNPC Ltd. has no role whatsoever as it is not a regulator. The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), which is the relevant regulatory agency in charge of such issues, is an independent body and does not report to the NNPC Ltd.

4. That NNPC Ltd. is not averse to inquiries by the media into issues on and around its operations before dissemination to the public either through the print or electronic channels of communication as the company will, always, gladly take the opportunities to state the facts of the subject matter(s). This is in line with the company's commitment to the Transparency, Accountability, and Performance Excellence (TAPE) philosophy as emplaced by the Mele Kyari-led management since stepping into the saddle in 2019.

Femi Soneye
Chief Corporate Communications Officer
NNPC Ltd.
Abuja

18 August, 2024

4 Likes

Re: $6.8 Billion Debt: We Are Not Owing Any International Oil Trader - NNPC by Melagros(m): 9:41pm On Aug 18
COMRADES, this is a lie from the pit of hell

The same NNPC that borrowed $1billion to buy 20% stake in Dangote refinery but in the end we heard that it was 6% stake that they purchased at $300 million, till date NNPC cannot account for the balance of $700 million from that transaction

Trust NNPC at your own peril

51 Likes 3 Shares

Re: $6.8 Billion Debt: We Are Not Owing Any International Oil Trader - NNPC by NwaNimo1(m): 9:42pm On Aug 18
NNPC LTD - Publish your accounts.......



.....and as a LTD company publish your tax records!

18 Likes

Re: $6.8 Billion Debt: We Are Not Owing Any International Oil Trader - NNPC by Shortcut2life: 9:42pm On Aug 18
lol naija don enter am … grin loans collected by lunatics in expense of docile citizens..

8 Likes 1 Share

Re: $6.8 Billion Debt: We Are Not Owing Any International Oil Trader - NNPC by grandstar(m): 9:42pm On Aug 18
How true is this?

The petrol price makes no sense.

The price of a litre of crude oil goes for N720 while a litre of petrol is N600. The maths does not add up.

IPMAN states that the fuel subsidy despite Tinubu's (futile) denials.

IPMAN is estimating federal government spends N700bn monthly subsidizing petrol. It charges that the petrol landing price is 1,100/litre.

There needs to be some opacity here. Somethings don't add up

7 Likes 1 Share

Re: $6.8 Billion Debt: We Are Not Owing Any International Oil Trader - NNPC by HydraFeeds(m): 9:42pm On Aug 18
Great
Re: $6.8 Billion Debt: We Are Not Owing Any International Oil Trader - NNPC by nedu666: 9:43pm On Aug 18
A company that has no financial statement

6 Likes

Re: $6.8 Billion Debt: We Are Not Owing Any International Oil Trader - NNPC by Buharidgeneral: 9:43pm On Aug 18
Pls respond to fuel scarcity and price of petrol

4 Likes

Re: $6.8 Billion Debt: We Are Not Owing Any International Oil Trader - NNPC by EKONGKING: 9:44pm On Aug 18
All this big grammer , with no use to common man .

Nigeria is fast becoming moving towards the failed state status , Nothing is working in that country .

Thank god for my father, choosing wisely to move abroad in 2001

Big useless semi giant .

9 Likes

Re: $6.8 Billion Debt: We Are Not Owing Any International Oil Trader - NNPC by helinues: 9:44pm On Aug 18
Toh
Re: $6.8 Billion Debt: We Are Not Owing Any International Oil Trader - NNPC by MajorOvakporaye(f): 9:44pm On Aug 18
Everyone in Tinumbu's government is a criminal.

8 Likes

Re: $6.8 Billion Debt: We Are Not Owing Any International Oil Trader - NNPC by Grace001: 9:44pm On Aug 18
Failed country

2 Likes

Re: $6.8 Billion Debt: We Are Not Owing Any International Oil Trader - NNPC by Uncletony(m): 9:44pm On Aug 18
Nigeria is a failed state

3 Likes

Re: $6.8 Billion Debt: We Are Not Owing Any International Oil Trader - NNPC by magoo10(m): 9:45pm On Aug 18
Coming from the same people that have denied everything including continuous payments of subsidy and having blending refineries in Malta .

6 Likes

Re: $6.8 Billion Debt: We Are Not Owing Any International Oil Trader - NNPC by MajorOvakporaye(f): 9:45pm On Aug 18
helinues:
Toh


Egwobi

4 Likes

Re: $6.8 Billion Debt: We Are Not Owing Any International Oil Trader - NNPC by Coronavirus123: 9:45pm On Aug 18
The type of corruption going on under this Tinubu regime dey fear devil himself. Anyone still supporting APC and Tinubu regime will die untimely death.

9 Likes

Re: $6.8 Billion Debt: We Are Not Owing Any International Oil Trader - NNPC by Alliswell248: 9:46pm On Aug 18
H
Re: $6.8 Billion Debt: We Are Not Owing Any International Oil Trader - NNPC by Stevengold(m): 9:46pm On Aug 18
cheesy They're owing us
Re: $6.8 Billion Debt: We Are Not Owing Any International Oil Trader - NNPC by Yankee101: 9:47pm On Aug 18
You don’t owe but you agree you buy based on open lines of credit
Are you ok?
Lying to Nigerians and denying in the same sentence
How much of your open line of credit have you drawn down and is still unpaid?

11 Likes

Re: $6.8 Billion Debt: We Are Not Owing Any International Oil Trader - NNPC by Eriokanmi: 9:47pm On Aug 18
Only in Nigeria will a limited company owned by the govt avoid posting their account for the public to see. They're just there to enrich themselves. We're the problem of ourselves, not the west

11 Likes 1 Share

Re: $6.8 Billion Debt: We Are Not Owing Any International Oil Trader - NNPC by kabius(m): 9:47pm On Aug 18
Na waooo one country with multidimensional problems thank God for sabinus and co. we dey help give us joy and laughter

2 Likes

Re: $6.8 Billion Debt: We Are Not Owing Any International Oil Trader - NNPC by ReubenE(m): 9:48pm On Aug 18
But NNPCL confirmed with the first point na

"Many open trade credit lines from several traders"

Is the above not another way of saying you are owing, our dear NNPCL.
You are owing traders $6.8 billion. Own up and stop sugarcoating it with semantics

7 Likes 1 Share

Re: $6.8 Billion Debt: We Are Not Owing Any International Oil Trader - NNPC by Yankee101: 9:49pm On Aug 18
Exactly how much have you remitted to the federation account?
How can you be this unaccountable?

1 Like

Re: $6.8 Billion Debt: We Are Not Owing Any International Oil Trader - NNPC by Olaide1295: 9:49pm On Aug 18
Using technicalities & english to deceive the public. NNPC is currently paying about $1.3m in interest per day as demmurage for not paying T-60 (within 60 days) as at when due.
It does not "owe" but $1.3M accumulates on their debt as interest daily.
NNPC needs an external forensic audit.

12 Likes 1 Share

Re: $6.8 Billion Debt: We Are Not Owing Any International Oil Trader - NNPC by Princenoel2387: 9:49pm On Aug 18
[quote author=fergie001 post=131576083][/quote]

I hope say na only us dey see this their update

1 Like

Re: $6.8 Billion Debt: We Are Not Owing Any International Oil Trader - NNPC by Enddy50ty(m): 9:50pm On Aug 18
NNPC is the main obstacle hindering oil production in Nigeria

3 Likes

Re: $6.8 Billion Debt: We Are Not Owing Any International Oil Trader - NNPC by Kelklein(m): 9:51pm On Aug 18
An enterprise shrouded in so much secrecy..

The whole world see how Saudi ARAMCO is run.. they publish their reports on a regular basis for all to see ..

But these ones, corruption won't allow them do the right thing for once..

Did you observe that in all of the above Press Statement, not a single number was mentioned as a statement of fact to counter the allegations against them.. that tells you alot..🤔

Nigeria would do much better without NNPC..

5 Likes

Re: $6.8 Billion Debt: We Are Not Owing Any International Oil Trader - NNPC by luvinhubby(m): 9:51pm On Aug 18
Just give us fuel please
Re: $6.8 Billion Debt: We Are Not Owing Any International Oil Trader - NNPC by Alliswell248: 9:53pm On Aug 18
Waiting for Mr Gbadue to react

Hypocrite 001 of Nigeria.....

He can only deceive his gullible zombiedients not me.....

Jagaban till 2031....

Go to court if you are not happy.
Re: $6.8 Billion Debt: We Are Not Owing Any International Oil Trader - NNPC by Alliswell248: 9:56pm On Aug 18
Olaide1295:
Using technicalities & english to deceive the public. NNPC is currently paying about $1.3m in interest per day as demmurage for not paying T-60 (within 60 days) as at when due.
It does not "owe" but $1.3M accumulates on their debt as interest daily.
NNPC needs an external forensic audit.

Source...... Of this information.

1 Like

(1) (2) (3) (Reply)

I'm Not Corrupt, I Pleaded Guilty To Save Nigeria's Image – Ibori / PDP Rejects Acting CJN, Tanko Says Inauguration Of Tribunal Judges Is Illegal / IPOB Tantrums Can’t Distract Us From Presidential Bid – Ohanaeze

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 24
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.