Nigerian National Petroleum Company Not Owing Foreign Oil Traders $6.8bn

Africa Business News

The Nigerian National Petroleum Company Limited has debunked a report claiming that it owes international oil traders $6.8 billion. Chief Corporate Communications Officer, Olufemi Soneye, also refuted claims that the NNPCL has not remitted funds into the federation account since January. Soneye, however, acknowledged that it is normal to owe at one point or the other since the oil trading business, transactions are carried out on credit. He says on the issue of quality/quantity fiscalization of imported petroleum products, the NNPCL has no role whatsoever as it is not a regulator. He added that the Nigerian Midstream and Downstream Petroleum Regulatory Authority is an independent body and does not report to the NNPCL.
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