"It's still in court" NNPC Speaks on Missing N20 Billion, Tax Theft Claims, Sends Warning
- NNPCL denies claims of missing N20 billion, stating that it follows global best practices in financial reporting
- The corporation clarifies that the alleged missing funds are actually unaudited losses due to pipeline vandalism and crude oil theft
- The corporation also highlights its adherence to global best practices in financial reporting
The Nigerian National Petroleum Company Limited (NNPCL) has denied accusations of engaging in theft and paying non-existent consultants.
According to Dailytrust, the company also refuted claims that it paid N20 billion to ghost consultants and stole taxes owed to the Ogun State Government amounting to several billion naira.
Source: Twitter
The company in a statement emphasized that it operates as a responsible corporate organization and does not deal with ghost consultants.
NNPCL also stated that the process of engaging consultants is transparent and follows international best practices, ThisDay report added.
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Part of the statement reads:
“At NNPC Ltd, the process of engaging consultants whenever the need arises is clear and verifiable and follow global best practices.
“It is therefore unfortunate that for whatever reason, the said online platform would make such a grievous allegation, mindless of the consequences of such actions, The claim of a missing N20bn is absolutely false and baseless.
The oil company further demanded that Sahara Reporters retract its publication containing the false allegations and verify its facts before publishing future stories.
NNPC Tax fraud allegation
Regarding the tax fraud allegation against its subsidiary, the Petroleum Products Marketing Company (PPMC) Ltd, NNPCL explained that PPMC had challenged the claim through its tax consultant and that the matter is currently in court.
NNPCL urged Sahara Reporters to consider the consequences of its actions before making further false allegations.
It said:
“For clarity, PPMC had objected and challenged the claim through its Tax Consultant. Consequently, the Ogun State Government took the matter to court which is not unusual in business circles, The matter is currently before the court and NNPC Ltd will prove its case accordingly.""
Nigeria sold N21tn worth of crude oil in 2022,
Meanwhile in another report, Legit.ng revealed that Nigeria sold N21.09 trillion worth of crude oil in 2022.
The sales recorded a 46.41% increase compared to N14.41 trillion in 2021.
NBS captured the sales in its fourth quarter foreign trade report obtained by Legit.ng from its website.
Source: Legit.ng
