outstanding indebtedness amounting to $202.345 million for crude oil swap under-deliveries and other downstream liabilities.
In a statement
by its Group General Manger, Group Public Affairs Division, Mr. Ndu Ughamadu,
the NNPC stated that the amount includes Aiteo’s share of the $184 million
total indebtedness by three companies on crude swap obligations plus Aiteo’s
other downstream liabilities.
The other two
companies are Televaras Group of Companies and Ontario Oil Gas Limited.
Ughamadu noted that following its engagement with the NNPC on the issue, Aiteo
Group had demonstrated cooperation and commitment towards a successful recovery
process. He said, “Following extensive reconciliation between both parties
across their business transactions and subsequent agreement by the parties
therefrom, the Corporation wishes to state that Aiteo Group has paid in full
all its outstanding indebtedness to our downstream entities amounting to
$202.34 million.” In addition, Ughamadu noted that Televaras has pledged to
make a tranche payment of $17.2 million to the NNPC, while it is still engaging
Ontario Oil and Gas Limited for mutual settlement. He said the NNPC would
continue to provide further update on the recovery process for the crude oil
swap under deliveries. According to him, in line with the ongoing reforms in
the industry, the Management of the Corporation under the leadership of Dr.
Maikanti Baru is committed to ensuring transparency and adequate public
information on the ongoing recovery effort. The NNPC had last week vowed to
recover over $184 million in product under-deliveries recorded against the
three oil companies in the course of reconciliation of transactions executed
during the defunct crude for product swap regime. Group Managing Director of
the NNPC, Mr. Maikanti Baru, had stated that the exercise is a product of
ongoing extensive reconciliation process with the companies involved namely.
“We have engaged them and positively too, so far Aiteo has been very
cooperative and we had extensive reconciliation across all our chains of
businesses where they are involved. In the case of Televaras, they have agreed
to make tranche payment of $10 million while Ontario has also agreed to come to
the table with our team and present their repayment schedule,’’ Baru said. Baru
had also noted that the ongoing recovery process was geared towards ensuring
probity and accountability in the operations of the Corporation in line with
current reforms in the industry.
VANGUARD
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