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NNPCL denies alleged inflated fuel subsidy payments


The Nigerian National Petroleum Company Limited has denied recent media reports claiming that it inflated fuel subsidy payments by N3.3 trillion.

These allegations stem from an alleged forensic audit conducted by global accounting firm KPMG.

According to a report by iWitnessLive, the audit, which covers the years 2015 to 2021, found that NNPCL exaggerated its subsidy claims.

This news follows several months after NNPCL’s Group CEO, Mele Kyari, stated that the federal government owed the company N2.8 trillion for petrol subsidy payments, which NNPCL had paid from its own funds.

In response to these claims, NNPCL’s Chief Corporate Communications Officer, Olufemi Soneye, issued a statement on Monday denying any wrongdoing.

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“The Nigerian National Petroleum Company Limited (NNPC Ltd.) notes with dismay a report in a section of the media alleging that it inflated subsidy claims by N3.3 trillion, and wishes to state that it conducts its businesses accountably and transparently in keeping with international best practices and has, at no time, inflated its subsidy claims with the Federal Government,” Soneye said.

He added that all of NNPCL’s previous subsidy claims are verifiable, and all relevant records and documents have been sent to appropriate authorities and agencies for auditing.

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Soneye emphasized that NNPCL is unaware of any audit or investigation into its subsidy claims, calling the allegations “products of the febrile imagination of the reporters and their respective media houses.”

The company also declared its intent to avoid being drawn into the political debate surrounding fuel subsidies.

“NNPC Ltd. will resist any attempt to drag the Company into the apparent politics of fuel subsidy as it currently operates on a commercial basis and the express provisions of the Petroleum Industry Act (PIA),” the statement read.

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NNPCL further highlighted its commitment to transparency and accountability. “It is on record that, in line with its Transparency, Accountability & Performance Excellence (TAPE) mantra, NNPC Ltd. has, on several occasions, independently invited external auditors to review its books,” Soneye stated.

Finally, the company urged journalists and media houses to verify information before publication to avoid misleading the public.

“NNPC Ltd. calls on media practitioners and media houses to exercise restraint and verify information before publication in keeping with the ethics of the noble profession of journalism,” the statement concluded.