‘Our Claims Are Verifiable’ – NNPCL Denies Involvement In ₦3.3tr Subsidy Fraud

The Nigerian National Petroleum Company Limited (NNPC Ltd) says media reports that it inflated petrol subsidy claims by ₦3.3 trillion naira are untrue.

The position of the NNPCL was made known in a statement on Monday by its chief corporate communications officer, Olufemi Soneye.

He argued that all records of subsidy transactions and claims by the NNPCL in dealings with the federal government are transparent and verifiable. He also added that the businesses of the company are guided by international best practices.

CityNews reports the NNPCL spokesperson made the submission in reaction to claims that a forensic investigation revealed a notable inconsistency in the fuel subsidy claims filed by the company.

The audit was said to have uncovered that NNPCL had inflated its fuel subsidy claims by a staggering ₦3.3 trillion.

However, Soneye said NNPC Ltd is neither aware of any audit of its subsidy claims nor probe and, therefore, designates the claims as ridiculous and products of the reporters and their respective media houses’ imagination.

The statement reads in part: “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 N3.3trillion, and wishes to state that:

“NNPC Ltd 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.”

It added: “All previous subsidy claims by the Company are verifiable as relevant records and documents have been sent to relevant authorities and agencies.

“NNPC Ltd is neither aware of any audit of its subsidy claims nor probe ensuing therefrom and wishes to state categorically that both ridiculous claims are products of the febrile imagination of the reporters and their respective media houses.

“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).

“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.

“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 to avoid misleading the public.”