HighlightOil & Gas

NNPC Ltd. disclaims report on alleged inflated subsidy claims, says it’s fake

"Mr. Soneye pointed out that it is on record that, in line with its Transparency, Accountability, and Performance Excellence (TAPE) mantra, NNPC Ltd. has, on several occasions, independently invited external auditors to review its books"

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The Nigerian National Petroleum Company Limited (NNPC Ltd) has debunked a report circulating in some sections of the media that it inflated petrol subsidy by N3.3 trillion.

According to a statement by Mr. Olufemi Soneye, the Chief Corporate Communications Officer (CCCO) of NNPC Ltd., the forensic audit conducted by KPMG is fake and is at variance with what NNPC Ltd. stands for.

Soneye pointed out that it is on record that, in line with its Transparency, Accountability, and Performance Excellence (TAPE) mantra, NNPC Ltd. has, on several occasions, independently invited external auditors to review its books.

The statement reads: “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.

“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 the 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 on the express provisions of the Petroleum Industry Act (PIA).

“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.”

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