NNPCL Denies Allegations of Inflated Subsidy Claims

The Nigerian National Petroleum Company Limited (NNPC Ltd) has firmly denied recent media reports alleging the inflation of subsidy claims by N3.3 trillion. This rebuttal was issued by Olufemi Soneye, the company’s chief corporate communications officer, in a statement released on Monday.

According to the statement, NNPC Ltd operates with full transparency and accountability, adhering to international best practices. The company emphasized that it has never inflated its subsidy claims with the Federal Government. Soneye assured that all previous subsidy claims are verifiable, as all relevant records and documents have been submitted to the appropriate authorities.

NNPC Ltd stated unequivocally that it is not aware of any audit or probe into its subsidy claims and dismissed the allegations as baseless and a product of media fabrication.

The statement from NNPC Ltd reads:

“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:

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 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.”