One of the 3 companies in under-delivery transaction pays $202 million to NNPC

Abuja, March 28, 2017 (TNE): AITEO Group,  one of the three companies involved in under-delivery of petroleum products to the Nigerian National Petroleum Corporation (NNPC), has paid up.

NNPC General Manager, Group Public Affairs Division, Mr Ndu Ughamadu, made the announcement in a statement in Abuja on Monday.

According to Ughamadu, the update is in line with the corporation’s pledge to provide members of the public with periodic information on its recovery efforts for crude swap under-deliveries.

The NNPC had raised the alarm that AITEO, Televaras Group of Companies and Ontario Oil and Gas owed 184 million dollars in crude swap under-deliveries.

”Following extensive reconciliations 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 dollars

”The amount includes AITEO’s share of the 184 million dollars total indebtedness by the three companies on crude swap obligations plus AITEO’s other downstream liabilities.

”It would be recalled that following its engagement with the NNPC on the issue, AITEO Group has demonstrated co-operation and commitment towards a successful recovery process,” Ughamadu said.

Televaras had pledged to make a tranche payment of 17.2 million dollars but the NNPC is still engaging Ontario Oil & Gas Limited for mutual settlement.

”The corporation shall continue to provide further update on the recovery process,” Ughamadu said. (TNE):

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