NNPC Ltd. denies allegations of inflated subsidy claims by N3.3 trillion

The Nigerian National Petroleum Company Limited (NNPC Ltd.) has firmly denied media reports alleging that it inflated subsidy claims by N3.3 trillion.

In a statement released on Monday by Olufemi Soneye, Chief Corporate Communications Officer, NNPC Ltd., the company asserted that it conducts its business transparently and adheres to international best practices.

Soneye emphasized that NNPC Ltd. has never inflated its subsidy claims to the Federal Government. He stated that all past subsidy claims made by the company are verifiable, with relevant records and documents provided to the appropriate authorities and agencies.

“NNPC Ltd. is not aware of any audit or probe into its subsidy claims,” Soneye said, describing the reports as baseless and the product of imagination by certain reporters and their media outlets.

“NNPC Ltd. will resist any attempt to drag the company into the politics of fuel subsidy. We operate on a commercial basis under the express provisions of the Petroleum Industry Act (PIA).”

Soneye also highlighted that NNPC Ltd. has a history of inviting external auditors to review its financial records independently, in line with its Transparency, Accountability & Performance Excellence (TAPE) mantra.

The company urged media practitioners to verify their information before publication to avoid misleading the public.