NNPC REBUTS MEDIA CLAIM OF GHOST FIRMS LIFTING FUEL, SAYS REPORT IS MISLEADING

ABUJA, Nigeria – The Nigerian National Petroleum Corporation, NNPC has rebutted reports in a weekly newspaper alleging that contracts to lift fuel were awarded to ghost firms and that they moved a total of 67.2 million barrels of Nigerian Crude oil valued at about $3.5 billion between January-October 2017.

The reported listed AMG Petroenergy Limited, Brittania-U, Cassiva Energy, Hyde Energy, Masters Energy, Bono Energy Ltd and Sahara as non existing companies.

But in a statement, Group General Manager Group Public Affairs Division, NNPC, Mr. Ndu Ughamadu condemned the report, describing it as not only false but designed to mislead members of the public and disparage the corporation.

According to him, the affected companies are all registered with the Corporate Affairs Commission, and provided their CAC numbers for verification.

“AMG Petroenergy Limited (191430) Brittania-U Nigeria Ltd (284481), Cassiva Ltd(1091598), Hyde Energy Ltd(1051332)Masters Energy Oil& Gas Ltd(616872), Bono Energy Ltd (609822) and Sahara Energy Resources Ltd (318527)”, the he said.

Besides, the NNPC noted that the Companies collectively lifted a total of 8.8 million barrels of crude oil valued at $436.35 Million as at 30th October 2017 contrary to the claim that 67.2 million barrels were lifted.

“The above clarifications demonstrate that the allegations are not only baseless but intended to mislead the public while disparaging the Corporation”, he said, stressing that all crude oil lifting transactions are backed by irrevocable letters of credit issued by investment grade banks and, therefore, all payments are pre-secured.

“The liftings by the Seven (7) companies and all other off-takers are bound by these requirements”, he said adding that NNPC remains open to media that wish to cross-check their facts to avoid misrepresentation as in the case being referenced.

See full statement below

COMPANIES LIFT 8.8 MILLION BARRELS OF CRUDE OIL

The attention of the Nigerian National Petroleum Corporation (NNPC) has been drawn to a story in a national weekly alleging that the following Companies: AMG Petroenergy Limited, Brittania-U, Cassiva Energy, Hyde Energy, Masters Energy, Bono Energy Ltd and Sahara are Ghost Companies and have lifted a total of about 67.2Million Barrels of Nigerian Crude oil valued at about $3.5 billion between January-October 2017 from NNPC.

Contrary to the assertions, NNPC duly entered into the 2017/2018 crude oil term contracts with the Companies in their appropriate registered corporate names as follows:

AMG Petroenergy Limited (191430) Brittania-U Nigeria Ltd (284481), Cassiva Ltd(1091598), Hyde Energy Ltd(1051332)Masters Energy Oil& Gas Ltd(616872), Bono Energy Ltd (609822) and Sahara Energy Resources Ltd (318527).

Furthermore, the Companies collectively lifted a total of 8.8 Million Barrels of crude oil valued at $436.35 Million as at 30th October 2017 contrary to the claim that 67.2Million Barrels were lifted.

The above clarifications demonstrate that the allegations are not only baseless but intended to mislead the public while disparaging the Corporation.

The Corporation wishes to place on record that all crude oil lifting transactions are backed by irrevocable letters of credit issued by investment grade banks and, therefore, all payments are pre-secured.

The liftings by the Seven (7) companies and all other off-takers are bound by these requirements. NNPC remains open to media that wish to cross-check their facts to avoid misrepresentation as in the case being referenced.