The management of the Nigeria National Petroleum Corporation (NNPC) has stated that a business partner, AITEO has settled its outstanding obligations of $202 million to the Corporation.
According to the statement from the Group General Manager, Group Public Affairs Division of NNPC, Ndu Ughamadu the settlement included AITEO’s share of the $184 million of the crude-swap product under deliveries that involved three companies.
The Corporation had vowed to recover the $184 million crude swap product under-deliveries from the three companies.
However, Ughamadu on Monday on the recovery said: “ln line with its pledge to provide members of the public with periodic updates on its recovery efforts for crude swap under deliveries, the Nigerian National Petroleum Corporation (NNPC) is pleased to confirm that it has now reached a final settlement with AITEO Group.
“The Management of the Corporation under the leadership of Dr. Maikanti Baru is committed to ensuring transparency and adequate public information on the ongoing recovery effort.
“Following extensive reconciliation between both parties across their business transactions and subsequent agreement by the parties there from, the Corporation wishes to state that AITEO Group has paid in full all its outstanding indebtedness to our downstream entities amounting to $202,344,838.62.
“The amount includes AITEO’s share of the $184million total indebtedness by three companies on crude swap obligations plus AITEO’s other downstream liabilities.”