NNPC Ltd Dismisses Allegations of Inflated Subsidy Claims

In response to recent media reports alleging inflated subsidy claims, the Nigerian National Petroleum Company Limited (NNPC Ltd) has disclaimed the accusations. 

According to the reports, NNPC Ltd was purportedly involved in inflating subsidy claims by N3.3 trillion. 

However, the company has refuted these claims, asserting its diligence in conducting business with accountability and transparency, adhering to international best practices. 

The company maintains that it has never engaged in inflating subsidy claims with the Federal Government. NNPC Ltd further clarifies that all previous subsidy claims are meticulously documented and can be verified, with relevant records and documents already submitted to the appropriate authorities and agencies.

“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.”

Again, NNPC Ltd categorically states that it is not aware of any ongoing audit or probe into its subsidy claims. The company labels the allegations as baseless and products of the reporters’ imagination. 

NNPC Ltd emphasizes its determination to resist any attempt to involve it in the politics surrounding fuel subsidy issues. The company explains that it now operates on a commercial basis in accordance with the provisions of the Petroleum Industry Act (PIA).

Highlighting its focus on transparency and accountability, NNPC Ltd revealed that it has independently invited external auditors on several occasions to review its books. “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.”

The company urges media practitioners and outlets to exercise caution and verify information before publication. The company stresses the importance of adhering to journalistic ethics to prevent the dissemination of misleading information to the public.

Olufemi O. Soneye, Chief Corporate Communications Officer at NNPC Ltd, issued the statement from the company’s headquarters in Abuja on June 10, 2024. The NNPC Ltd calls for responsible reporting to preserve the integrity of the profession and maintain public trust.