The Nigerian National Petroleum Company Limited (NNPC Ltd.) has strongly refuted media reports alleging that it inflated its fuel subsidy claims by N3.3 trillion. In a press release issued on Monday, the company declared these claims to be baseless and unfounded.
“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,” stated Olufemi Soneye, the Chief Corporate Communications Officer of NNPC Ltd.
The company also dismissed any knowledge of an audit or probe into its subsidy claims, labeling the allegations as products of the reporters’ imagination. “NNPC Ltd. is neither aware of any audit of its subsidy claims nor the probe ensuing therefrom and wishes to state categorically that both ridiculous claims are products of the febrile imagination of the reporters and their respective media houses,” the statement read.
NNPC Ltd. emphasized its commitment to transparency and accountability, highlighting that it has routinely invited external auditors to review its financial records.
“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,” Soneye noted.
Furthermore, the company urged media practitioners to adhere to journalistic ethics by verifying information before publication to prevent public misinformation.
“NNPC Ltd. calls on media practitioners and media houses to exercise restraint and verify information before publication in keeping with the ethics of the noble profession of journalism to avoid misleading the public,” Soneye added.
NNPC Ltd. reiterated its stance on operating commercially and in accordance with the Petroleum Industry Act (PIA), resisting any attempts to politicize the issue of fuel subsidies.
“NNPC Ltd. will resist any attempt to drag the Company into the apparent politics of fuel subsidy as it currently operates on a commercial basis and the express provisions of the Petroleum Industry Act (PIA).”
This firm denial comes amid heightened scrutiny of fuel subsidy practices in Nigeria, a topic that has historically been fraught with controversy and public interest.