Update on NNPC’s Recovery of Crude Swap Under-Deliveries: AITEO Settles $202million Outstanding Obligations

by Chinora Ugwu 

In 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 NNPC in a recent release by its Group General Manager, Group Public Affairs Division, Ndu Ughamadu said in line with the ongoing reforms in the industry, 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 therefrom, 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.

Aside AITEO, two other companies are involved in the crude swap under deliveries. They are: Televaras Group of Companies and Ontario Oil Gas Ltd.

It would be recalled that following its engagement with the NNPC on the issue, AITEO Group has demonstrated cooperation and commitment towards a successful recovery process.

Already, Televaras has pledged to make a tranche payment of $17.2 million. However, the NNPC is still engaging Ontario Oil & Gas Limited for mutual settlement.

The Corporation shall continue to provide further update on the recovery process.

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