NNPCL denies allegations of inflated subsidy claims

The Nigerian National Petroleum Company Limited (NNPCL) has strongly denied allegations of inflating subsidy claims by N3.3 trillion.

In a statement issued by Chief Corporate Communications Officer Femi Soneye, the company described the report as “ridiculous” and stressed that it operates with accountability and transparency, adhering to international best practices.

NNPCL clarified that all past subsidy claims are verifiable and supported by relevant records and documents, which have been submitted to the appropriate authorities and agencies.

The company emphasised that it is not aware of any audit or investigation into its subsidy claims and reaffirmed that it operates commercially under the guidelines of the Petroleum Industry Act (PIA).

Moreover, NNPCL has engaged external auditors to review its financial records as part of its commitment to its Transparency, Accountability & Performance Excellence (TAPE) initiative.

The statement also urged media practitioners to verify their information before publication to prevent the dissemination of misleading reports.

SEE THE FULL STATEMENT BELOW:

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