TOTAL Nigeria Denies NNPC/PPMC indebtedness


Afuwape Gbolabo

Total Nigeria has denied last week’s allegation by the Economic and Financial Crimes Commission(EFCC) that it recovered the sum of N328.9bn from nine major marketers, saying it was not indebted the Nigeria National Petroleum Corporation (NNPC) or Pipeline Product Marketing Company (PPMC) other than in the ordinary course of business and pre- agreed payment terms.

In a statement Tuesday and signed by J.P. Torres, Managing Director, the oil company stated that it was invited to the EFCC office in Kano on May 4, 2017, at the meeting TOTAL stated its position that is was not indebted to NNPC/PPMC except as in the ordinary course of business and pre-agreed payment terms.

The Oil firm further said, “we have a 14 day credit window for payment for products received from NNPC/PPMC and we meet our obligations as and when due.

The statement reads in part: “We write to state categorically that outside the ordinary course of business, at no time was TOTAL Nigeria Plc indebted to NNPC/PPMC, all transactions between the organisations were in accordance with agreed payment mentioned in these reports as we had closed out on this with the EFCC and had various meetings with the National Assembly on same wherein our position has not waivered: “We are not indebted to NNPC/PPMC”.

EFCC  last week in a statement on its web site said that its Kano office had recovered the sum of N328,988,296,990.62 (Three Hundred and Twenty Eight Billion, Nine Hundred and Eighty Eight Million, Two Hundred and Ninety Six Thousand, Nine Hundred and Ninety Naira, Sixty Two Kobo) from nine major oil marketers across the country.

The recovery was sequel to a petition against the leadership of Nigeria National Petroleum Corporation, NNPC and its subsidiary, Pipelines and Product Marketing Company, PPMC.

The petition alleged that a whooping sum of N40billion had been diverted by the major oil marketers in connivance with the leadership of the NNPC and PPMC.

The agency further stated that “further investigation into the allegation also revealed that the oil marketers had continued to obtain petroleum products from the government without proper payment, in violation of the NNPC/PPMC credit facility regulations; a probe of which further led to the discovery of N258, 928,926,351.93 (Two Hundred and Fifty Eight Billion, Nine Hundred and Twenty Eight Million, Nine Hundred and Twenty Six Thousand, Three Hundred Fifty One Naira, Ninety Three Kobo).

Following the latter discovery, the total amount of debt stands at N349,818,411,556.37 (Three Hundred and Forty Nine Billion, Eight and Eighteen Million, Four Hundred and Eleven Thousand, Five Fifty Six Naira, Thirty Seven Kobo).

Upon the conclusion of the preliminary investigation, officials of NNPC/PPMC and all the managing directors of the concerned companies which are NNPC retails, Conoil Plc, Total Plc, OVH Energy Plc, Oando Plc, Forte Oil and Gas Plc, Mobil Plc, MRS Oil Plc, and NIPCO Oil Plc were invited to the Kano Zonal Office of the Commission where their statements were recorded following which the recovery process commenced.

So far, a sum of N328,988,296,990.62 (Three Hundred and Twenty Eight Billion , Nine Hundred Eighty Eight Million, Two Hundred and Ninety Six Thousand, Nine Hundred and Ninety Naira, Sixty Two Kobo) has been recovered from the major oil marketers.

The outstanding debt now stands at N20,765,919,869.48 (Twenty Billion, Seven Hundred and Sixty Five Million, Nine Hundred and Nineteen Thousand, Eight Hundred Sixty Nine Naira, Forty Eight Kobo).

Meanwhile, Total has signed a partnership agreement with Blackbit Limited to distribute Solar Home Solution aimed at facilitating seamless nationwide access to Solar energy products to bridge the energy gap in homes.

The partnership will enable Blackbit distribute solar Home Solutions from the Total Energy Solutions brand in outlets in Abuja and Lagos.

Jean-Philippe Torres, Managing Director, Total Nigeria Plc, said: “Satisfying our unique customer needs is very important to TOTAL, which is why TOTAL is dedicated to continuous investment in research and innovation in pursuit of developing renewable energy products and services of the highest quality. This pursuit has led to the development of the Solar Energy Solutions from the TOTAL Energy Solutions brand, tailored to meet a wide range of home energy needs. Total Nigeria Plc is glad to be partnering with Blackbit Limited to make our quality Solar Home Solutions even more accessible and look forward to a fruitful relationship.”



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