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Oil Firm Returns N62 Billion To NNPC Aftermath Crude Swap Deal Under Jonathan - Politics - Nairaland

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Oil Firm Returns N62 Billion To NNPC Aftermath Crude Swap Deal Under Jonathan by Priscy01(f): 5:51am On Mar 28, 2017

The Nigerian National Petroleum Corporation, NNPC, said on Monday it had reached a final settlement with AITEO Group over an outstanding $202.4 million (about N62 billion) debt in respect of under-delivery of petroleum products under the crude swap contract between 2012 and 2014.
Under the crude swap deal by the NNPC during the Goodluck Jonathan administration, the NNPC allocated crude oil to trading companies in exchange for processed petroleum products. That deal was criticised by several analysts who argued that the oil firms were, in collusion with top public officials, cheating the Nigerian government. The government had said it embarked on the deal because, among others, the local refineries were not working optimally and so as to reduce cash payment for imported petrol.
On Monday, the NNPC spokesperson, Ndu Ughamadu said following extensive reconciliation of records between their business transactions and subsequent agreement, AITEO Group paid in full all its outstanding indebtedness to all NNPC downstream entities totalling about $202.35 million.
Mr. Ughamadu said the amount included AITEO’s share of the total $184 million indebtedness by three companies on crude swap obligations, which included Televeras Group of Companies and Ontario Oil Gas Ltd.
Although Televeras Group, at the end of negotiations with the NNPC, agreed pay an initial $17.2 million and $10 million subsequently, there was no earlier information on the offer by AITEO, which also agreed to settle its debt.
The NNPC spokesperson said on Monday that AITEO’s agreement to settle the $202.4 million debt following its engagement with the NNPC on the issue was a demonstration of its cooperation and commitment towards a successful recovery process.
AITEO Energy owned by Benedict Peter and Francis Peter was one of the seven major Nigerian fuel importers identified by the Swiss non-governmental advocacy organization, the Berne Declaration, as the worst culprits in schemes employed by Nigerian and foreign fuel importers to swindle the country.

The report, published in November 2013 titled Swiss Traders’ Opaque Deals in Nigeria, described the schemes employed by Nigerian and foreign fuel importers, such as creating offshore subsidiaries referred to as “letterbox companies”, ship-to-ship transfer to create untraceable paperwork, payment of subsidy money to phantom and non-existing importers, and partnering with politically exposed fraudsters to defraud the country over $6.8 billion from 2009 and 2011.
The Lagos-based AITEO Energy, which is a subsidiary of Geneva-based Aiteo Suisse AG, was asked by the then Technical Committee on Payment of Fuel Subsidy to reimburse the Nigerian government over N578 million in subsidy fund it falsely collected.
The company was one of the three oil marketing firms whose offshore processing agreements were terminated on August 26, 2015 after the contract was found to have been ridden with corruption.
Mr. Ughamadu said as part of the debt recovery process, negotiations were still ongoing with the management of Ontario Oil & Gas Limited to make a formal commitment to settle all its outstanding debts under a crude oil swap contract that existed between 2012 and 2014.
Although Mr. Ughamadu told PREMIUM TIMES, Saturday, that the company, which was convicted recently for subsidy fraud, had offered its tank farm at Oghara in Delta state in lieu of the debt, he said the amount arrived at after the valuation of the facility was said to be far below an acceptable figure.
The NNPC spokesperson said the Group Managing Director of the Corporation, Maikanti Baru, has vowed to ensure that the ongoing recovery process was completed and all debts settled.
“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. The Corporation shall continue to provide further update on the recovery process,” he said.

Source; http://www.premiumtimesng.com/news/headlines/227297-oil-firm-returns-n62-billion-nnpc-aftermath-controversial-crude-swap-deal-jonathan.html

4 Likes 1 Share

Re: Oil Firm Returns N62 Billion To NNPC Aftermath Crude Swap Deal Under Jonathan by Lucy001(f): 5:57am On Mar 28, 2017
grin
This is good news to the Nigerian govt, but hope the returned money would be used for the betterment of the citizens in general, but why did it take so long for the monies to be returned, Godbless the federal govt of Nigeria.

Sms vote TBoss to 32052, via your mobile phones to keep Tboss in the show, tnx for ur votes!

3 Likes

Re: Oil Firm Returns N62 Billion To NNPC Aftermath Crude Swap Deal Under Jonathan by GogetterMD(m): 6:01am On Mar 28, 2017
Chai! Uncle Ebele, Aunty Dieziani and Aunty Ngozi.....only God can forgive you people. Harken close to him and seek forgiveness

76 Likes 3 Shares

Re: Oil Firm Returns N62 Billion To NNPC Aftermath Crude Swap Deal Under Jonathan by Justuceleague2: 6:01am On Mar 28, 2017
Is it me or does the figure look slightly smaller?



Anyways good job repaying the debt, interest should have been added though because this is nothing but theft with style


Buhari has done well

33 Likes

Re: Oil Firm Returns N62 Billion To NNPC Aftermath Crude Swap Deal Under Jonathan by CoolFreeday(m): 6:06am On Mar 28, 2017
God bless Nigeria God bless PMB. What we pray for, is systems that work, gradually we shall get there.
@Lucy001 and @Priscy01, keep booking space, una try, Weldon!

33 Likes

Re: Oil Firm Returns N62 Billion To NNPC Aftermath Crude Swap Deal Under Jonathan by Lucy001(f): 6:08am On Mar 28, 2017
CoolFreeday:
God bless Nigeria God bless PMB. What we pray for, is systems that work, gradually we shall get there.
@Lucy001 and @Priscy01, keep booking space, una try, Weldon!
Good morning sir, I am still reading, would make comment soon grin

1 Like

Re: Oil Firm Returns N62 Billion To NNPC Aftermath Crude Swap Deal Under Jonathan by Priscy01(f): 6:09am On Mar 28, 2017
CoolFreeday:
God bless Nigeria God bless PMB. What we pray for, is systems that work, gradually we shall get there.
@Lucy001 and @Priscy01, keep booking space, una try, Weldon!
Good morning daddy, I am d Op grin
Re: Oil Firm Returns N62 Billion To NNPC Aftermath Crude Swap Deal Under Jonathan by CoolFreeday(m): 6:14am On Mar 28, 2017
Priscy01:
Good morning daddy, I am d Op grin
Good morning swthrt, you're d Op by booking space abi? you try!
Re: Oil Firm Returns N62 Billion To NNPC Aftermath Crude Swap Deal Under Jonathan by CoolFreeday(m): 6:15am On Mar 28, 2017
Lucy001:

Good morning sir, I am still reading, would make comment soon grin
OK, happy reading. Good morning
Re: Oil Firm Returns N62 Billion To NNPC Aftermath Crude Swap Deal Under Jonathan by Priscy01(f): 6:22am On Mar 28, 2017
CoolFreeday:

Good morning swthrt, you're d Op by booking space abi? you try!
I reserve my comment sir cheesy
Re: Oil Firm Returns N62 Billion To NNPC Aftermath Crude Swap Deal Under Jonathan by Davash222(m): 6:22am On Mar 28, 2017
Lucy001:

Good morning sir, I am still reading, would make comment soon grin
You are still reading And you are the OP here.
Re: Oil Firm Returns N62 Billion To NNPC Aftermath Crude Swap Deal Under Jonathan by Agimor(m): 6:23am On Mar 28, 2017
I didn't read through that stuff, but from the heading I know it will indict GEJ our illustrious son of corruption.

29 Likes

Re: Oil Firm Returns N62 Billion To NNPC Aftermath Crude Swap Deal Under Jonathan by Atiku2019: 6:24am On Mar 28, 2017
cry cry cry cry

Re: Oil Firm Returns N62 Billion To NNPC Aftermath Crude Swap Deal Under Jonathan by CoolFreeday(m): 6:26am On Mar 28, 2017
Priscy01:
I reserve my comment sir cheesy
better o, what do you have to say before? #whatever you say will be use against you...

3 Likes

Re: Oil Firm Returns N62 Billion To NNPC Aftermath Crude Swap Deal Under Jonathan by Priscy01(f): 6:26am On Mar 28, 2017
Davash222:
You are still reading And you are the OP here.
Aint readin, jxt decide to stay
Re: Oil Firm Returns N62 Billion To NNPC Aftermath Crude Swap Deal Under Jonathan by CoolFreeday(m): 6:27am On Mar 28, 2017
Agimor:
I didn't read through that stuff, but from the heading I know it will indict GEJ our illustrious son of corruption.

Eya! As guilty as your 'illustrious son'

8 Likes

Re: Oil Firm Returns N62 Billion To NNPC Aftermath Crude Swap Deal Under Jonathan by Agimor(m): 6:31am On Mar 28, 2017
CoolFreeday:


Eya! As guilty as your 'illustrious son'
Only the truth shall set you free.

1 Like

Re: Oil Firm Returns N62 Billion To NNPC Aftermath Crude Swap Deal Under Jonathan by omenkaLives(m): 6:31am On Mar 28, 2017
I swear body tire me for this one. Not sure whether to hit Jo whom they refer to as their hero or hit they themselves..

Just look at this, and imagine it is one out of a gamut of such deals which we don't know about.

Please Nigerians, let us come together and give this admin the support she deserves. A whole lot was done in bad faith in the past and most of what we are experiencing today is largely a direct consequence of those actions.

We know it would take time but it is our hope if the needed public support is there, the momentum required to reach our destination could be sustained.

We just cannot continue being confrontational all the times simply because we don't like the man's face.

Na beg I dey beg una.

43 Likes 2 Shares

Re: Oil Firm Returns N62 Billion To NNPC Aftermath Crude Swap Deal Under Jonathan by Young03(m): 6:38am On Mar 28, 2017
I weak cant read this its too early

bt Gej n co thief oo
no wonder diezani dey use money do pillow
chai

8 Likes

Re: Oil Firm Returns N62 Billion To NNPC Aftermath Crude Swap Deal Under Jonathan by ybalogs(m): 6:43am On Mar 28, 2017
This money would have disappeared under the watchful eyes of some people .We for just dey hear about am inside toilets and cupboards. Good things surely coming our way under PMB by God's grace.Uncle Jonathan also tried sha .

11 Likes

Re: Oil Firm Returns N62 Billion To NNPC Aftermath Crude Swap Deal Under Jonathan by ybalogs(m): 6:45am On Mar 28, 2017
Diezani go dey bite her fingers now. O boy,money dey this country oooo.

5 Likes

Re: Oil Firm Returns N62 Billion To NNPC Aftermath Crude Swap Deal Under Jonathan by ybalogs(m): 6:50am On Mar 28, 2017
How much money do we need in a lifetime? What happens once you have everything money can buy and you still have bunkers filled with pensioners,civil servant's salaries,etc money? What then happens after death suddenly visits you? Some people still don't believe in life after death or they've probably have sold their after death for this present life. The earlier we realise we're just in this world just to prepare for an everlasting life the better. Good morning Nlanders.

7 Likes 2 Shares

Re: Oil Firm Returns N62 Billion To NNPC Aftermath Crude Swap Deal Under Jonathan by Priscy01(f): 7:26am On Mar 28, 2017
CoolFreeday:

better o, what do you have to say before? #whatever you say will be use against you...
In d court of law?? grin
Re: Oil Firm Returns N62 Billion To NNPC Aftermath Crude Swap Deal Under Jonathan by Funlordjnr: 8:00am On Mar 28, 2017
Ol boy which time dis deal happen again biko? undecided

9 Likes 1 Share

Re: Oil Firm Returns N62 Billion To NNPC Aftermath Crude Swap Deal Under Jonathan by geostrata(m): 8:12am On Mar 28, 2017
wink
Re: Oil Firm Returns N62 Billion To NNPC Aftermath Crude Swap Deal Under Jonathan by martineverest(m): 8:12am On Mar 28, 2017
sanity gradually returning

1 Like

Re: Oil Firm Returns N62 Billion To NNPC Aftermath Crude Swap Deal Under Jonathan by obajoey(m): 8:13am On Mar 28, 2017
The fear of Magu and whistle blowing.

1 Like

Re: Oil Firm Returns N62 Billion To NNPC Aftermath Crude Swap Deal Under Jonathan by legendte(m): 8:13am On Mar 28, 2017
Ok
Re: Oil Firm Returns N62 Billion To NNPC Aftermath Crude Swap Deal Under Jonathan by itiswellandwell: 8:14am On Mar 28, 2017
Just imagine!

1 Like

Re: Oil Firm Returns N62 Billion To NNPC Aftermath Crude Swap Deal Under Jonathan by Nobody: 8:14am On Mar 28, 2017
Lies, If Jonathan spent only 5 years in office and a new administration took over after that. This means an entirely new government and new policies, if deals were made and contracts were given during GEJ's tenure and this present administration wishes not to continue with it, it is now left for them to ask for the return of funds allocated towards such projects which they have done, how does that make Jonathan guilty of anything?

This Propaganda APC government sha, it's either you ensure such projects are implemented or you ask for refunds so why try to tarnish Jonathan's image?

6 Likes 1 Share

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