NNPC LTD Denies Allegations Of Inflated Subsidy Claims

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

According to a statement issued by the Chief Corporate Communications Officer, Femi Soneye, on Monday, the company described the report as “ridiculous” and emphasized that it conducts its business accountably and transparently, following international best practices.

The company clarified that all previous subsidy claims are verifiable, with relevant records and documents sent to authorities and agencies.

NNPCL also stated that it is unaware of any audit or probe into its subsidy claims and operates commercially, based on the Petroleum Industry Act (PIA).

In addition, the company says it has invited external auditors to review its books, in line with its Transparency, Accountability & Performance Excellence (TAPE) mantra.

The statement urged media practitioners to verify information before publication to avoid misleading the public.