TheCable

The Nigerian National Petroleum Corporation (NNPC) says that AITEO Group has settled its outstanding crude swap underdeliveries worth over $202 million to Nigeria.

A statement released by the corporation on Monday and signed by Ndu Ughamadu, group general manager, group public affairs division, made this known.

“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 statement read in part.

“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.”

NNPC said that other than AITEO, two other companies are involved in crude swap under deliveries and one of the affected companies has pledged to make a payment.

“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.”