NEITI Report: NNPCL Denies Holding Back $2bn From Federation Account

The Nigerian National Petroleum Company (NNPC) Limited (NNPCL) has denied reports that it failed to remit $2 billion into the federation account.

Mele Kyari, its Chief Executive, made the denial in a statement issued by Olufemi Soneye, the company’s Spokesman.

The Non-Extractive Industries Transparency Initiative (NEITI), global transparency body, had reported that NNPC failed to remit $2 billion into the federation account in a recent report where it even scored NNPC high.

Kyari, however, said the NNPC did not hold back any fund from government, but what NEITI reported as non-remittance was what was due to the company as payment for taking the burden of fuel subsidy on behalf of the Federal Government.

He said the NNPCL would have released its Audited Financial Statement (AFS) for 2022 since June 2023, but could not do so because it had no substantive Board of Directors at that time.

Kyari said the financial statement would be published on the company’s website soon.