The Lagos-based AITEO Energy, which is a subsidiary of Geneva-based Aiteo Suisse AG, has reached a settlement with the Nigerian National Petroleum Corporation (NNPC) over 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.
The NNPC in a recent release by its Group General Manager, Group Public Affairs Division, Ndu Ughamadu said in line with the ongoing reforms in the industry, 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.
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 $184 million total indebtedness by three companies on crude swap obligations plus AITEO’s other downstream liabilities. 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.
Aside AITEO, two other companies are involved in the crude swap under deliveries. They are: Televaras Group of Companies and Ontario Oil Gas Ltd.
Televeras Group, at the end of negotiations with the NNPC, agreed pay an initial $17.2 million and $10 million subsequently while NNPC is still having ongoing negotiation with Ontario Oil Gas Ltd.
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.
