Contrary to news reports saying it was indebted to the Nigerian National Petroleum Corporation (NNPC) and Petroleum Products Marketing Company (PPMC), Total Nigeria Plc, on Tuesday told shareholders and investors that it was not and never indebted to both entities, “outside the ordinary course of business.”
According to the reports, the Economic and Financial Crimes Commission had recovered N328.9bn from nine major oil marketers, including Total Nigeria, being their indebted to the NNPC/PPMC.
The company expressed surprise at being mention in the reports after closing out on the issue with the EFCC and at various meetings with the National Assembly on the same matter.
“Our position has not waivered: “We are and were not indebted to NNPC/PPMC,” the statement by J.P. Torres, its managing director wrote in the statement to the Nigerian Stock Exchange (NSE), assuring that Total Nigeria Plc remains a good corporate citizen that operates its business in full compliance with existing laws and regulations.
“We write to state categorically that outside the ordinary coruse of business, at no time was Total Nigeria Plc indebted to NNPC/PPMC, all transactions between the organisations were in accordance with agreed payment trms and in the ordinary course of business.”
Torres recalled that Total was invited to the EFCC offices in Kano on May 4, 2017, wherein the company stated its position, which includes meeting its obligations as and when due and in line with agreed payment terms.