Newsexpress place banner advert Yudala genuine products
Aiteo dismisses allegation of complicity in $1.2bn crude swap deal

By News Express on 05/05/2017

Share on facebook Yahoo mail icon Gmail icon

Views: 221


Integrated energy group Aiteo has denied claims it is the subject of an inquiry by the House of Representatives over an alleged payment of $1.2billion into the Central Bank of Nigeria’s (CBN) Petroleum Profit Tax (PPT) account and involvement in questionable crude oil transactions from 2011 through 2014.

In a release made available to News Express on Friday evening, Managing Director, Aiteo Downstream, Mr. Ewariazi Useh, said the Group has no records of receiving any invitation from the Committee of the National Assembly relating to the inquiry that is the subject matter of a recent report by a national daily relating to the alleged export of $17 billion undeclared crude and gas resources from the country. 

He said: “In consequence, no statements or explanation has been provided, on this subject, in this respect, by Aiteo or any of its authorised representatives.  It is common and public knowledge that Aiteo has operated extensively and transparently in the Upstream and Downstream space for several years.  We have participated in and provided information to several inquiries and investigations into activities in the Oil and Gas industry conducted by the National Assembly, over several years and will continue to do so if asked as we consider this oversight function critical to the smooth functioning of this most important segment of the economy.  The comments attributed to us within this publication are, quite simply, totally inaccurate and untrue. 

“What is worse is that these comments were published without our being afforded an opportunity to clarify or attest to its veracity.  Our view is that this, unfortunately, meant that we did not have the opportunity to demur and thus prevent information of dubious provenance to be circulated in a manner that has now caused us considerable prejudice. The lack of credibility coupled with the manner in which this publication projects Aiteo clearly offend commercial and legal sensibilities in circumstances that amount to defamation, a situation that we are referring to our lawyers for further and fuller consideration.”

According to Mr. Useh, the “discrepancies” that the article identified relating to the Federal Inland Revenue Services’ (FIRS) tax records when compared with monies remitted into the PPT account raises a disturbing dimension. He said: “As we have stated, the National Assembly is obliged, in its oversight role, to investigate matters relating to fraud or corruption leading to adverse fiscal consequences to the country as a whole. We are aware that when this happens, industry players are usually requested to assist the relevant Committee by attendance, provision of oral explanation of role and involvement as well as tender documents.

“The newspaper account does not make it clear that this is what was done nor does it logically explain why it appears that Aiteo has been singled out as the arrowhead of this significant infraction and scandal. This is despite the fact that at least 10 other significant industry players were summoned by the House of Representatives for the same inquest. None of them received anywhere near the level of adverse coverage that we have now experienced, leading us to the unavoidable conclusion that this attention was deliberate and designed to cause Aiteo maximum, inexplicable embarrassment.

“For the record, Aiteo and NNPC have reconciled our respective group accounts fully, completely and satisfactorily. This exercise has culminated in a position that shows that no Aiteo entity is indebted to NNPC or any of its subsidiaries.  This information and position has been advised to the House of Representatives and confirmed by the press statement issued by NNPC in March 2017. For the avoidance of any doubt whatsoever, NNPC has declared, in categorical terms that Aiteo has no outstanding debts accruing from the Crude Oil Swap, the subject of the newspaper’s quite unfortunate publication. We stand by this report and reiterate that we have conducted our business strictly within the confines of our agreements with the Federal Government as an indigenous NNPC Joint Venture Operator focused on ramping up oil production in meeting with the growing demands of our economy.

“Aiteo is driven by an unwavering commitment to integrity, transparency and accountability to its shareholders throughout its areas of operation. This commitment is the cornerstone of our resilience and accomplishments in the industry as these attributes underpin our resolve to consistently provide Nigeria with integrated energy solutions that power the future.  It is our belief that this reluctant explanation has fully clarified the position which we invite the Punch Newspapers to acknowledge in due course.”

Source News Express

Posted 05/05/2017 07:39:20 AM

 

Share on facebook Yahoo mail icon Gmail icon


 

CLASSIFIED ADS

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

 

You may also like...
Nigeria operating unitary federalism: Atiku •Insists true federalism...

Rivers APC dares police over ban on rallies...

Okonjo-Iweala opens up on international appointments •How she...

Ebonyi to spend over N1b on Abalakiki street...

ANOTHER ORGANISED WASTE OF TIME, by Olusegun Adeniyi...

Governor Obi whips Ngige, APC for disrespecting royal...

Death toll in Taraba political crisis hits 30...

Chelsea crash out Champions League; bundled out by...

Go for your Permanent Voter’s Card, Utuama tells...

2013 SUBSIDY PAYMENTS HIT N287.3 BILLION •Payments decline...

Female suicide bomber blows self up at Kano...

Evil son kills mother, burns body •Blames frustration...

 

Latest News FG approves $470 million for Abuja water project Group warns against unconditional amnesty for ex-Boko Haram terrorists Public schools dumping ground for less-privileged children: NANS BREAKING: Arsenal overcome Chelsea to win FA Cup 34 prisoners get pardon in Cross River Kwara United star slumps, dies All set for musical fireworks to climax Lagos golden jubilee celebrations Yenagoa flood disaster sad and unfortunate: Dickson •Warns against indiscriminate dumping of refuse Alumni association sponsors ultra-modern toilet at FGC Owerri British Airways cancels flights as global IT outage takes toll Amaechi: 52 garlands for an enigma, gallant, resolute and misunderstood democrat Osinbajo jets out to Italy for G7 Summit

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (246,753 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (223,204 views) Shameless Genevieve Nnaji exposes breasts in public (184,933 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (165,454 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (158,553 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (138,508 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (120,960 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (118,266 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (106,293 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (102,648 views) Lagos plane crash: Journalist releases victims’ names (101,334 views) APC cries foul as PDP’s Fayose takes early lead in Ekiti governorship election (95,552 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (27) Business (2,563) Business Verdict (16) Columnists (685) Complaints & Requests (90) Enterprise & Opportunities (153) Entertainment (323) Features (448) Global Business Monitor (152) International (1,378) Interviews (122) Live Commentary (28) Love Matters (54) News (24,764) Opinion (721) Pidgin (8) Politics (3,701) Religion (535) Sports (1,267) Stock Watch (18) AMA & Al Jazeera Global Update

 

Words on marble

 

UBA Wise Savers Promo

 

Machester United vs Ajax

 

APO Newsbreak logo

 

CLASSIFIED ADS

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement



 

 

CLASSIFIED ADS

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!