NNPC vows to fully recover $103m, N11bn from Ontario, Aiteo and Televaras


The Nigerian National Petroleum Corporation (NNPC), has vowed to achieve full recovery of the outstanding crude swap under-deliveries from three companies, Aiteo Energy Resources, Televaras Group of Companies and Ontario Oil and Gas Limited.

Addressing newsmen in Abuja, Group Managing Director of the NNPC, Maikanti Baru, said so far, the Corporation has recovered $208 million from Aiteo and Televaras.

Baru, who was represented by  Saidu Mohammed, Chief Operating Officer, Gas and Power, NNPC, said the Corporation is currently working hard to recover $103 million from Ontario.

Baru further stated that the NNPC has taken far-reaching? measures to recover N14 billion, being 130 million litres of missing Premium Motor Spirit, PMS, stored in the facilities of some depot owners.

According to Baru, one of these operators has fully complied by returning the expropriated volumes of oil products, adding that it is working with security agencies to recover about N11 billion from the second operator.

He also appealed to vandals to desist from the destruction of its facilities, stating that the act poses serious threat to economy of the country, among others.

He stated: “On security challenges, we are setting up an all-advisory security council involving critical stakeholders which include security agencies, Niger Delta youths and leaders, international oil companies, among others, to complement the Federal Government’s efforts towards addressing host communities agitations as well as ensuring lasting peace in the region.

“For the umpteenth time, we want to passionately appeal to those behind indiscriminate acts of infrastructure vandalism to put an end forthwith to these despicable acts which are a great threat to the economy, eco-system and energy security.

Baru commended the media for its role in combating crude oil theft and vandalisation, while he called for further support from the media in its quest to work with relevant stakeholders towards safeguarding the nation’s oil and gas facilities.