Economy News

AITEO’s Ben Peters Redeems $202m Debt to NNPC

AITEO’s Ben Peters Redeems $202m Debt to NNPC
  • PublishedMarch 28, 2017

The Nigerian National Petroleum Corporation (NNPC) says AITEO group, headed by one of Nigeria’s silent billionaires, Benedict Peters has paid up its debt.

NNPC Group General Manager, Group Public Affairs Division, Mr Ndu Ughamadu, announced this in Abuja on Monday.

AITEO Energy Resource Limited was one of the three companies the NNPC said were involved in the under-delivery of petroleum products to the corporation,

According to Ughamadu, the update is in line with the corporation’s pledge to provide members of the public with periodic information on its recovery efforts for crude swap under deliveries.

The NNPC had raised an alarm that AITEO, Taleveras Group of Companies and Ontario Oil and Gas owed 184 million dollars in crude swap under-deliveries.

”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 $202.34 million dollars

”The amount includes AITEO’s share of the 184 million dollars total indebtedness by three companies on crude swap obligations plus AITEO’s other downstream liabilities.

”It would be recalled that following its engagement with the NNPC on the issue, AITEO Group has demonstrated cooperation and commitment towards a successful recovery process,” Ughamadu said.

Taleveras had pledged to make a tranche payment of 17.2 million dollars but the NNPC was still engaging Ontario Oil & Gas Limited for mutual settlement.

”The corporation shall continue to provide further update on the recovery process,” Ughamadu said.

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