OIL FIRM RETURNS N62 BILLION NAIRA AFTERMATCH CRUDE SWAP DEAL UNDER EX PRESIDENT JONATHAN

The Nigerian National Petroleum Corporation, NNPC, said on Monday it had reached a final settlement with AITEO Group over an 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.
Under the crude swap deal by the NNPC during the Goodluck Jonathan administration, the NNPC allocated crude oil to trading companies in exchange for processed petroleum products. That deal was criticised by several analysts who argued that the oil firms were, in collusion with top public officials, cheating the Nigerian government. The government had said it embarked on the deal because, among others, the local refineries were not working optimally and so as to reduce cash payment for imported petrol.
On Monday, the NNPC spokesperson, Ndu Ughamadu said following extensive reconciliation of records between their business transactions and subsequent agreement, AITEO Group paid in full all its outstanding indebtedness to all NNPC downstream entities totalling about $202.35 million.
Mr. Ughamadu said the amount included AITEO’s share of the total $184 million indebtedness by three companies on crude swap obligations, which included Televeras Group of Companies and Ontario Oil Gas Ltd.
Although Televeras Group, at the end of negotiations with the NNPC, agreed pay an initial $17.2 million and $10 million subsequently, there was no earlier information on the offer by AITEO, which also agreed to settle its debt.
The NNPC spokesperson said on Monday that AITEO’s agreement to settle the $202.4 million debt following its engagement with the NNPC on the issue was a demonstration of its cooperation and commitment towards a successful recovery process.
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.o