NNPC Retail along with 22 major and independent petroleum products marketing firms owe FG at least N86.4 billion by July 21
Among the debtors include firms owned by Tinubu, Otedola and Adenuga
Wale Tinubu owes the largest chunk as his firm Oando PLC owes the government N25.05 billion
Fresh documents obtained by Premium Times have shown that some of Nigeria’s and Africa’s richest billionaires owe the federal government billions of naira.
According to the report, the Nigerian National Petroleum Corporation (NNPC) subsidiary, NNPC Retail, along with 22 major and independent petroleum products marketing firms owed the federal government at least N86.4 billion by July 21, 2016.
NNPC Retail along with 22 major and independent petroleum products marketing firms owe FG at least N86.4 billion by July 21
The debts are in respect of products allocated to the companies by the Pipelines and Products Marketing Company (PPMC) for distribution over the last 10 years.
It was gathered that members of the Major Oil Marketers Association of Nigeria (MOMAN) and the NNPC Retail (mega filling stations) account for about 85% of the debt, while the independent marketers owe the balance.
The debts owed by the major marketers include NNPC Retail (N22.56 billion), Oando (N25.05 billion), Forte Oil (N10.09 billion), Nigerian Independent Petroleum Company (NIPCO) N5.5 billion, Total Oil (N1.42 billion), Conoil (N1.3 billion) and Mobil Oil (N276.95 million).
The debts from the independent marketers include Master Energy (N5.5 billion), MRS Oil & Gas (N3.997 billion), Heyden Petroleum (N2.7 billion), Danium Petroleum (N2.35 billion), A&E Petroleum (N1.89 billion), Rahamaniyya Petroleum N1.65 billion), Càpital Oil (N1.3 billion), and Amicable Petroleum (N495.35 million).
Others are Aiteo Petroleum (N426.37 million), Honeywell Oil (N40.96 million), DM Kurfi (N36.11 million), Ascon Petroleum (N20.04 million), Azman Oil (N19.35 million), Felande Petroleum (N8.4 million), Sharon Oil (N3.8 million) and Zamson Petroleum (N3.06 million).
From the documents, Oil king Wale Tinubu owes the largest chunk as his firm Oando PLC owes the government N25.05 billion.
Tinubu, Otedola, Adenuga, others owe FG N86.4 billion
Femi Otedola, another billionaire, owns Forte Oil, which is responsible for N10.09 billion, while Conoil which is owned by Mike Adenuga, who is also the telecoms company, Globacom, owes N1.3 billion.
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