Crude Oil Swap: No report has ever indicted us – Aiteo

Aiteo-Energy-Limited28 March 2014, Abuja – Aiteo Energy Resources Limited has refuted a news story that it was indicted by a report of the Nigerian Extractive Industries Transparency Initiative (NEITI) on crude oil swaps during the company’s presentation to the Joint House Committee on Petroleum Upstream and Downstream and Justice on Wednesday.

In a statement issued Thursday by the company’s Deputy Managing Director, Mr. Francis Peters, Aiteo said no report had ever indicted it in its history, adding it had always been found above board by any panel of the federal government or report.

Peters said: “We reject in its entirety our company being referred to as ‘indicted’ in the said article. In her history, Aiteo has always been found above board by any panel or report.

“Despite the intensity of the probe by the Hon. Farouk Lawan Committee on Subsidy and the Aig-Imokhuede Committee, we were never indicted by anyone of them. We see this as a deliberate attempt to smear the good image of our company.

“For the avoidance of doubt, Aiteo Energy Resources Ltd does not have any Mr. Nnamadi in our employment. In addition, in no way can our presentation before the House committee be deemed as confirming the NEITI report.”
Peters added that the company “strongly contested the values communicated by NEITI as being the value of the over/under deliveries of refined products to NNPC, and went ahead to report what the true and fair values should be as per past reconciliation exercises with NNPC. At no time did Aiteo accept an under-delivery of 193,046,590 litres of product.”

He said that as part of its ongoing commercial relationship with NNPC, it had different moving balances, reiterating that none of these balances represented a past due obligation.

“Furthermore, it is imperative that NEITI issues a corrected report centred on the contract guiding the operations of this swap agreement and reflecting global best trade practices.

“Aiteo remains a responsible company which has continued its operations in line with international best practices and remains highly committed to growing the Nigerian energy sector, creating employment and adding great value to the Nigerian economy,” the deputy managing director said.


– Ejiofor Alike, This Day

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