A Review of the Nigerian Energy Industry

NNPC denies owing Lutin N95bn

25 May 2015, Abuja – The Nigerian National Petroleum Corporation on Sunday denied owing Lutin Investment Limited the sum of N95bn, insisting that all contentious issues between the two firms had been laid to rest.

NNPC-logo-335x270With regard to the award of N95bn compensation by a French court against the NNPC in favour of Lutin Investment in a long standing dispute, the corporation said it had fully paid the amount.

“Therefore, as far as the NNPC is concerned, all issues arising from the Lutin arbitration have been finally settled and there is no judgment debt of N95bn or any amount whatsoever due from the NNPC to Lutin,” NNPC said, in a statement on Sunday.

The national oil firm explained that the saga began in 2007, when Lutin Investments Limited obtained the judgment against the NNPC.


– Punch

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