by Azeez Adeniyi

The Nigerian National Petroleum Corporation (NNPC) has said it has reached a final settlement with Aiteo Group over crude swap under-deliveries.

In a statement by its Group General Manager, Group Public Affairs Division, Ndu Ughamadu, NNPC said Aiteo Group had paid in full all its outstanding indebtedness to the NNPC downstream entities amounting to $202,344,838.62.

“The amount includes Aiteo’s share of the $184m total indebtedness by three companies on crude swap obligations, plus Aiteo’s other downstream liabilities,” the corporation said.

It added that the Televaras Group of Companies and Ontario Oil Gas Limited were also involved in the crude swap under-deliveries.

“Already, Televaras has pledged to make a tranche payment of $17.2m. However, the NNPC is still engaging Ontario Oil and Gas Limited for mutual settlement. The corporation shall continue to provide further update on the recovery process,” it added.