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Aiteo Clarifies Status of its Contract with NNPC.

Written By Idoma Television on Tuesday, May 19, 2015 | 7:53:00 AM

Indigenous oil and gas company, Aiteo has clarified the status of its business with the Nigerian National Petroleum Corporation (NNPC), and denied the allegation that it was fronting for top officials of the present administration.

Iin a statement released by its Spokesperson, the company stated that it only started participating in the offshore processing agreement (OPA) with the NNPC three months ago.
“This was after the company was selected based on its capacity and ability to perform. The terms of this contract are clear, and  Aiteo has not breached any obligation in the OPA. Indeed, just last Friday, Aiteo had a reconciliation meeting with the NNPC, and the it was acknowledged that Aiteo is up to date in its contractual performance,” said the statement.

Aiteo further stated that OPA is a more cost-effective option to the previous regime of crude swaps that the country relied on for petroleum product suppliers.

According to the statement, Aiteo is a legitimate business, that has recently grown its workforce from 400 to 2000 to enable it effectively manage Oil Mining Lease (OML) 29, adding that it expects to substantially recruit above this number very soon.

To finance our asset acquisition and operations, the company said it had raised facilities from a consortium of banks, including Citibank, First Bank, Zenith and Union Bank.

“These creditors have duly subjected Aiteo to corporate governance and due diligence tests. Detail Commercial Solicitors of England conducted the due diligence on Aiteo, while the legal agreements were prepared by the prestigious firm of Aluko and Oyebode. The allegations of fronting for anyone are baseless,” the statement added.

According to the statement, any fair-minded reader will note that the Energy Compass report which was reproduced in the media is slanted to taint Aiteo with odium in a moment of transition.

“Aiteo will be taking necessary legal action to contest this unnecessary campaign of calumny against a legitimate business,” the company said.
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