Aiteo denies allegation of complicity in $1.2bn swap deal

Integrated energy group Aiteo has denied claims it is the subject of an inquiry by the House of Representatives over an alleged payment of $1.2billion into the Central Bank of Nigeria’s (CBN) Petroleum Profit Tax (PPT) account and involvement in questionable crude oil transactions from 2011 through 2014.

 Ewariazi Useh   Managing Director, Aiteo Downstream,    in a   statement made available to newsmen, said the Group has no records of receiving any invitation from the Committee of the National Assembly concerning the inquiry that is the subject matter of a recent report by a media organisation relating to the alleged export of $17billion undeclared crude and gas resources from the country.

 He said it is common and public knowledge that Aiteo has operated extensively and transparently in the Upstream and Downstream space for several years.  “We have participated in and provided information to several inquiries and investigations into activities in the Oil and Gas industry conducted by the National Assembly, over several years and will continue to do so if asked as we consider this oversight function critical to the smooth functioning of this most important segment of the economy.  The comments attributed to us within the media are, quite simply, totally inaccurate and untrue.”

The Aiteo boss said what is worse is that the comments were published without   his organization being afforded an opportunity to clarify or attest to its veracity.

According to  Useh, the  discrepancies” that the article identified relating to the Federal Inland Revenue Services’ (FIRS) tax records when compared with monies remitted into the PPT account raises a disturbing dimension.  “As we have stated, the National Assembly is obliged, in its oversight role, to investigate matters relating to fraud or corruption leading to adverse fiscal consequences to the country as a whole.   We are aware that when this happens, industry players are usually requested to assist the relevant Committee by attendance, provision of oral explanation of role and involvement as well as tender documents”.

He said: “For the record, Aiteo and NNPC have reconciled our respective group accounts fully, completely and satisfactorily. This exercise has culminated in a position that shows that no Aiteo entity is indebted to NNPC or any of its subsidiaries.  This information and position has been advised to the House of Representatives and confirmed by the press statement issued by NNPC in March 2017.”

Olusola Bello