Under the swap arrangement, the NNPC allocated crude oil to trading companies in exchange for processed petroleum products.

The Nigerian National Petroleum Corporation (NNPC) has announced that three crude oil marketing firms have agreed to pay over $184 million for under-delivery of crude oil recorded under the former petroleum product swap regime.

Under the swap arrangement, the NNPC allocated crude oil to trading companies in exchange for processed petroleum products.

Premium Times reports that the group managing director of the corporation, Maikanti Baru, said the repayment agreement was arrived on Thursday, March 23, as part of ongoing reconciliation process with the three companies, namely AITEO Energy Resource Limited, Ontario Oil and Gas Limited and Televaras Group of Companies.

According to details of the agreement, Taleveras committed to an initial settlement of $17.2 million payment within two weeks, and a further payments in $10 million tranches later, NNPC said in a statement.

Ontario also agreed to pay $10 million, although the NNPC did not say how much AITEO agreed to pay.

‘’We have engaged them and positively. So far AITEO has been very cooperative and we had extensive reconciliation across all our chains of businesses where they are involved,” the group managing director of the NNPC, Maikanti Baru said.

The GMD said Televaras agreed to make a tranche payment of $17 million, while Ontario has also agreed to come to the table with our team and present their repayment schedule.
He commending the three companies involved in the crude oil swap for coming forward to reconcile their accounts and agreeing on a settlement plan to bring the long standing matter to a closure.

In other news, Naij.com has reported that the World Bank approved a $200 million loan to Nigeria to support the federal government’s effort to boost agriculture.

According to Premium Times, the loan from the International Development Association, World Bank’s low-interest arm, has a maturity of 25 years with a grace period of five years is to support small and mid-scale farmers.

The bank, in a statement on Friday, March 24, said about 60,000 individuals will benefit directly from the funding, of which 35 % are women.

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