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Total Nigeria Plc - Allegation of Indebtedness

Proshare

Tuesday, August 08, 2017/ 1:23 PM /NSE

The Management of Total Nigeria Plc (Total) has been made aware of several publications in the press alleging that the Economic and Financial Crimes Commission (EFCC) has recovered a total of ₦328.9 billion from the nine major oil marketers (Total was named in some of these publications).

Total was invited to the EFCC offices in Kano on the 4th of May, 2017, at the meeting Total stated its position that it was not indebted to NNPC/PPMC except as in the ordinary course of business and pre-agreed payment terms (we have a 14 day credit window for payment for products received from NNPC/PPMC) and meet our obligations as and when due. We write to state categorically that outside the ordinary course of business, at no time was Total Nigeria Plc. indebted to NNPC/PPMC, all transactions between the organizations were in accordance with agreed payment terms and in the ordinary course of business. We are surprised that we are being mentioned in these reports as we had closed out on this with the EFCC  and had various meetings with the National Assembly on same wherein our position has not waivered: “we are and were not indebted to NNPC/PPMC.”

Total Nigeria Plc remains a good corporate citizen that operates its business in full compliance with all laws and regulation. We are dedicated to customer satisfaction and place a high premium on personal and corporate integrity. We proudly proclaim our strong business ethics, integrity and corporate governance practices.  We remain committed to serving the Nigerian people.


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