EFCC Only Recovered Pipeline Transportation Fees, Nembe Clarifies

The Economic and Financial Crimes Commission (EFCC) recently recovered pipeline transportation fees tied to the Nembe Creek Trunkline (NCTL). Nembe Exploration and Production Company Limited, formerly known as Aiteo Eastern Exploration and Production Company Limited, clarified that these funds are not related to the company's outstanding obligations.

The company's statement explained that media reports had inaccurately linked Nembe with the recoveries, particularly concerning the outstanding pipeline transportation fees. The oil company, now Nembe Exploration and Production Company Limited, clarified that it operated the NCTL on behalf of its Joint Venture (JV) with the Nigerian National Petroleum Company Limited (NNPCL) and provided transportation services to third-party operators, including Newcross Exploration and Production Limited.

These outstanding fees arose from the use of the pipeline and were pursued by Nembe on behalf of the JV. Nembe's management emphasized that their efforts to recover these payments through direct demands, correspondence, and engagements were unsuccessful. When the EFCC intervened, they used their powers to recover the funds owed to the JV.

Nembe stressed that the recovery of these fees is a settlement of outstanding payment obligations and not evidence of any wrongdoing by the company. The oil firm also noted that the separate issue of stamp duty arising from the acquisition of Oil Location Permit 29 and the NCTL remains under an ongoing reconciliation process with the relevant authorities.