Nembe Exploration and Production Company Limited has clarified its role in the recent recovery of outstanding pipeline transportation fees by the Economic and Financial Crimes Commission (EFCC), insisting that the recovered funds were owed to its joint venture (JV) and not taken from the company.
The company, formerly known as Aiteo Eastern Exploration and Production Company Limited, said recent media reports linking it to the EFCC’s recovery of funds from oil companies had created a misleading impression about its involvement in the matter.
In a statement issued on Friday, Nembe explained that it operated the Nembe Creek Trunkline (NCTL) on behalf of its joint venture with the Nigerian National Petroleum Company Limited (NNPCL).
According to the company, it provided crude oil transportation services to third-party operators, including Newcross Exploration and Production Limited, which subsequently accumulated outstanding transportation fees.
“The position is straightforward. Nembe, as operator of the Nembe Creek Trunkline
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