Pipeline transportation fees were owed to JV, not recovered from Nembe - Management clarifies

Nembe Exploration and Production Company Limited (“Nembe”), formerly known arsenic Aiteo Eastern Exploration and Production Company Limited, has reacted to media reports concerning the Economic and Financial Crimes Commission's (EFCC) betterment of funds from lipid companies implicit outstanding obligations relating to the Nembe Creek Trunkline.

The publications, which notation to Aiteo alongside Newcross Exploration and Production Limited, person created a misleading content of Nembe's relation successful the recoveries, peculiarly regarding outstanding pipeline proscription fees.

In a connection issued connected Friday, the absorption reminded the nationalist that the company's sanction was changed to Nembe Exploration and Production Company Limited successful the 2nd 4th of 2025.

It said Nembe, arsenic relation of the Nembe Creek Trunkline (NCTL) connected behalf of its Joint Venture (JV) with the Nigerian National Petroleum Company Limited (NNPCL), provided crude lipid proscription services to third-party operators, including Newcross. Over time, outstanding proscription fees arose from the usage of the pipeline, which Nembe was liable for pursuing connected behalf of the JV.

The substance dates backmost respective years, to a play erstwhile the Nigerian lipid and state manufacture was grappling with wide crude lipid theft, pipeline vandalism, insecurity and different operational disruptions, peculiarly since the COVID-19 period. The problems had affected crude proscription done the NCTL and made the reconciliation of volumes delivered by...