Otedola, Adenuga, Others Owe Nigeria N86.4bn – Report

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As many as 22 major and independent petroleum products marketing firms including NNPC, Conoil and, Forte oil owe the Nigerian government a whopping N86.4 billion according to a report.

Premium Times reports that theses numbers are due to products allocated to the companies by the Pipelines and Products Marketing Company (PPMC) over the period of 10 years.

85 per cent of the debt is owed by Members of the Major Oil Marketers Association of Nigeria (MOMAN) and the NNPC Retail (mega filling stations), the remaining 15 per cent is owed by Independent marketers.

Premium Times gives the breakdown of the companies owing as; NNPC Retail (N22.56 billion), Oando (N25.05 billion), Forte Oil (N10.09 billion), Nigerian Independent Petroleum Company (NIPCO) N5.5 billion, Total Oil (N1.42 billion), Conoil (N1.3 billion) and Mobil Oil (N276.95 million).

The numbers also show the amounts owed by independent marketers to be as follows; Master Energy (N5.5 billion), MRS Oil & Gas (N3.997 billion), Heyden Petroleum (N2.7 billion), Danium Petroleum (N2.35 billion), A&E Petroleum (N1.89 billion), Rahamaniyya Petroleum N1.65 billion), Càpital Oil (N1.3 billion), and Amicable Petroleum (N495.35 million).

Conoil and Forte oil are owned by Mike Adenuga and Femi Otedola respectively. Also Oando who owe around N25bn is owned by Wale Tinubu.


Famutimi Femi is a writer for theheraldng. He is also a lawyer by trade. His hobbies include reading and writing, he also loves Renaissance art.

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