SEPLAT Petroleum Denies Short-Changing Nigerian Government

LONDON (Alliance News) - SEPLAT Petroleum Development Co PLC on Tuesday "strongly" denied it has ...

Alliance News 28 May, 2019 | 11:10AM
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LONDON (Alliance News) - SEPLAT Petroleum Development Co PLC on Tuesday "strongly" denied it has failed to make sufficient payments owed to the Nigerian government.

SEPLAT, responding to press reports in Nigeria, said it has made all royalty, rental and penalty payments required to the government.

On Sunday, Nigeria's Punch said Nigerian Petroleum Development Co Ltd and joint venture partner SEPLAT short-changed the state by USD1.8 billion between 2013 and 2017.

The vast majority is owed by NPDC, said Punch, but SEPLAT owes USD33.4 million.

SEPLAT, which produces from a variety of assets in Nigeria, was trading 3.7% lower in London on Tuesday morning at 117.50 pence a share.

By George Collard; georgecollard@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar Rating
SEPLAT Petroleum Development Company PLC 110.00 GBX 0.92 -
SEPLAT Petroleum Development Company PLC 490.00 -
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