The Nigerian National Petroleum Company Limited (NNPC Ltd.) has refuted claims that it owes international oil traders 6.8 billion dollars.

The NNPC’s statement follows a recent report alleging that the oil giant was in debt to foreign oil traders and had failed to remit revenue to the Federation Account since January.

Reacting to this, NNPC, in a statement through its spokesperson, OLUFEMI SONEYE, dismissed the allegation as inaccurate.

The company explained that while it operates on credit terms in the oil trading business, it is up-to-date with its payments and maintains open credit lines with multiple traders.