Fake letters to buy crude in circulation, NNPC warns

Fake letters to buy crude in circulation, NNPC warns

Monday, October 6, 2014 7:28 pm

The Management of the Nigerian National Petroleum Corporation (NNPC), has raised the alarm over the circulation of fake letters of authorization purportedly from the NNPC to buy and/or sell Nigerian crude oil.

The Corporation Monday called on members of the public to be wary of persons with fraudulent intents circulating letters authorizing the lifting of Bonny Light crude oil from Nigeria.

A paragraph in one of the fake letters of authorization in circulation reads:

“We hereby confirm that the Nigerian National Petroleum Corporation (NNPC) has entered into Contractual arrangements directly with LAVI INTERNATIONAL CORP, to supply Bonny Light Crude Oil to the Lavi International Corp Associated Refineries and or Global Traders, and that the LAVI INTERNATIONAL CORP, has the power and authority to sell or otherwise deal with the Bonny Light Crude Oil, the subject of those contractual agreements”.

The NNPC, however, stated that MESSRS LAVI INTERNATIONAL CORP is not one of its crude oil off-takers for the 2014-2015 Term Contract Period and therefore has not been allocated any crude oil volume as speculated in the fake letter of authorization.

It further noted that the list of local and international companies duly approved as NNPC’s crude oil off-takers for the 2014-2015 Term Contract Period has been widely publicized and called on member of the public to avail themselves of such information to avoid being duped by unscrupulous elements.

“Meanwhile, we are working closely with relevant security agencies to track and bring to book all those behind these nefarious activities”, Management stated.

The NNPC statement was signed by Ohi Alegbe, its Group GM Public Affairs.

The alert came as Reuters reported that more than two-thirds of Nigeria’s crude oil cargoes for November deliveries are yet to be taken, amidst supply glut in the market.

Around 40 Nigerian crude oil cargoes were still available out of 63 loading in November, traders said on Monday, according to Reuters.

The news agency however reported that Nigerian crude differentials stabilised on Monday, although some traders said the market could come under further downward pressure given the limited

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