Seplat denies cutbacks in oil royalties to govt.

Seplat

Nigeria’s indigenous oil company, Seplat Petroleum Development Company Plc, Seplat, has issued a statement denying that it “failed to remit complete dues” on royalties.

The media report claimed that Seplat withheld royalties on oil, gas concessional rental and gas flared penalty from 2013 through 2017.

The company said in a rebuttal that “Seplat strongly refutes the allegation of non-payment of Gas sale royalty, Oil royalty, Concession rental and Gas flare penalty and confirms that it is up to date on all statutory payments to the FGN. Seplat will vigorously defend its position.”

Seplat has a dual listing on the London Stock Exchange and the Nigerian Stock Exchange.