Several Nigerian independents failed to pay petroleum profit tax in 2015 – NEITI


According to the latest audit report of the Nigerian Extractive Industry Transparency Initiative (NEITI), sixteen Nigerian owned companies, all of them hydrocarbon producers, defaulted on payments of Petroleum Profit Tax (PPT) to the country’s coffers in the year 2015, Africa Oil + Gas Report states.

Those that were reported to have defaulted on PPT payment included AITEO, Allied Petroleum, Atlas Petroleum, Dubri Oil, Energia, Eroton, Express Petroleum, Frontier Oil, Network E&P, Oando OML 125&134, Oando Qua Ibo Ltd, Prime Energy, Seplat, Shebah, South Atlantic Petroleum (SAPETRO) and Universal Petroleum.

But several Nigerian companies were in compliance, according to the details of the report. Waltersmith Petroman paid PPT in 2015, so did Pillar Oil, Oando Hydrocarbons, NDPC, NDPR, Newcross, Midwestern, First Hydrocarbon, Continental Oil, Conoil, Amni and Pan Ocean, the report indicates. Those are 12 companies.

Four other Nigerian independents – Shoreline, Oriental, Neconde and Elcrest – did not pay the PPT because they were “enjoying pioneer status”. Three others, Britannia U, ND Western and Platform do not have any payments credited to them in the report, but they were not included among defaulters.