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$9.6bn judgment debt: NNPC subsidiary, Duke Oil shuts down London operations


By Anthony Okafor

The commodity trading subsidiary of the Nigerian National Petroleum Corporation, NNPC, Duke Oil Services, has closed down its operations in London.

This is probably as a result of the $9.6 billion judgement claim instituted against Nigeria by Process and Industrial Development, P&ID, Limited. P&ID had secured an order from a British court to seize Nigeria’s assets in the United Kingdom and elsewhere over the failure of the country to pay the judgement debt.

In a filing to the authorities in London, through ‘Companies House’ in July, Duke Oil Services had disclosed that it would cease trading in the United Kingdom by June 2019 and would become dormant by December 31, 2019. The filing was signed by Inuwa Ibrahim Waya, a Director of Duke Oil.

$9.6bn judgment debt: NNPC subsidiary, Duke Oil shuts down London operations
$9.6bn judgment debt: NNPC subsidiary, Duke Oil shuts down London operations

Waya said, “After considering the outlook for the company’s affairs for the next 12 months, the Directors have taken the decision to relocate the company’s operations overseas in quarter two of 2019. At this point, the company will cease trade and is expected to be dormant after the year ended 31 December 2019.

“The directors expect an orderly winding down of activity during which time all liabilities of the company are expected to be paid and all receivable balances collected. Where possible, equipment will be transferred to the new location and any remaining non-current assets sold for the rcoverable value.

“No adjustments have been made to the financial statements as a result, as the directors are of the opinion that all balances are already held at their recoverable values.”

In the filing, Duke Oil had declared a profit of 174,118 pounds for the financial year ended, December 31, 2018, compared to 90,980 pounds recorded in the 2017 financial year.

READ MORE: Food production: Lagos Govt. acquires 84 hectares of land in Osogbo

The company had posted a revenue of 1.7 million pounds in 2018, rising by 89.3 per cent from 898,704 pounds in 2017, other income of 203 pounds and administrative expenses of 1.478 million pounds, as against 781,482 pounds recorded in 2017.

Duke Oil declared operating profit before taxation of 221,970 pounds, compared to 117,222 pounds recorded in 2017; while it paid 47,853 pounds as taxes to the UK authorities in 2018, compared to 26,242 pounds in 2017.


 

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