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NNPC recovers $1.6bn from companies

NNPC recovers $1.6bn from companies

The Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Maikanti Baru, on Tuesday said the Corporation had recovered $1.6 billion from some companies fleecing one of its subsidiaries.

Mr Baru disclosed this in Abuja while fielding questions from journalists after a visit by officials of the Chartered Institute of Forensic and Investigative Professionals of Nigeria (CIFIPN)

The Institute conferred an award of Honourary Fellow and Patron to Mr Baru and solicited partnership with the corporation during the visit.

CIFIPN is an anti-Fraud organisation saddled with the responsibility of providing skills to professionals from relevant fields on the use of science and technology to detect, prevent and investigate fraud and also put some measures to prevent future occurrence.

He said its upstream subsidiary fleeced was the Nigerian Petroleum Development Company (NPDC).

He also said under his watch, the corporation had made significant progress in terms of fraud detection, prevention and control.

“There is a lot of sanity that has happened in the industry as a result of this. Recently, due to the work, we were able to get the Atlantic companies who were fleecing the NNPC subsidiary, the NPDC, and we got an award for them to refund 1.6 billion dollars to the NPDC, through the arbitration process.

“We have also been able to stem fraud. High profile court cases were being set up to defraud the NPDC.

“If you see the amount of money involved, if you do not have people who are determined to fight corruption, our chances would have been compromised by over 1.6 billion dollars.

“We have had cases, like NNPC versus IPCO, where they are demanding over 400 million dollars, and because of their activities, we were able to settle out of court with them for 37.5 million dollars, which is a saving of several percentages, about less than 10 per cent of the total amount.” he said

Mr Baru added that the recovery was possible as all staff of the corporation and its business partners had imbibe transparency in all areas of their operations.

Commenting on the honours, he assured that he would support the institute with his wealth of knowledge to help boost forensic investigation in the country.

“This institute’s intention is quite laudable and conferment of fellows on me will make me more determined to support them and being a patron will make me to share some of the knowledge I have,’’ he said

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