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NNPC recovers $1.6bn from fraudsters

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The Nigerian National Petroleum Corporation (NNPC) has revealed that it has realized the sum of $1.6bn which was swindled from its subsidiary, NPDC.

The Group Managing Director of the corporation, Dr. Maikanti Baru, revealed this on Tuesday in Abuja while speaking with newsmen after a visit by officials of the Chartered Institute of Forensic and Investigative Professionals of Nigeria (CIFIPN).

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

Baru said, “There is a lot of sanities 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 percent of the total amount.”

Source Ripples Nigeria
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