NNPC subsidiary to get $1.6bn refund

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NNPC

A subsidiary of the Nigerian National Petroleum Corporation (NNPC), the Nigerian Petroleum Development Company (NPDC) is set to get a refund of $1.6billion from an Athlantic company.

This directive was made by an arbitration court to ensure that NPDC is paid the fund that was fleecing it.

Addressing reporters on the issue, the Group Managing Director, Dr Maikanti Baru described the achievements as part of the gains from the NNPC anti-corruption measures and activities.

He explained that the move by NNPC has seen so much positivity “Recently, due to the work we were able to give the Atlantic Companies that were fleecing NNPC subsidiary NPDC.

“We got an award for them to refund $1.6billion to NPDC following the arbitration process. So, this is just one.

”We have also been able to stem some high profile court cases that were sort of proven to defraud NNPC. So, these activities are part are related to fighting corruption. If you see the amount of money involved. If you don’t have people who are standing for anti-corruption your chances are compromised.

Furthermore, Baru said that NNPC has been able to settle out of court with IPCO (Nig) Ltd for a payment of about $37.7million instead of the $400 million the firm was demanding from NNPC.

“We have had cases, for example, NNPC versus Ipco, where they are demanding over $400million.

“But because of the activities we are able to settle out of court with them for $37.7million, which is saving of over several percentages, certainly less than 10 per cent of the demand. These are activities which the investigation of fraud.”

According to the Group Manager, NNPC has made a lot of progress in terms of fraud prevention, protection and control because it is better to prevent fraud.

He said that while serving as part of the anti-corruption committee, they were able to ensure all the staff of the corporation knows the correct processes, components of corruption and punishment.

The institute’s problem president, Dr Victoria Emape, who conferred the award on him, also said that the institute has adopted him as its patron.

Baru described the conferment of the award on him as a laudable gesture that would inspire him to give the necessary support to institute and domesticate it in the NNPC.

He vowed to help present the bill for the establishment of the institute to the 8th National Assembly and also work hard to realize its passage into law before the end of the current legislative circle.

“Our institute has watched you (Baru) with keen interest since your assumption of office”, Enape said.

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