NNPC recovers N771 million asset from oil marketers for underpayment

- The Nigerian National Petroleum Corporation (NNPC) has recovered assets from fraudulent oil marketers

- The forfeiture of the assets by the marketers was as a result of their under-payment for given petroleum products

- NNPC said it would extend investigation to all depots in the country to deal with fraudulent acts in the sector

The Nigerian National Petroleum Corporation (NNPC) has said that it recovered assets in the monetary worth of over N771 million from marketers who did not pay in full for petroleum products supplied to them.

NNPC made this known through a statement by its spokesman, Ndu Ughamadu, in Abuja on Tuesday, March 5, and said the products were taken from Kaduna Depot of Petroleum Product Marketing Company (PPMC), the News Agency of Nigeria (NAN) reports.

Mike Balami, the chairman of the corporation’s anti-corruption committee said the recovery was made possible with the help of other anti-graft agencies Economic and Financial Crimes Commission (EFCC) and Independent Corrupt Practices and Other Related Offences Commission (ICPC).

The chairman said the committee had to employ the service of forensic experts to uncover shady deals by some marketers, adding that six SUVs, water factories and filling stations were among some of the asset recovered.

He also mentioned that when confronted, the marketers accepted their shadiness but, however, pay for their fraud.

Balami also said that the investigation would be extended to other depots across the country, saying the that the NNPC’s group managing drector, Maikanti Baru, was committed to sanitizing the corporation.

He added that all recovered assets would be handed over the Corporate Asset Boarding and Disposal Committee (CABDC) for immediate action.

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Meanwhile, Legit.ng previously reported that NNPC was set to build additional Independent Power Plants (IPP) in Abuja, Kaduna and Kano which are expected to add 4,000 megawatts of power to stabilise the national grid.

The oil corporation also disclosed that it would construct a fertilizer plant in Brass, Bayelsa state.

Former NNPC group managing director Andrew Yakubu in court over fraud allegations | Legit TV

Source: Legit.ng

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