$1.6bn Has Been Recovered From The Atlantic Energy Dispute By NNPC

, Magazine

The Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, Dr. Maikanti Baru, said the NNPC has retrieved $1.6bn savings from its subsidiary, the Nigerian Petroleum Development Company and the Atlantic Energy Drilling Concept Nigeria Limited.

Nigerian National Petroleum Corporation

The director made this known when he was conferred with an honorary fellowship and patron of the Chartered Institute of Forensic and Investigative Professionals of Nigeria (CIFIPN) in Abuja.

The mission to end fraud: The Maikanti added that the recovery was part of the numerous efforts the NNPC is making to detect fraud, prevent it, as well as control it. He added that the NNPC’s anti-corruption committee (which he was the former head), is trying to get its staff and business partners to know what corruption is and the need to prevent it.

“RECENTLY, WE WERE ABLE TO GET THE ATLANTIC COMPANIES THAT WERE FLEECING THE NNPC SUBSIDIARY NPDC. WE GOT AN AWARD FOR THEM TO REFUND $1.6BN TO NPDC THROUGH THE ARBITRATION PROCESS. THIS IS JUST ONE.”

Legal measures: Baru further added that the NNPC has also been able to take care of some high profile court cases it believed were instituted fraudulently to defraud the NNPC.

“WE HAVE HAD CASES FOR EXAMPLE NNPC VS IPCO WHERE THEY ARE DEMANDING OVER $400M BECAUSE OF THEIR ACTIVITIES WE WERE ABLE TO SETTLE OUT OF COURT WITH THEM FOR $37.5M WHICH IS A SAVING OF LESS THAN 10 PER CENT OF THE DEMAND.”

Source:
https://nairametrics.com/2019/05/15/nigerian-national-petroleum-corporation-recovers-1-6bn-from-atlantic-energy-dispute/