Oil and Gas

NNPC recovers assets valued at N771 million from marketers

The Nigerian National Petroleum Corporation (NNPC) says it has recovered assets valued at over N771 million from some marketers who under-paid for petroleum products supplied to them.

The corporation disclosed this in a statement issued by its spokesman, Mr Ndu Ughamadu, in Abuja, on Tuesday, and said that the marketers got the products from the Kaduna Depot of Petroleum Products Marketing Company (PPMC).

Chairman of NNPC Anti-Corruption Committee, Mr Mike Balami, said that the recovery was made by the committee in collaboration with Federal Government’s intelligence and anti-corruption agencies.

He named the agencies as Department of State Services (DSS), Economic and Financial Crimes Commission (EFCC) and Independent Corrupt Practices and Other Related Offences Commission (ICPC).

Balami said that the committee brought in forensic experts to uncover the shady deals by some of the marketers affected.

He disclosed that some of the assets recovered included filling stations, water factories and six sports utility vehicles.

He added that the forensic investigation would be extended to other depots across the country to stop the bleeding of the national oil company.

The chairman noted that it had been established that the affected marketers lifted petroleum products from the Kaduna depot without evidence of payment.

According to him, when they were confronted with the evidence, they admitted to the offence but failed to pay their liabilities.

He said that NNPC’s Group Managing Director, Dr Maikanti Baru, was passionate about stopping all the leakages in the corporation.

Balami announced that the recovered assets would be handed over to NNPC Corporate Asset Boarding and Disposal Committee (CABDC) for immediate disposal.

He said that investigation into lifting of petroleum products without evidence of payment was continuing, and urged relevant stakeholders to support the committee in its onerous task of recovering all its monies outside NNPC’s system.

He said that this was the first time that NNPC would be taking over assets forfeited by marketers who defaulted in their terms of engagement.


Source: NNPC

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Olusegun Fayose

Olusegun Sunday Fayose, founder of RovingNaija.com is a Marketing Communication executive with experience in Corporate Communication, Public Relations, Branding and Advertising. He is also a seasoned media professional with roots in print, broadcast and online journalism. Segun, who last managed the Group Corporate Communication function of MultiChoice Nigeria, is upbeat that through responsible, fair, accurate and courageous reporting; and the support of readers, followers and patrons, Nigeria takes a step closer to a regime of accountability, fairness and equity in governance.

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