NNPC Restructure To Incorporates Fraud Proof System

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By FESTUS OKOROMADU, Abuja 

The Nigerian National Petroleum Corporation (NNPC) said it is executing a major restructuring of its corporate governance framework to engender an accountable and fraud repellent system cross its value chain.

The Group Managing Director (GMD) of the Corporation, Dr. Maikanti Baru, made the disclosure while declaring open the 2017 Fraud Awareness Week at the NNCPC Towers, Abuja on Tuesday.

According to statement signed by the Corporation’s spokesperson, Ndu Ughamadu, the GMD explained that the rejigging is an integral part of the on-going transformation of the Corporation, stressing that it would set new standards and processes controls, compliance and risk management.

He reiterated the Corporation’s resolve to work closely with the International Association of Certified Fraud Examiners, (ACFE) to achieve success in this regard.

GMD who was said to have been represented by the Chief Operating Officer, Corporate Services, Mr. Isa Inuwa, noted in the presentation that it was far more cost effective to create awareness and improve reporting skills and technique of staff members considering the huge outlay of time and resources that goes into the investigation and prosecution of fraud when allowed to fester.

In his lecture, Wilson Herbert, a professor of Finance and Accounts Management, noted that combating fraud was an art which requires patience and apt skill acquisition which would not only guarantee successes but would provide a hostile environment for the germination of fraudulent activities.

A similar perspective was canvassed by anti-fraud experts from the United States Embassy in Abuja, who harped on the need for due diligence and rectitude in the conduct of routine operational schedule.

The International Association of Certified Fraud Examiners’ (ACFE) Fraud Awareness Week is an annual event which is celebrated all over the world because it provides an opportunity to spotlight fraud related issues and to stress the importance of anti-fraud training and education.

The NNPC Anti-Corruption Committee, in liaison with the ACFE, is marking the 2017 event in the NNPC Towers in fulfillment of an earlier pledge made by the GMD in this regard.