The Nigerian National Petroleum Corporation (NNPC) has recorded a $1.6billion savings from the arbitration between its flagship upstream subsidiary, the Nigerian Petroleum Development Company (NPDC), and the Atlantic Energy Drilling Concept Nigeria Limited.
Group managing director of NNPC, Dr. Maikanti Baru, made the disclosure yesterday when members of the Chartered Institute of Forensic and Investigative Professionals of Nigeria (CIFIPN) conferred on him, the honorary fellowship of CIFIPN as well as the patron of the institute in Abuja on Tuesday.
Speaking to journalists on what the corporation has done in terms of fraud provision, Baru said, the national oil company has made a lot of inroads in terms of fraud detection, prevention, and control in recent time.
He stated that most important thing for the economy and any business was to ensure that fraud does not occur, stressing that it was not good enough to allow fraud to take place and then start fighting it.
According to him, for the Corporation to ensure fraud prevention, it has set up an anti-corruption committee which he said ensures that all staff of NNPC and those doing business with it understood the correct process.
Sighting examples of how the Corporation has saved funds through efforts of the anti-corruption committee, he said, “We have had cases, for example NNPC versus IPCO where they were demanding over $400 million , but we were able to settle out of court for $37.8 million which is a saving of several billions of dollars because what we paid is less than 10 per cent of what they demanded.”
He further revealed that the Corporation secured an award against some companies working with its subsidiary, NPDC when they were asked to refund $1.6 billion to the company.
In her address, protem president of CIFIPN, Dr. Victoria Enape Ayishetu, said the institute decided to confer the fellowship on Baru due to his contributions to the anti-corruption stands of the present administration.
“We are here to sincerely appreciate you for being a champion of anti-corruption in NNPC, especially being a former chairman of anti-corruption committee and now the chief executive of NNPC.
“We believe that NNPC should be one of the organisation free of corruption, having somebody like you who is a champion of anti-corruption.
This indeed is commendable and our institute is proud to be associated with you and partner with your organisation in Nigeria to ensure we jointly prevent fraud, corruption and cyber crimes.
“It is a known history that since your assumption of office as GMD, petroleum distribution in Nigeria has been free of corrupt practice and diversion. We equally learnt that as GMD you have upgraded the security system in both the Towers and subsidiaries which made you a champion of transparency,” she said.
NSE: Market Capitalisation Dips N18bn In Bearish Trading
Transactions on the nation’s bourse resumed for the week on Monday still on a downward trend with the market capitalisation...
Father Remanded For Allegedly Defiling 2 Daughters
A father, Chukwuma Eze, accused of defiling his teenage daughters, has been remanded at the Kirikiri Prison in Lagos on...
Daimler Signs Deal To Build Mercedes Vehicles In Egypt
German carmaker Daimler said Monday it reached a deal with the Egyptian government to open a local car assembly plant...
Iran: New US Sanctions Target Supreme Leader
US President Donald Trump has said he is imposing hard-hitting new sanctions on Iran, including on the office of the...
INEC Server: Stop Heating Up Nigeria’s Polity, NANS Tell Atiku
The National Association of Nigerian Students (NANS) has called on the Presidential candidate of the People’s Democratic Party (PDP) during...
Gov Fintiri Sacks LG Staff Employed from April 2016 To Date
Gov Ahmad Fintiri has directed the immediate sack of local governments employed after April 2016 to date in Adamaw state. Fintir...
MNJTF Inflict Heavy Equipment Casualty On ISWAP In Doron Naira
Troops of the Multinational Joint Task Force (MNJTF) on clearance operation conducted in Doron Naira deployed for operation YANCIN TAFKI...
COVER STORIES16 hours ago
Anti-graft Hammer Falls On Power Sector As Court Jails Ex-MD, 4 Others
NEWS17 hours ago
… Arrest Notorious Bandit, 20 Others In Katsina
LAW6 hours ago
Tribunal Dismisses Atiku, PDP Application To Inspect INEC Server
NEWS22 hours ago
We Won’t Recognize Speaker Fraudulently Elected –Obasa
NEWS4 hours ago
Do Away With Some Persons, APC Stakeholders Charge PMB
NEWS18 hours ago
Tinubu Not Against Ambode’s Appointment As Minister – BOHM Boss
POLITICS22 hours ago
NBA’s Alarm Over Intimidated Judges Vindicates PDP Concerns – Secondus
COVER STORIES16 hours ago
Lawmakers Oppose Elongation Of NASS Workers’ Service Years