An arbitration court has directed on Atlantic company to pay
$1.6billion to a subsidiary of the Nigerian National Petroleum
Corporation (NNPC), the Nigerian Petroleum Development Company
(NPDC) that was fleecing it.
The Group Managing Director, Dr. Maikanti Baru, broke the news
to reporters in Abuja.
He added that NNPC has been able to settle out of court with
IPCO (Nig) Ltd for a payment of about $37.7million instead of the
$400 million the firm was demanding from NNPC.
He described the achievements as part of the gains from the NNPC
anti-corruption measures and activities.
The NNPC chief spoke after the Charted Institute of Forensic and
Investigative Professionals of Nigeria (CIFIPN) conferred its
honorary fellowship award on him in Abuja.
Baru told reporters: “Recently, due to the work we were able to
give the Atlantic Companies that were fleecing NNPC subsidiary
NPDC.
“We got an award for them to refund $1.6billion to NPDC
following the arbitration process. So, this is just one.
“We have also been able to stem some high profile court cases
that were sort of proven to defraud NNPC. So, these are activities
are part are related to fighting corruption. If you see the amount
of money involved. If you don’t have people who are standing for
anti-corruption your chances are compromised.
“We have had cases, for example, NNPC versus Ipco, where they
are demanding over $400million.
“But because of the activities we are able to settle out of
court with them for $37.7million, which is saving of over several
percentages, certainly less than 10% of the demand. These are
activities which the investigation of fraud.”
Baru said that NNPC has made a lot of progress in terms of fraud
prevention, protection and control because it is better to prevent
fraud.
He said that while serving as part of the anti-corruption
committee, they were able to ensure all staff of the corporation
know the correct processes, components of corruption and the
punishment.
The institute’s protem president, Dr. Victoria Emape, who
conferred the award on him, also said that the institute has
adopted him as its patron.
Baru described the conferment of the award on him as a laudable
gesture that would inspire him to give the necessary support to
institute and domesticate it in the NNPC.
He vowed to help present the bill for the establishment of the
institute to the 8th National Assembly and also work hard to
realize its passage into law before the end of the current
legislative circle.
Enape said: “Our institute has watched you (Baru) with keen
interest since your assumption of office.
“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.”
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airforce
helicopter
NAF Combat Helicopter Crash-Lands in
Katsina
A Nigerian Air Force (NAF) Helicopter has crashed in the process
of landing while returning from an anti-armed banditry combat
mission in the Northwest Theatre under Operation HADARAN DAJI.
Details of the cause of the incident, which occurred at the Katsina
Airport at about 3.30pm today, 12 June 2019, are still scanty.
However, there was no loss of life, either of persons on board the
helicopter or on the ground.
The Chief of the Air Staff (CAS), Air Marshal Sadique Abubakar,
has immediately directed the constitution of a Board of Inquiry to
determine the exact cause of the incident. The NAF continues to
solicit the understanding and support of the general public as it
daily strives to ensure the security of Nigeria and Nigerians.
IBIKUNLE DARAMOLA
Air Commodore
Director of Public Relations and Information
Nigerian Air Force