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NNPC records $1.6bn from arbitration, 91.5% savings against IPCO demand

By NewsDesk,

As part of prove that Nigerian economy is regaining stability, the Nigerian National Petroleum Corporation (NNPC) has declared recording of $1.6bn it saved from its arbitration of upstream subsidiary, Nigerian Petroleum Development Company (NPDC), and Atlantic Energy Drilling Concept Nigeria Limited.

It said that the corporation succeeded in making a lot of savings from companies that had litigations with her.

The Group Managing Director, NNPC, Dr. Maikanti Baru, disclosed that declared $1.6 billion was recorded through the arbitration and that in his management’s determination to fight corruption, NNPC had only paid $37.5 million of $400 million initially demanded by International Petroleum Corporation (IPCO) in a litigation, amounting to 91.5 per cent savings.

He added that NNPC team to had follow through with cases without compromise, considering the humongous amount involved.

Speaking during his conferment with an Honorary Fellowship Award by the Chartered Institute of Forensic and Investigative Professionals of Nigeria (CIFIPN) at the NNPC Towers in Abuja on Tuesday, Baru said that most of the cases were brought to the fore through fraud and forensic investigation which helped the corporation to get value for money.

Commending CIFIPN on its effort in fighting corruption, the NNPC’s boss indicated that the Institute’s intention was laudable and the conferment of fellowship on him would make him more determined to support the body activities.

He stated that the collaboration with the institute would create an enabling environment for many people to be trained in-country, saying this would go a long way to stem fraud, corruption and cybercrime in the society.

Baru averred that the most important thing for any economy and any business was to make sure that fraud did not occur, stressing that the prevention aspect was key to achieving the desired result of a corruption-free Nigeria.

The GMD noted with nostalgia that as the second Chairman of the NNPC Anti-Corruption Committee in 2004, he ensured that all staff of the corporation and its various stakeholders were educated about NNPC’s corporate policies and the various anti-corruption acts in the country in order to avoid fraudulent transactions.

He applauded President Muhammadu Buhari for the support extended to the NNPC to ensure sanity in the system, amphasizing that the anti-corruption stance of the Federal Government had added a lot of value to the nation’s hydrocarbon operations.

Earlier, the Pro tem President of CIFIPN, Dr. Victoria Enape, said Baru was conferred with the award because he was a champion of anti-corruption in NNPC, stressing that the partnership with the corporation would ensure effective prevention of fraud, corruption and cybercrimes in Nigeria.

Highpoint of the event was the conferment and presentation of plaque and anti-corruption books to Dr. Baru as Fellow and Patron for the Institute in recognition of his contributions to the anti-fraud crusade in Nigeria.

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