Oil Marketers Forfeits Assets, As NNPC Moves To Stop Leakages

NNPC's product distribution truck

The Nigerian National Petroleum Corporation (NNPC) has recovered assets worth over N771million from some marketers who had under-paid for petroleum products supplied to them from Petroleum Products Marketing Company (PPMC) Kaduna Depot.

The Chairman of NNPC Anti-Corruption Committee, Mr. Mike Balami, said the committee, in collaboration with Federal Government’s intelligence and anti-corruption agencies such as the Department of State Security Services (DSS), Economic and Financial Crimes Commission (EFCC) and Independent Corrupt Practices and Other Related Offences Commission, recovered the assets from the defaulting marketers.

According to a statement by the corporation’s spokesman, Mr. Ndu Ughamadu, in Abuja Tuesday, forensic experts were brought in by the NNPC Anti-Corruption Committee to uncover the shady deals by some of the affected marketers.

Mr. Balami disclosed that some of the assets recovered include filling stations, water factories and six sports utility vehicles, adding that the forensic investigation would be extended to other depots across the country to stop the bleeding of the national oil company.

L-R: Chairman, NNPC Anti-Corruption Committee, Mr. Mike Balami, receiving the report of forfeited assets from the Secretary of the Committee, Mr. Fayam Benard, in Abuja on Monday

He noted that it was established that the affected marketers lifted petroleum products from the PPMC Kaduna depot without evidence of payment and when confronted with the evidence they admitted to the offence and failed to pay their liabilities.

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

Mr. Balami added that investigation into lifting of petroleum products without evidence of payment was continuing, urging all relevant stakeholders to support the NNPC Anti-Corruption Committee in its onerous task of recovering all its monies outside NNPC’s system.

This is the first time that the NNPC would be taking over assets forfeited by marketers who defaulted in their terms of engagement.

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