NNPC recovers $1.6 billion from companies - Premium Times Nigeria

Mr Baru disclosed this in Abuja while fielding questions from journalists after a visit by officials of the Chartered Institute of Forensic and Investigative Professionals of Nigeria

“There is a lot of sanity that has happened in the industry as a result of this. Recently, due to the work, we were able to get the Atlantic companies who were fleecing the NNPC subsidiary, the NPDC, and we got an award for them to refund 1.6 billion dollars to the NPDC, through the arbitration process.

“We have had cases, like NNPC versus IPCO, where they are demanding over 400 million dollars, and because of their activities, we were able to settle out of court with them for 37.5 million dollars, which is a saving of several percentages, about less than 10 per cent of the total amount.” he said “This institute’s intention is quite laudable and conferment of fellows on me will make me more determined to support them and being a patron will make me to share some of the knowledge I have,’’ he said

“We believe that NNPC should be one of the organisations free of corruption, having somebody like you who is a champion of anti-corruption,’’ she said

What happens to the recovered funds

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