ADVERTISEMENT
  • The Membership Club
  • PT Hausa
  • About Us
  • Advert Rates
  • Careers
  • Contact Us
Thursday, January 21, 2021
Premium Times Nigeria
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
Premium Times Nigeria
BUA Group Ad BUA Group Ad BUA Group Ad
ADVERTISEMENT
NNPC TOWERS

NNPC TOWERS

Defaulting oil marketers forfeit N771million assets to NNPC

byBassey Udo
March 6, 2019
2 min read
ADVERTISEMENT

Oil marketers who underpaid the Nigerian National Petroleum Corporation (NNPC) for petroleum products supplied to them from the Petroleum Products Marketing Company (PPMC), Kaduna Depot, have forfeited assets valued at over N771 million.

The NNPC spokesperson, Ndu Ughamadu, in a statement on Tuesday quoted the Chairman of the NNPC anti-corruption Committee, Mike Balami, as confirming the recovery of the assets.

Mr Ughamadu did not disclose the names of the affected oil marketers. He did also identify the assets forfeited by the marketers or the period covered by the under-recovery.

But, he said some of the assets recovered included filling stations, water factories and six sports utility vehicles.

When PREMIUM TIMES called for further clarification, Mr Ughamadu did not pick his call. He also did not respond to the text message sent to him.

However, he said in the release that the committee made the assets recoveries from the defaulting marketers in collaboration with federal government’s intelligence and anti-corruption agencies, including the Department of State Security Services (DSS), the Economic and Financial Crimes Commission (EFCC) and Independent Corrupt Practices and Other Related Offences Commission.

He said the NNPC anti-corruption committee brought in forensic experts to help to uncover the shady deals perpetrated by some of the affected marketers.

According to the NNPC spokesperson, Mr Balami disclosed that the forensic investigation would be extended to the other depots across the country to stop the bleeding of the national oil company.

Sleaze

RelatedNews

EFCC urges court not to grant Maina fresh bail

How funds were diverted under ex-NAF chief’s watch — Witness

Court reverses transfer of ex-governor Aliyu’s N1.9bn trial to new judge

How lawmakers made millions from Constituency Projects in 2014, ex-director tells court

Mr Balami said findings showed the affected oil marketers lifted petroleum products from the PPMC Kaduna depot without evidence of payment.

He said when they were confronted with the evidence of their indebtedness, the oil marketers admitted to the offence and opted to forfeit their assets to pay for their liabilities.

Mr Balami said the NNPC Group Managing Director, Maikanti Baru, was committed to stopping all the leakages in the corporation.

Dangote adbanner 728x90_2 (1)

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

“Investigation into the lifting of petroleum products without evidence of payment is continuing. I urge all relevant stakeholders to support the NNPC anti-corruption committee in its onerous task of recovering all its monies outside the NNPC’s system,” he said.

He said that this was the first time the NNPC would be taking over assets forfeited by marketers who defaulted in their terms of engagement with the corporation.

  • WhatsApp
  • Tweet
  • Email
  • Print
  • Telegram
  • More
  • Share on Tumblr
  • Pocket

Support PREMIUM TIMES' journalism of integrity and credibility

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Donate


TEXT AD: To advertise here . Call Willie +2347088095401...


JOIN THE CONVERSATION

  • Disqus (0)
premiumtimes



PT Mag Campaign AD

Previous Post

“I’m fighting for my life,” R. Kelly weeps in TV interview

Next Post

Gunmen open fire at APC campaign ground

Bassey Udo

Bassey Udo

Bassey Udo is PREMIUM TIMES' Business & Economy Editor. He has covered finance, energy, oil, gas & extractive industries for over a decade. He is a winner of the Wole Soyinka Award for Investigative Journalism, and the Thomson Reuters Foundation (Wealth of Nations) Award for Business Reporting. Bassey is an alumnus of the U.S. International Visitors Leadership Programme. Twitter: @ba_udo

More News

The logo of the Nigerian Stock Exchange is pictured in Lagos, Nigeria November 9, 2016. REUTERS/Afolabi Sotunde

NSE: Industrial goods, oil & gas stocks drive rebound

January 20, 2021
Naira notes used to illustrate market trading

Naira gains at I&E market; stable at parallel market

January 20, 2021
Access-Bank

Access Bank seeks presence in eight African countries to tap AfCFTA opportunities

January 20, 2021
The logo of the Nigerian Stock Exchange is pictured in Lagos, Nigeria November 9, 2016. REUTERS/Afolabi Sotunde

NSE: Nigeria market extends slide amid 29% drop in trade volume

January 19, 2021
NIN Registration: A crowd gathered outside NIMC office, Alausa, Lagos State. [PHOTO: TW @FS_Yusuf_]

NIN Registration: Nigeria subscribers submit 47.8m ID numbers ahead of deadline

January 19, 2021
Federal Internal Revenue Service (FIRS)

Nigeria’s FIRS raked in N4.9trn in tax revenue 2020 – Official

January 19, 2021
Next Post
Godswill Akpabio

Gunmen open fire at APC campaign ground

The Chairperson of the ANA Abuja chapter receiving an award in recognition of her efforts towards the development of African literature

Submission opens for 2019 African writers awards

Discussion about this post

Search

#EndSARS: Latest Updates




Polaris Bank


JAIZ Ad


NITDA Ad




Advertisement






netherland biz school Advert

Zenith Advert

Heritage Advert
ADVERTISEMENT

Our Digital Network

  • PT Hausa
  • Election Centre
  • Human Trafficking Investigation
  • Centre for Investigative Journalism
  • National Conference
  • Press Attack Tracker
  • PT Academy
  • Dubawa
  • LeaksNG
  • Campus Reporter

Resources

  • Oil & Gas Facts
  • List of Universities in Nigeria
  • LIST: Federal Unity Colleges in Nigeria
  • NYSC Orientation Camps Address Nationwide
  • Nigeria’s Federal/States’ Budgets since 2005
  • Malabu Scandal Thread
  • World Cup 2018
  • Panama Papers Game
  • Our Digital Network
  • About Us
  • Resources
  • Projects
  • Data & Infographics
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

No Result
View All Result
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Health
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Panama Papers
    • Paradise Papers
    • Parliament Watch
    • AGAHRIN
  • Opinion
  • PT Hausa
  • The Membership Club
  • Dubawa
    • Dubawa NG
  • About Us
  • Advert Rates
  • Careers
  • Contact Us
  • Digital Store
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

Our website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
loading Cancel
Post was not sent - check your email addresses!
Email check failed, please try again
Sorry, your blog cannot share posts by email.