Defaulting oil marketers forfeit N771million assets to NNPC


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.


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.

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.

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