Court orders firm to refund $1.6b to NNPC subsidiary

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An arbitration court has directed on Atlantic company to pay $1.6billion to a subsidiary of the Nigerian National Petroleum Corporation (NNPC),

The Group Managing Director, Dr. Maikanti Baru, broke the news to reporters in Abuja.

The NNPC chief spoke after the Charted Institute of Forensic and Investigative Professionals of Nigeria conferred its honorary fellowship award on him in Abuja. “We have also been able to stem some high profile court cases that were sort of proven to defraud NNPC. So, these are activities are part are related to fighting corruption. If you see the amount of money involved. If you don’t have people who are standing for anti-corruption your chances are compromised.“But because of the activities we are able to settle out of court with them for $37.7million, which is saving of over several percentages, certainly less than 10% of the demand.

 

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