NNPC Saves $1.6bn from Arbitration with Atlantic Energy

The Nigerian National Petroleum Corporation (NNPC) has disclosed that it recorded savings of $1.6 billion from the arbitration between its upstream flagship subsidiary, the Nigerian Petroleum Development Company (NPDC) and the Atlantic Energy Drilling Concept Nigeria Limited.

NNPC’s Group Managing Director, Dr. Maikanti Baru, made this disclosure yesterday after he was conferred with the Honorary Fellowship Award by the Chartered Institute of Forensic and Investigative Professionals of Nigeria (CIFIPN) at the NNPC Towers in Abuja.

Baru, while fielding questions from journalists, shortly after the event, revealed that the corporation succeeded in making a lot of savings from some companies that had litigations with it through arbitrations.

Baru stated that the NNPC, through its determination to fight corruption also saved 91.5 per cent of its case with IPCO, which initially demanded $400 million from the NNPC but was paid $37.5 million, adding that it takes a courageous team like what is obtained in NNPC not to allow the processes to be compromised with the humongous amount involved.

According to him, “these are activities, which the fraud investigation and of course the forensic investigation by the NNPC, has helped the corporation to get value for money.

“So, this institute’s intention is quite laudable and the conferment of fellowship on me will make me more determined to support their activities and being a patron, will help me to share with them some of the knowledge and training that I have received as a certified fraud examiner,” he said.

The NNPC helmsman further informed that the collaboration with the institute would create an enabling environment for so many people to be trained in-country and that would go a long way to stem fraud, corruption and cybercrime in the society.

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