Fraud: Reps probe NNPC’s $100m insurance policy on non-existing assets

Fraud: Reps probe NNPC’s $100m insurance policy on non-existing assets

- House of Reps has launched an investigation into insurance on NNPC's non-existing assets

- The investigation will span a period of 10 days

- After this, the committee says it would deploy forensic auditors to NNPC and all the MDAs as well

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The Nigerian House of Representatives has launched an investigative hearing into the allegation of $100 million insurance money.

The money was allegedly paid by Nigerian National Petroleum Corporation (NNPC) and Joint Ventures (JVs) for non-existing assets overseas as well as the implementation of insurance policies of other Ministries, Departments and Agencies (MDAs).

Chairman of the house committee is Rep. Darlington Nwokocha.

Nwokocha who said the investigation will span a period of 10-days disclosed that the exercise was necessitated by alleged breaches on insurance, The Nation reports.

He also said there are issues and prospects of ineffective regulation of foreign placements of insurances; alleged loss of billions of naira by the nation through insurances of moribund assets.

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“I want to assert one thing before my colleague moves the motion. Let me talk to all of us, particularly those of us sitting today. We have a 10-day investigative hearing that will be taking place every day, it is not a joke.

“The petitions we have already revolve around over 100 and something million dollars across board within the NNPC and its environs, on insurance related matters. And it’s not something we can sweep under the carpet, it’s not possible," he said.

Meanwhile, had reported that President Muhammadu Buhari approved the reconstitution of federal government’s representatives on the boards of Nigeria Liquefied Natural Gas (NLNG) and Bonny Gas Transport Limited (BGT).

The minister of state for petroleum resources, Timipre Sylva, disclosed this in a statement on Monday, July 13.

The minister said the current boards’ members “had been on the respective boards since 2005 and it has become imperative to inject fresh ideas into the governance of the companies.’’

Coronavirus: Engaging activities you can do to avoid boredom following the stay at home order had also reported that the federal government has explained its stance regarding the knotty issue of petroleum products deregulation.

Sylva in a statement he personally signed on Wednesday, July 8, explained that the federal government concluded that it was unrealistic to continue with the burden of subsidizing PMS to the tune of trillions of naira every year.

According to him, the decision was taken after a thorough examination of the economics of subsidising PMS for domestic consumption.

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Source: Legit

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