NNPC seizes assets of defaulting oil marketers

Assets worth N771 million belonging to oil marketers who underpaid for petroleum products supplied them from the Kaduna depot of the Pipeline and Products Marketing Company, PPMC, have been seized by the NNPC

The Chairman of NNPC’s Anti-Corruption Committee, Mike Balami said the committee carried out the operation in collaboration with Federal Government’s intelligence and anti-corruption agencies such as the Department of State Services, Economic and Financial Crimes Commission and Independent Corrupt Practices and Other Related Offences Commission.

According to Balami, some of the recovered assets include filling stations, water factories and six sports utility vehicles, adding that the forensic investigation would be extended to the other depots across the country to stop the bleeding of the national oil company.

Speaking further, Balami explained that it was established that the affected marketers lifted petroleum products from the PPMC Kaduna depot without evidence of payment; and when confronted with the evidence, they admitted to the offence and failed to pay their liabilities.

 Balami, who said the NNPC has been working hard to stop all the leakages in the corporation, disclosed that the forfeited assets would be handed over to the corporation’s Corporate Asset Boarding and Disposal Committee for immediate disposal.

He added that investigation into the lifting of petroleum products without evidence of payment was continuing, urging all relevant stakeholders to support the NNPC Anti-Corruption Committee in its onerous task of recovering all its monies outside NNPC’s system.

According to Balami, this is the very first time the national oil company will be taking over the assets forfeited by marketers who defaulted in their terms of engagement.