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The Nigerian National Petroleum Corporation ( NNPC ) said it had recovered assets worth over N771million from some marketers who had underpaid for petroleum products supplied to them from Petroleum Products Marketing Company (PPMC) Kaduna Depot.

The corporation disclosed this in a statement issued by its spokesman, Ndu Ughamadu, in Abuja on Tuesday. He said the NNPC Anti-Corruption Committee brought in forensic experts to uncover the shady deals by some of the marketers affected.

Chairman of NNPC Anti-Corruption Committee, Mr Mike Balami, said the committee, in collaboration with Federal Government’s Intelligence and Anti-Corruption agencies such as the Department of State Security Services (DSS), Economic and Financial Crimes Commission (EFCC) and Independent Corrupt Practices and Other Related Offences Commission, recovered the assets from the defaulting marketers.

He confirmed the forfeited assets would be handed over to NNPC Corporate Asset Boarding and Disposal Committee (CABDC) for immediate disposal.

What was the offence?


Balami expained that the affected 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.

“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.”

About the NNPC

The Nigerian National Petroleum Corporation (NNPC) was established on April 1, 1977. In addition to its exploration activities, the Corporation has powers and operational interests in refining, petrochemicals and products transportation as well as marketing.


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