The Economic and Financial Crimes Commission, EFCC has been asked to investigate the Nigerian National Petroleum Corporation (NNPC) over alleged $7.5million (2.9bn) fraud.



This was contained in a petition dated June 5th and forwarded to the anti-craft agency by a whistleblower.

The amount which summed up to 2,910,000,000 naira, according to a whistleblower, was allegedly pocketed in a “monumental fraud” bordering on 2020/2021 insurance premium.

The whistleblower alleged that the fraud was perpetuated by the Lead insurers in connivance with the management of the NNPC.

Details of the document showed that the premium for the insurance of NNPC was inflated by over 20% of the original figure, against standard practice. This amounted to about USD 7.5million.

The brokers to the business, while at a meeting in London early this year, raised objection and pointed out the discrepancy, arguing that the inflated cost was at the expense of NNPC but this was reportedly turned down.

The beneficiary of the deal and the management of NNPC later signed off the documents with the inflated premium, without minding the $7.5m gap.

The whistleblower urged the EFCC and the National Insurance Commission (NAICOM) to unravel the beneficiary of the differential premium which the insurers collected as the net actual premium.

The petitioner maintained that the current government prides itself as enemy of corruption in public and private institutions and admonished the government agencies to walk the talk.

This is coming on the heel of the report that the Kaduna Refining and Petrochemical Company Limited (KRPC) generated no revenue in 2018 and incurred an operating loss of N64.5 billion, as shown in the first audited financial statements of the NNPC after 43 years of its operation.

https://www.akinblog.com/whistle-blower-urges-efcc-to-investigate-nnpc-over-2-9bn-alleged-fraud/