The Nigerian National Petroleum Corporation, NNPC, and the Joint Ventures, JVs, are currently being investigated by the House of Representatives over alleged payment of $100 million premium for non-existent overseas assets, and implementation of insurance policies of other Ministries, Departments and Agencies, MDAs.

The probe is being conducted by Rep. Darlington Nwokocha-led House Committee on Insurance & Actuarial Matters.

It is going to be a 10-day investigative hearing/pre-forensic Audit meeting.

The Corporation is being accused of allegedly breaching insurance policy by insurance business practitioners, low retention capacity of dollar-denominated insurance business and the effect on the economy; and under-utilisation of capacity of insurance policy, the practice and effects of domiciling insurance ventures abroad.

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Source: SweetCrudeReports