#Country Updates #News #Nigeria #Upstream Oil & Gas News

Reps probe NNPC/JVs over alleged $100m non-existing overseas assets

Reps probe NNPC/JVs over alleged $100m non-existing overseas assets

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.

Click on the link below for further information

Source: SweetCrudeReports

Leave a comment

Your email address will not be published. Required fields are marked *