The new Group Managing Director of the NNPC, Emmanuel Ibe Kachikwu has recovered $420m oil funds lost during the previous administration, a report submitted to President Muhammadu Buhari stated.
According to Presidential spokesman, Shehu Garba, NNPC has also started the process of recovering over $9bn in over-deducted tax benefits from JV Partners on major capital projects.
“It (the report) also revealed that consequent upon an extensive investigation of the various toxic crude oil for refined products swap contracts, a total sum of $420 million has so far been reconciled in favour of NNPC and is now due for recovery from the legacy OPA/SWAP contracts. Out of the reconciled amount, the sum of $277 million has been recovered in lieu of products and the recovery effort is still ongoing,” he said.
