Group alerts Buhari of fresh $7.5m alleged fraud in NNPC~NEWSEXTRA - News Extra Online



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Thursday, 2 July 2020

Group alerts Buhari of fresh $7.5m alleged fraud in NNPC~NEWSEXTRA

.......Urges EFCC to act on whistleblower’s petition

A Nigeria based group, The Lightbearers has called the attention of President Muhammadu Buhari to an alleged $7.5 million (about N2.7billion) insurance scam perpetrated by some high ranking staff of the Nigeria National Petroleum Corporation (NNPC) and some insurance companies. 

Besides, the group in a statement issued on July 01, 2020 by its National Director, Bishop Seun Adeoye urged the Economic and Financial Crime Commission (EFCC) to act without delay on the petition of a whistleblower, Alhaji Ibrahim Farouk over the same matter.

Farouk in his 5th of June petition which was titled “Monumental Insurance Fraud at NNPC 2020/2021 Insurance Renewals”, addressed and mailed to the EFCC Chairman, Mr. Ibrahim Magu alleged that the premium for the insurance of corporation for the 2020/2021 was inflated by over 20 percent of the original figure.

He explained further that the brokers to the business whilst at a meeting held early February this year in London, United Kingdom (UK) raised objection and pointed out the discrepancy which amounted to about $7.5m.

The whistleblower alleged further, “The only answer he got was the fact that Leadway Assurance Limited that did it for the 2 years CB (Contact Broker) charged the same premium.”

“The brokers insisted that the action was not right and it was done at the expense of NNPC. The next line of action was to call off the meeting and came back to Nigeria. To the amazement of the brokers, the insurers and the management of NNPC went back to sign off the documents with the inflated premium. The transaction the way it was done leaves a gap of about $7.5m,” Farouk added.

However, Bishop Adeoye, who is also the Spokesman, World Bishops’ Council, Africa, in the statement on behalf of The Lightbearers noted that such weighty petition is worthy of being investigated while applauding Farouk for his courage in alerting the nation of this colossal fraud.

 “Silence is golden they say but in this case of alleged massive fraud discovered at NNPC, we cannot but speak out or else our country and indeed all of us will gradually be consumed.

“We will indeed be swallowed up because few individuals will unjustifiably and illegally stockpile our commonwealth for themselves whereas millions of other citizens would be walloping in abject poverty with lack of quality education, adequate health care delivery and other basic amenities.    

“For this purpose, we issue this statement to call on the EFCC to without delay look into the petition of a WHISTLEBLOWER, Alhaji Farouk on the alleged insurance fraud of $7.5m which involved NNPC and some insurers.     

“Besides, we call the attention of President Buhari to this very sad subject and to inform him that as he struggles to clean this country of her mess, some bad Nigerians are hell bent in ruining Nigeria and paint his administration in bad light among the comity of nations.      

While explaining that the group as an organization with good intention is to help the country by exposing those who intend to destroy this great nation, it therefore posed three questions for answer and they are: Why was the original figure for the NNPC insurance inflated by 20 percent?  Why did those involved ignore the warning of the brokers? Who are the beneficiaries of this deal?

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