NNPC Begins Recovery Of $9.6billion Owed Nigeria- Presidency

The Nigerian National Petroleum Cooperation (NNPC) has begun the process of recovering over $7 billion in over-deducted tax benefits from JV Partners on major capital projects, the Nigerian presidency has said

Quoting a report submitted to President Muhammadu Buhari by the new Group Managing Director of NNPC, Ibe Kachikwu, the Senior Special Assistant to the President on Media and Publicity, Garba Shehu, said the state oil company  had ‘commenced Performance Measurement & Benchmarking as well as Value for Money Review of NNPC and the JV Companies covering the period 2008 – 2013?. 

Mr. Shehu further quoted the report as saying ‘a reputable International Accounting Firm has been engaged by the NNPC to ascertain the exact amount due government on the Strategic Alliance Contracts entered by NPDC, where up to $2.46 billion of government money is to be recovered’.

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Panic Over N400bn Bad Debt Owed Banks

About N400 billion bad debt outstanding in the banking sector is causing panic in the industry and most of the debtors are individuals who have the capacity to pay but have refused to do so.

Following this development, the Central Bank of Nigeria, CBN, and Deposit Money Banks in the country have concluded plans to publish the list of such debtors starting from August 1, 2015.

The decision to publish the list was arrived at yesterday after the bankers rose from the 322nd Bankers’ Committee meeting in Abuja with a resolution that the names of all serial bank debtors be published latest August 1, 2015.

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