NNPC reviews governance framework to create fraud-proof system

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The Nigerian National Petroleum Corporation (NNPC) is executing a major restructuring of its corporate governance framework to engender an accountable and fraud repellent system across its value chain.

Declaring open the 2017 Fraud Awareness Week at the NNCPC Towers in Abuja on Tuesday, the NNPC Group Managing Director, Dr Maikanti Baru, said the rejig was an integral part of the on-going transformation of the Corporation.

A statement by Mr Ndu Ughamadu, Group General Manager Public Affairs Division, also said the review would set new standards and processes controls, compliance and risk management.

Baru said the Corporation would work closely with the International Association of Certified Fraud Examiners, (ACFE) to achieve success.

He said it was far more cost-effective to create awareness and improve reporting skills and technique of staff members considering the huge outlay of time and resources that goes into the investigation and prosecution of fraud when allowed to fester.

The ACFE Fraud Awareness Week is an annual event which is celebrated all over the world because it provides an opportunity to spotlight fraud-related issues and to stress the importance of anti-fraud training and education.

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