NNPC faults Police over funds discovered in Banks

The Nigerian National Petroleum Corporation (NNPC) has reacted to reports of seizure of $470.5 million allegedly belonging to the corporation in some commercial banks

Recall that National Daily had earlier reported that security agencies recover some funds allegedly traced to the corporation’s Brass LNG in some commercial banks.

The Nigerian Police Force announced that it was able to trace $470.5 million belonging to NNPC Brass LNG squirrelled away in some accounts in some commercial banks in Nigeria.

Even more stunning, the police also said they traced another N8, 807,264,834.96, belonging to the same project in the banks.

According to the police, the money was recovered in the banks after the President Muhammadu Buhari had issued a directive that all government money be domiciled in the Treasury Single Account (TSA).

The police said they had launched a nationwide exercise to recover stolen funds, to be placed in the TSA, during which it discovered money related to the Nigerian National Petroleum Corporation’s (NNPC) Liquefied Natural Gas business unit.

However, in a series of tweets, Ndu Ughamadu, Group General Manager, Group Public Affairs Division, NNPC, revealed that the corporation has no $470.5 million in any commercial bank. He further noted that the corporation’s accounts are in full view of the Presidency, the Office of the AGF and CBN.

In the tweets, the NNPC asserted that the Presidency, the Office of the Accountant-General of the Federation, (AGF) and the Central Bank of Nigeria, (CBN) were fully aware of, and received periodic status reports on balances yet to be remitted to TSA by commercial banks.

According to him, following TSA implementation, the Corporation had made a report to the Presidency on the failure of some commercial banks to complete transfer of US dollar deposits, and a Presidential directive was issued for the Central Bank of Nigeria to ensure that the funds were completely transferred to the Corporation’s Treasury Single Account in US dollars.

He said most of the commercial banks have since complied with the Presidential directive and completed transfer to the Corporation’s Treasury Single Account in US dollars, including the reported $470.5 million.

Ughamadu said the NNPC would resist every attempt to subject these funds, which have been in the full view of Government, to five percent whistle blowing fees as this would be unreasonable and a sheer waste of public funds.