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NNPC Refutes Claims Of Hidden $470.5m, N8bn In Banks

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The Nigerian National Petroleum Corporation (NNPC) yesterday, dismissed allegations currently trending in some media reports that the Nigerian Police recovered $470.5 million and N8 billion NNPC funds hidden in commercial banks.

The corporation’s spokesperson, Ndu Ughamadu, in a statement described the allegation as misplaced and misleading.

He however, affirmed that a few commercial banks are yet to complete remittance of US dollar deposits to the Treasury Single Account (TSA).

He added that the Corporation had no funds hidden in any commercial bank.

According to the statement, 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.

Part of the statement reads, “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.”

“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.”

“On the purported recovery of N8 billion by the Nigeria Police Force, the Corporation is not aware of any change in the subsisting presidential directive to the effect that all of the US dollar balances must be transferred to NNPC’s CBN Treasury Single Account in US dollars. In addition, no such funds have been deposited into the Corporation’s CBN Treasury Single Account.”

According to Ughamadu, NNPC’s record of the US dollar funds, still yet to be transferred by a few commercial banks, cannot reflect the said recovery.

He noted that the CBN executes the presidential directive to ensure complete transfer of US dollar funds to the Corporation’s CBN Treasury Single Account. It is pertinent to reiterate his earlier position that NNPC will resist every attempt to subject these funds, which have been in the full view of government, to five per cent whistle blowing fees, as this would be unreasonable and a sheer waste of public funds.

Ughamadu submitted that the NNPC, as an entity with fiduciary responsibility to the government and people of the Federal Republic of Nigeria, its commitment to transparency and accountability remains unwavering.

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