NLNG Corporate Caring banner FirstGem 3rd anniversay lecture Fidelity bank card banner Emerald Energy Institute Camano banner

NNPC denies hiding $470.5m, N8bn in commercial banks

By Edith Ike-Eboh on 22/09/2018

Gmail icon

Views: 738

• NNPC's spokesman, Ndu Ughamadu
• NNPC's spokesman, Ndu Ughamadu

The Nigerian National Petroleum Corporation (NNPC) says it has no hidden 470.5 million dollars and N8 billion in any commercial bank as alleged by the Nigerian police.

The NNPC in a statement by its Group General Manager, Group Public Affairs Division, Mr Ndu Ughamadu, in Abuja on Friday, explained that the allegation was not only misplaced but equally misleading.

He stated that the corporation had no funds hidden in any commercial bank as the Presidency, the Office of the Accountant-General of the Federation (AGF) and the Central Bank of Nigeria (CBN) are fully aware of.

According to Ughamadu, the AGF and CBN receive periodic status reports on balances yet to be remitted to TSA by commercial banks.

“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.

“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,’’ he said.

On the purported recovery of N8 billion by the Nigeria Police Force, he said the corporation was 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.

He noted that no such funds had been deposited into the corporation’s CBN Treasury Single Account.

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

“While the Central Bank of Nigeria 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 that NNPC will resist every attempt to subject these funds, which have been in the full view of Government, to five per cent whistleblowing fees,’’ he added.

This, he said, would be unreasonable and a sheer waste of public funds.

Ughamadu said 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 remained unwavering.

It would be recalled that the Nigerian Police Force on Thursday said it had succeeded in recovering monies belonging to the NNPC Brass/LNG Investment, which were supposed to be deposited in the Treasury Single Accounts (TSA) of the federal government.

According to a statement by the police, the money includes “$470,519,889.10 belonging to NNPC Brass LNG Investment hidden in some commercial banks after the directives of the federal government on TSA’’.

The statement also alleged that recovered by the police was the sum of N8,807,264,834.96 belonging to NNPC/Brass Investment that was not remitted to TSA Account of the federal government (NAN)

Source News Express

Posted 22/09/2018 04:35:19 AM

 

 

CLASSIFIED ADS

 

You may also like...
Borno Governor redeploys 41 permanent secretaries

Nigeria's Nneka wins 2015 Commonwealth Short Story Prize...

At least 30 feared killed in Adamawa communal...

House Report and Buhari’s first major call, By...

Thousands rally against upcoming G20 summit in Germany...

Dickson urges IOCs, other corporate bodies to contribute...

Ekiti guber poll result: Gov. Fayemi too shocked...

CBN injects $195m into forex market

Defection: We’re waiting for Saraki’s directive – Kwara...

Over-billing: We are complying with FG’s refund directive...

Robots will dominate workplaces by 2025: World Economic...

Shelve your visit to Kano, police authorities warn...

 

Latest News Prepare for four more years of Buhari dictatorship — Adegboruwa •Warns that bad leadership may kill Nigeria 24 soldiers killed in surprise attack Jonathan faces suspension over PDP’s defeat in Bayelsa Oshiomhole didn’t pay salaries, pension of workers in 18 LGs — Edo SSG Bayelsa Guber: Gov. Dickson made victory for APC much easier ― Minister Muslim lawyers condemn arrest, detention of Sharia Court judge, others over alleged illegal marriage I won Bayelsa guber poll, PDP’s Diri insists •Asks INEC to declare him Governor-Elect Kogi Guber Poll: 16 candidates accept results, congratulate Bello Boko Haram fighters kill five villagers Malabu: FG to extradite ex-AGF, Adoke, over N288.6bn oil deal Ebonyi Building Collapse: Lawmaker offsets victims’ hospital bills NBA decries high spate of violence during Bayelsa, Kogi guber elections

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (563,755 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (452,749 views) Shameless Genevieve Nnaji exposes breasts in public (402,007 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (336,447 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (304,050 views) 10 cars more expensive than Jets (282,237 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (259,115 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (257,342 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (238,862 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (225,257 views) Lagos plane crash: Journalist releases victims’ names (201,708 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (198,329 views)

 

CBN milk production

CBN banner advert

UBA Wise Savers Promo

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (110) Business & Economy (4,576) Business Verdict (86) Columnists (1,144) Complaints & Requests (97) Enterprise & Opportunities (219) Entertainment (704) Features (845) Global Business Monitor (493) ICT Monitor (67) International (4,221) Interview (211) Live Commentary (30) Love Matters (176) Maggie's Blog (490) News (54,121) Opinion (1,421) Pidgin (17) Politics (11,773) Religion (1,121) Sports (2,227) Stock Watch (40) AMA & Al Jazeera Global Update

 

 

 

 

 

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera