22 September 2018, Sweetcrude, Abuja — The Nigerian National Petroleum Corporation (NNPC), Friday, accused the Nigeria Police Force of misleading the public on the purported recovery of $470.5 million and N8 billion NNPC Brass Liquefied Natural Gas (LNG) funds.
The recoveries were allegedly hidden in some commercial banks in the country.
Group General Manager, Group Public Affairs Division of the NNPC, Mr. Ndu Ughamadu, in a statement in Abuja, described the allegations of Police as “not only misplaced but equally misleading.”
He said, “While confirming that a few commercial banks are yet to complete remittance of US dollar deposits to the Treasury Single Account (TSA), he stated unequivocally 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) were fully aware of, and received periodic status reports on balances yet to be remitted to TSA by commercial banks.”
Ughamadu said the NNPC had following TSA implementation, 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.
According to him, most of the commercial banks had since complied with the Presidential directive and completed a transfer to the Corporation’s Treasury Single Account in US dollars, including the reported $470.5 million.
However, commenting on the purported recovery of N8 billion by the Nigeria Police Force, Ughamadu said the NNPC 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 added that “In addition, no such funds have 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 our earlier position that NNPC will resist every attempt to subject these funds, which have been in the full view of Government, to five percent whistleblowing fees as this would be unreasonable and a sheer waste of public funds.”
Ughamadu further noted that 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.