We’ve no hidden $470.5m, N8bn in commercial banks – NNPC – Business

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The Nigerian National Petroleum Corporation (NNPC) claims that it does not have a hidden $ 470.5 million and N8 billion in any commercial bank, according to the Nigerian police.

VOLUME in the statement of the Director General of the Public Relations Group Ndu Ugamadu, in Abuja on Friday, explained that this statement was not only inappropriate, but also deceptive.

He stated that the corporation does not have funds hidden in any commercial bank as the Presidium, the Office of the Federation’s General Accountant (AGF) and the Central Bank of Nigeria (CBN) fully aware.

According to Ugamad, AGF and CBN receive periodic status reports on balances that have not yet been transferred to commercial banks at TSA.

“After the introduction of TSA, the Corporation made a report to the president that some commercial banks could not complete the transfer of deposits in US dollars.

“A presidential directive was issued to the Central Bank of Nigeria to ensure that funds were fully transferred to the United States Treasury Corporation Single Account.

“Most commercial banks have since fulfilled the presidential directive and completed the transfer to the Unified Account of the Treasury Corporation in US dollars, including the reported $ 470.5 million. USA", he said.

Regarding the alleged recovery of N8 billion by Nigeria's police forces, he said that the corporation was not aware of any changes in the existing presidential directive that all US dollar balances should be transferred to the CNN CNPP Single Treasury account,

He noted that such funds were not deposited into the single Treasury account of CBN Corporation.

“Consequently, the NNPC report on US dollar funds, which has yet to be transferred to several commercial banks, cannot reflect this recovery.

“While the Central Bank of Nigeria fulfills the presidential directive to ensure the full transfer of US dollar funds to the CBN Corporation’s Treasury Single Account, it is appropriate to reiterate that the NNPC will resist every attempt to expose these funds, which were fully from the government, to 5% whistling fees,& # 39; & # 39; he added.

This, he said, would be an unreasonable and pure waste of public funds.

Uhamadu said that NNPK, as a fiduciary organization with the government and people of the Federal Republic of Nigeria, its commitment to transparency and accountability remains unshakable.

Recall that the Nigerian police force on Thursday said that he was able to return the funds belonging to the investments of Nassa Brass / LNG Investment, which were to be deposited in the Treasury Single Accounts (TSA) of the federal government.

According to the police, the money includes "$ 470,519,889.10 owned by NNPC Brass LNG Investment, hidden in some commercial banks after TSA directives of the federal government. ”

The statement also alleged that the police recovered the amount of N8807,264,834.96 belonging to NNPC / Brass Investment, which was not transferred to the TSA account of the federal government

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