Unremitted $232m: Presidency, CBN, others aware of the funds in 3 banks— NNPC 

Nigeria National Petroleum Corporation NNPC, has said that the federal authorities are aware of the lodgement of $232 million in three Nigerian Banks not seven as earlier reported. The Corporation said it did nothing wrong in the non-remittance of $232 million to the Treasury Single Account, TSA, stating that the Presidency, Central Bank of Nigeria, CBN, and the Office of the Accountant General of the Federation, OAGF, are aware of the existence of the funds in the vaults of the three banks.

It will be recalled that Justice Chuka Obiozor had ordered seven banks to remit the various sums allegedly being kept illegally in their custody to the designated Federal Government’s Asset Recovery dollars account domiciled with the Central Bank of Nigeria, CBN.
The banks in question were United Bank for Africa, UBA; Diamond Bank Plc; Skye Bank Plc; First Bank Limited; Fidelity Bank Plc; Keystone Bank Limited; and Sterling Bank Plc.

Sterling Bank in reaction to the allegation has written to the Accountant General of the Federation to say it has not withheld $46.5 million the government says it should hand over. It said in a statement it had written a letter to clarify its position after the government went to court over the money for the first time since bringing in the policy.

The NNPC in a statement by its Group General Manager, Group Public Affairs Division, Mr. Ndu Ughamadu, listed the banks and the various sums as $174.4 million domiciled at Diamond Bank, $40.7 million in Skye Bank and $16.7 million in Keystone Bank bringing the total to $231.8 million and not $793.2 million as alleged. He described as misplaced and misleading, allegations that the NNPC colluded with the banks to prevent the remittance of the sum into the TSA scheme as directed by the Federal Government.

He said, “The NNPC had earlier taken steps to inform the Presidency, Office of the Accountant General of the Federation, (AGF) and the Central Bank of Nigeria, (CBN) on the existence of the said accounts prior to the creation of the Federal Government Asset Recovery Account.”
He added that in line with the directive of the Presidency, the CBN was supervising the remittance of these funds to the CBN TSA Account and had made great strides in this regard.

He explained that as an entity with fiduciary responsibility to the government and people of the Federal Republic of Nigeria, the NNPC’s commitment to transparency and accountability remained unwavering. To this end, Ughamadu stated that it would be totally out of place to move the funds to the Federal Government’s Asset Recovery Account as reported noting that it is unreasonable and sheer waste of funds to pay any agent five percent, whistle blowing fee for the phantom recovery of genuine NNPC funds which had been disclosed to the Presidency, CBN and other relevant stakeholders.