NNPC Denies Hiding Cash In Commercial Bank

The Nigerian National Petroleum Corporation has denied hiding $470.5 million and N8 billion in a commercial bank as claimed by the Nigerian police.

“As a result of these efforts, the Nigeria Police Force recovered the following monetary and non-monetary assets for the Federal Government: the sum of $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 police had said.

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However, in a statement on Friday, the NNPC noted that the allegation was untrue and at the same time misleading.

According to the organization, it does not have an cash hidden in any commercial bank, saying that 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,” the statement added.

“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.”

And on the purported recovery of N8 billion by the Nigeria Police Force,  it said the “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.’’