NNPC: We did not hide N8bn, $470m in any commercial bank

The Nigerian National Petroleum Corporation (NNPC) says it did not hide funds meant for the treasury single account (TSA) in any commercial bank.

In a statement on Friday, the corporation described as “misplaced and misleading,” reports that it did not remit N8 billion and $470.5 million to the TSA.

The Nigeria Police Force had on Thursday said it recovered N8 billion and $470.5 million belonging to the NNPC’s Brass Liquefied Natural Gas hidden in some banks.

The names of the banks were not mentioned.

But in its reaction, the state oil firm said though a few commercial banks are yet to complete remittance of US dollar deposits to the TSA, the federal government knew of and “received periodic status reports on balances yet to be remitted by the same banks.

The NNPC said a presidential directive was issued for the Central Bank of Nigeria (CBN) to ensure that the funds were completely transferred to its TSA 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,” read the statement signed by Ndu Ughamadu, its spokesman.

“On the purported recovery of N8 billion by the Nigeria Police Force, the Corporation is 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.

“In addition, no such funds have been deposited into the Corporation’s CBN Treasury Single Account.

The state oil firm said subject the funds to five percent whistle blowing fees would be “unreasonable and a sheer waste of public funds”.

The NNPC said its “commitment to transparency and accountability remains unwavering”.