NNPC reacts to $470.5 million seizure by Police

The Nigerian National Petroleum Corporation (NNPC) has reacted to reports of seizure of $470.5 million allegedly belonging to the corporation in some commercial banks.

In a series of tweets, Ndu Ughamadu, Group General Manager, Group Public Affairs Division, NNPC, revealed that the corporation has no $470.5 million in any commercial bank. He further noted that the corporation’s accounts are in full view of the Presidency, the Office of the AGF and CBN.

4a. According to him, 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…

— NNPC Limited (@nnpclimited) September 21, 2018

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4b. …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.

— NNPC Limited (@nnpclimited) September 21, 2018

6a. 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…

— NNPC Limited (@nnpclimited) September 21, 2018

8b…that @NNPCgroup will resist every attempt to subject these funds, which have been in the full view of Government, to five percent whistle blowing fees as this would be unreasonable and a sheer waste of public funds.

— NNPC Limited (@nnpclimited) September 21, 2018

Recall that Nairametrics had earlier reported that security agencies recover some funds allegedly traced to the corporation’s Brass LNG in some commercial banks.

The police said they had launched a nationwide exercise to recover stolen funds, to be placed in the TSA, during which it discovered money related to the Nigerian National Petroleum Corporation’s (NNPC) Liquefied Natural Gas business unit.