• Home
  • Anti-Corruption
  • Fact-Check
  • Economy
  • National
  • Security
  • Features
  • State
  • Event
  • E-Book
Search
  • Home
  • About
  • Adverts
  • Contact
Sign in
Welcome! Log into your account
Forgot your password? Get help
Password recovery
Recover your password
A password will be e-mailed to you.
PRNIGERIA PRNigeria News
PRNIGERIA PRNIGERIA
  • Home
  • Anti-Corruption
  • Fact-Check
  • Economy
  • National
  • Security
  • Features
  • State
  • Event
  • E-Book
Home Economy NNPC Counters Police: We’ve No Hidden $470mn, N8bn in Commercial Banks
  • Economy

NNPC Counters Police: We’ve No Hidden $470mn, N8bn in Commercial Banks

By
Ndu Ughamadu
-
September 21, 2018
Maikanti Baru, Muhammadu Buhari, Emmanuel Kachikwu
Maikanti Baru, Muhammadu Buhari, Emmanuel Kachikwu

NNPC Counters Police: We’ve No Hidden $470mn, N8bn in Commercial Banks
· Our Accounts in full view of the Presidency, the Office of the Accountant-General of the Federation, and the Central Bank of Nigeria.
· Says Won’t Subject the funds to 5% Whistle Blowing Fees
The Management of the Nigerian National Petroleum Corporation, NNPC on Friday provided an informed perspective to the trending media report alleging that the Nigerian Police recovered $470.5 million and N8 billion NNPC funds hidden in commercial banks.

The NNPC in a release by its Group General Manager, Group Public Affairs Division, Ndu Ughamadu, explained that the allegation was not only misplaced but equally misleading.

While confirming that a few commercial banks are yet to complete remittance of US dollar deposits to the Treasury Single Account (TSA), he stated unequivocally that the Corporation had no funds hidden in any commercial bank as the Presidency, the Office of the Accountant-General of the Federation, (AGF) and the Central Bank of Nigeria, (CBN) were fully aware of, and received periodic status reports on balances yet to be remitted to TSA by commercial banks.

Read Also:

  • Tinubu: Shuttle Diplomacy and the Power of Showing Up
  • MAAUN Public Health Students Host Seminar to Combat Drug Abuse and Preventable Diseases
  • FutureMap Graduates Over 1,000 Students from STEAM Camp in Jigawa

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 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.

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.

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.

Consequently, 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 our earlier position that NNPC 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.

The NNPC noted that as an entity with fiduciary responsibility to the government and people of the Federal Republic of Nigeria, its commitment to transparency and accountability remains unwavering.

Ndu Ughamadu
Group General Manager
Group Public Affairs Division
Nigerian National Petroleum Corporation
Abuja

VISIT OUR OTHER WEBSITES
PRNigeria.com EconomicConfidential.com PRNigeria.com/Hausa/
EmergencyDigest.com PoliticsDigest.ng TechDigest.ng
HealthDigest.ng SpokesPersonsdigest.com TeensDigest.ng
ArewaAgenda.com Hausa.ArewaAgenda.com YAShuaib.com
  • TAGS
  • NNPC
  • police
  • Presidency
Previous articleEFCC Monitors Campaign Funding by Parties
Next articleLagos Property: Impostors of Police Boss Nabbed
Ndu Ughamadu
Ndu Ughamadu
https://prnigeria.com
PRNigeria is the pioneer Press Release Distribution agency in Nigeria. A member of image Merchant Promotions limited, PRNigeria encourages individuals and organisations to be more transparent in their information management. with dedicated Editorial staffs, the PRNigeria ensures that information provided on its platforms are timely, factual and authoritative Read more at: //prnigeria.com/about/
Facebook Twitter

RELATED ARTICLESMORE FROM AUTHOR

Tinubu: Shuttle Diplomacy and the Power of Showing Up

Nigerian Air Force new Headquarters

Badaru Hails NAF’s Vision, Commissions New Headquarters Annex in Abuja

How Irabor’s Book Launch Became National Security Summit as Obasanjo, Jonathan, Kukah, Sultan Spoke on Boko Haram

GWA Award Winners 2025

PHOTOS: Nigeria Customs, IMPR Bag Back-to-Back Golden World Award at IPRA 70th Anniversary

Customs, NCC Strengthen Alliance on Device Monitoring, Security, Public Safety

EFCC Arrests 42 Suspected Internet Fraudsters, Recovers Laptops, Phones in Yobe

Military Foils Terrorist Attacks, Rescues Victims, Dismantles Hideouts in Sokoto, Kebbi

ICPC

ICPC Rises to 3rd Place in Transparency Index, Records Historic Leap in Integrity Score

Nigeria and the Genocide Lie That Refuses to Die By Kabir Abdulsalam

FULL TEXT INDEPENDENCE SPEECH: Tinubu Hails Nigeria’s Progress at 65 Tinubu, Lists Achievements, Promises Brighter Future

Aliko Dangote

FG Brokers Truce in Dangote–PENGASSAN Dispute

President Bola Ahmed Tinubu

Nigeria @ 65: Tinubu Hails Armed Forces, Claims Victory Over Boko Haram, IPOB, Bandits

LEAVE A REPLY Cancel reply

Log in to leave a comment

Recent Posts

  • Tinubu: Shuttle Diplomacy and the Power of Showing Up
  • MAAUN Public Health Students Host Seminar to Combat Drug Abuse and Preventable Diseases
  • FutureMap Graduates Over 1,000 Students from STEAM Camp in Jigawa
  • Finally, Tinubu’s Embattled Minister Resigns Amid Certificate Scandal
  • Tinubu Confers National Honour on Outgoing INEC Chairman Mahmood Yakubu
  • Home
  • About
  • Adverts
  • Contact
© 2020 PRNigeria. All Rights Reserved.
Latest News
Tinubu: Shuttle Diplomacy and the Power of Showing UpMAAUN Public Health Students Host Seminar to Combat Drug Abuse and Preventable DiseasesFutureMap Graduates Over 1,000 Students from STEAM Camp in JigawaFinally, Tinubu's Embattled Minister Resigns Amid Certificate ScandalTinubu Confers National Honour on Outgoing INEC Chairman Mahmood YakubuArmy Partners Media to Tackle Fake News, Boost National SecurityBadaru Hails NAF’s Vision, Commissions New Headquarters Annex in AbujaJUST IN: INEC Boss Prof. Yakubu Hands Over Leadership to Acting ChairTroops Repel Terrorists Attacks in Borno, Launch Rescue Operation for Abducted VillagersCAN Refutes ‘Christian Genocide’ Claims, Says Violence in Nigeria Affects All FaithsAlleged Certificate Forgery: Why Uche Nnaji Must Resign or Get Fired ImmediatelyPantami Foundation Graduates 250 Gombe Youths in Tech, EntrepreneurshipTinubu Orders NAHCON to Reduce 2026 Hajj FaresSecurity Operatives Nab Influencers Over Defamatory Campaign Against Senator Shehu BubaArmy Dislodges Bandits in Taraba Forests Under Operation Lafiya Nakowa
X whatsapp