NNPC denies recovery of “hidden” $470.5m LNG fund from any bank

The Management of the Nigerian National Petroleum Corporation, NNPC on Friday said it does not run any opaque account with the commercial banks and there was neither $470.5m or N8billion of its money hidden anywhere.

The state oil company was reacting to a sensational report by the Inspector General of Police, Ibrahim Idris that his men helped to trace the money in some unidentified banks. He said the money was kept there to avoid the Treasury Single Account policy of government. But the corporation said the police got their report mixed up.

In a Statement by spokesman Ndu Ughamadu, the NNPC countered with an informed perspective about the money, dismissing the police angle as 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), Ughamadu stated unequivocally that the Corporation had no funds hidden in any commercial bank.

Source: Vanguard

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