NNPC denies withholding $793m from TSA

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The Nigerian National Petroleum Corporation (NNPC) on Thursday, denied colluding with some banks to prevent the remittance of $793.2 million into the Treasury Single Accounts (TSA) scheme as directed by the Federal Government, Vanguard reports.

The NNPC in a statement signed by its Group General Manager, Group Public Affairs Division, Ndu Ughamadu, explained that the allegation is not only misplaced but equally misleading. He said the Corporation had earlier taken steps to inform the Presidency, Office of the Accountant General of the Federation, (AGF) and the Central Bank of Nigeria, (CBN) on the existence of the said accounts prior to the creation of the Federal Government Asset Recovery Account.

He explained that it would be totally out of place to move the funds to the FG Asset Recovery Account as reported, noting that it is unreasonable and sheer waste of funds to pay any agent 5% whistle blowing fee for the phantom recovery of genuine NNPC funds which had been disclosed to the Presidency, CBN and other stakeholders. He added that in line with the directive of the Presidency, the apex bank is supervising the remittance of these funds to the CBN TSA Account and it has made great strides in this regard.