Senate to probe alleged N42b Brass LNG account operated by NNPC

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The Senate has mandated its committees on public accounts and gas to investigate the activities of Brass LNG, alleged to be running an illegal account in the name of the federal government, The Guardian reports.

The Senate indicted the Nigeria National Petroleum Corporation (NNPC) of allegedly operating a N42. 005 billion illegal account. The account, according to Senator Dino Melaye, (APC Kogi West), who raised the alarm through a point of order is being operated by NNPC and some expatriates in the oil industry under the name of a registered company called Brass NLG Limited with the Federal Government controlling the account.

According to him, the account which by extant laws is supposed to be domiciled in the Central Bank of Nigeria (CBN) is domiciled in a Keystone Bank and without Bank Verification Number (BVN). He alleged that periodic withdrawals are being made from the account, the latest of which was $4 million (N220 million), which he said made the account to now have a balance of $137 million (N41.785billion).