Senate Probe Panel Uncovers NNPC’s Multi-Billion Dollar Secret Account…Finance Minister, CBN Deny Knowledge Of Account
BY IREDITOR · 2 JULY 2012 · NO COMMENTS


That the Nigeria National Petroleum Corporation (NNPC) is a cesspool of corruption was again confirmed today when the senate committee probing fuel subsidy payments announced it has uncovered a secret foreign account into which billions of dollars of proceeds of Nigeria’s crude oil sales are paid into by the NNPC. The dollar account is maintained by the corporation with J.P. Morgan in the USA.

Finance minister, Ngozi Okonjo-Iweala denied having any information about how the account is being operated and who its signatories are, just as she confirmed that the nation has so far paid over N2.19 trillion in fuel subsidy with a clause that the figure may still rise as more facts on the subsidy payments emerge. The fresh payments account for subsidy between 2011 and June 2012.

It was also discovered by the Senate panel at its sitting today that crude oil sales by the NNPC are first paid in dollars into the secret account before remitting same into the Federation Account in naira.

Just as Okonjo-Iweala denied having details about the account, Accountant General of the Federation, Mr. Jonah Otunla also claimed ignorance about the account where the nation’s main oil sales earnings are paid into.

At the sitting today, the Committed Chairman, Senator Magnus Abe, had asked Okonjo-Iweala: “Are you aware that NNPC runs a J.P Morgan account into which all the revenues of Nigeria’s crude sales are paid into? ”I know that NNPC runs an account outside which it uses but I don’t have the specifics of the account”, she replied.

At this point, an infuriated Abe ordered for a copy of the 1999 Constitution and directed the committee clerk, Mr. I. Ikem to give it to the minister and directed her to read aloud section 80(4) to the gathering. The minister complied.

Thereafter, Abe asked her same question, to which she, again, replied: “I like to make very clear, I said I believe that NNPC does (but) I don’t have the account number and I’m not privy to the account. I said since they sell crude outside, they would have an account. Because FAAC doesn’t maintain any foreign accounts, we rely on money transmitted.We have access to accounts within our jurisdiction with the CBN and other banks but with regards to accounts outside the country,since I’m not a signatory, it would be very difficult to do that.”

Not impressed with the minister’s evasive answer, the senator declared that ”That money should go into the Federation account and not any J.P. Morgan account. Honourable Minister, as the manager of the economy, you cannot sit before the Senate and say you don’t know the account where Nigeria’s crude oil sales proceeds are kept.”

After taking on the NNPC GMD, Andrew Yakubu, the committee switched to the Accountant General of the Federation who said
“I’m aware of the account. I don’t know the name of the account. I don’t know the details of the account. They will normally submit a statement to the CBN and the CBN will remit that to us.”

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