We don’t have hidden accounts - NNPC

The Nigerian National Petroleum Corporation (NNPC) has denied the report that it colluded with some banks to prevent the remittance of some funds into the treasury single accounts (TSA) as directed by the federal government.


In a statement by Ndu Ughamadu, its group general manager, group public affairs division, the corporation described the allegation as not only “misplaced but equally misleading”.

Ughamadu 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.

“It would be totally out of place to move the funds to the federal government asset recovery account as reported,” the statement read.

“It is unreasonable and sheer waste of funds to pay any agent five percent, whistleblowing fee for the phantom recovery of genuine NNPC funds which had been disclosed to the presidency, CBN and other relevant stakeholders.

“Based on this superior argument, the consultant appointed by government to investigate the alleged hidden remittances was instructed to withdraw the pending court case against some commercial entities at the federal high court, Lagos.”

The statement said in line with the directive of the presidency, the apex bank is supervising the remittance of the funds to the CBN TSA account.

The NNPC said 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.