…GMD says undercover bank accounts known to FG
The Presidential Special Investigative Panel for the Recovery of Public Property has discovered over N600 million in non-remittances and a number of secret bank accounts with the Nigerian National Petroleum Corporation (NNPC).
The non-remittances are in taxes and royalties. But officials of the Corporation insist that the non-remittances were merely “outstanding payments which arose as a result of the pillage that occurred before 2015”
The Special Investigative Panel probing the Corporation over alleged financial breaches in its operations also discovered secret bank accounts unknown to the Treasury Single Account (TSA). But top officials of the Corporation facing the panel said the bank accounts were known the federal government, despite not being recognized by the TSA.
Addressing members of the panel when they visited the NNPC Towers yesterday, the group managing director Mallam Mele Kyari said the Corporation has nothing to hide as it stood to gain a lot by being transparent in all areas of operation.
Responding to the issues raised by the Panel on the alleged underpayment of lease renewal fees on Oil Mining Leases (OMLs) 67, 68, and 70 by ExxonMobil, Kyari said the company paid $600m which was their equity contribution of 40% of the Joint venture agreement after which NNPC was to pay the remaining 60% but it became unnecessary as it represented the government.
On the allegations of multiple banks accounts and violations of the Treasury Single Account TSA, the panel discovered that NNPC operated other accounts unknown to the TSA platform.
However, the GMD insisted there is no single account NNPC is operating that is unknown to the Federal Government. “Any account(s) outside the TSA platform are partner accounts which we have obtained due approvals from the government,” he noted.
He explained further that all monies belonging to the Corporation were domiciled with the Central Bank of Nigeria (CBN), and that the Corporation’s account managers remain the CBN and the Accountant General of the Federation.
On alleged non-remittances by some oil companies operating in the country, the NNPC boss said it was the responsibility of the Federal Inland Revenue Service (FIRS) and the Department of Petroleum Resources (DPR) to collect taxes and royalties from oil companies, including those on Joint Venture (JV) and Production Sharing Contract (PSC) arrangement.
He, however, assured the Panel that his administration has made concerted efforts to reconcile every payment due to the Federation on taxes and royalties.
On the discovery of the N600 million in non-remittances, the NNPC boss said the Corporation has a pre-payment plan with the Department of Petroleum Resources (DPR) such that “by mid-2020, we will have money left to be paid,” he noted.
Earlier in his remarks, the chairman of the Presidential Panel, Chief Okoi Obono-Obla said their visit was to seek synergy with the NNPC towards reforming the country and particularly to clear the air on issues relating to the operations of the Corporation.
Chibisi Ohakah, Abuja
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