APC alleges NNPC’s $1.2b moved from banks to CBN is part of missing NLNG dividends

By 10:09 Thu, 16 Jul 2015 Comments



Alhaji Lai Mohammed

Renews call for probe

THE All Progressives Congress (APC) has alleged that the

$1.2 billion, which the Nigerian National Petroleum

Corporation (NNPC) moved from commercial banks to the

Central Bank of Nigeria (CBN) is part of the missing

Nigeria Liquefied Natural Gas (NLNG) monies.

In a statement by its National Publicity Secretary, Alhaji

Lai Mohammed, the party renewed its call on the Federal

Government to probe the whereabouts of the dividends

paid to the NNPC by the NLNG, as well as the taxes paid

to the Federal Inland Revenue Service (FIRS) Federation

Account prior to the latest-news payment in June 2015.

The party said the call has become more urgent against

the backdrop of published reports that the NNPC has

withdrawn $1.2 billion from banks so it could place the

money with the CBN.

The party maintained that the move by the NNPC is a

panic reaction to the expose by the party (APC) that over

$4 billion are missing in past dividends paid to the NNPC

by the NLNG.

‘’Whereas NLNG’s dividends are paid to NNPC’s account

with JP Morgan, from where they are supposed to be paid

into the Federation Account in accordance with the law,

some unscrupulous officials of the corporation have

apparently been moving such funds to local banks so they

can collect huge commissions on them.

‘’Now that the cat has been let out of the bag, they have

started moving the funds from the banks to the CBN. We

believe what we are seeing now is just a tip of the

iceberg, hence the need for the authorities to call the

NNPC officials to give account of the paid NLNG dividends

to date,’’ APC said.

The party said any delay in calling the officials to account

for the dividends may give them enough time to cover

their tracks, in addition to the dangers posed to the banks

– and by extension the economy – by the sudden

withdrawal of such a huge fund from the NNPC accounts

with them.

‘’The top officials of the NNPC and others who met on

Monday and decided to withdraw the $1.2 billion from the

corporation’s account to the CBN must be asked a

number of questions, including their motive for the

decision and the whereabouts of the commissions paid on

such funds,’’ it said.

APC insisted that despite the attempt to pull the wool over

the eyes of Nigerians, the Federal Government must

remain undaunted in unraveling what happened to the

dividends as well as previous taxes paid by the NLNG, as

part of ongoing efforts to plug all financial leakages,

ensure the payment into the Federation Account of all

relevant funds and stop the looting of the treasury by

unscrupulous public officials who have opted to abuse

their office.

‘’It is not by accident that until the advent of the Buhari

administration that has decided to enthrone transparency

in governance, no one has heard anything about NLNG

dividends and taxes, while the funds therefrom have not

been shared as they should have been. This is not right.

‘’A situation in which funds meant for all Nigerians are

eaten up by a few will no longer be tolerated. Those who

are opposed to the efforts by the Buhari administration to

clear the rot left behind by the past government and

restore transparency to the system are enemies of

Nigeria,’’ the party said.


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