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Home NEWS Nigeria NNPC Clarifies Remittance of $231.8 Million

NNPC Clarifies Remittance of $231.8 Million

[dropcap]N[/dropcap]igerian National Petroleum Corporation (NNPC)  has  said the nation’s apex bank (Central Bank of Nigeria) was supervising the remittance of funds to the government totalling $231.8 million from Diamond Bank, Skye Bank and Keystone Bank.

According to NNPC spokesman Ndu Ughamadu, who made the clarification on Friday, commercial banks collect grants, taxes, fees and tariffs on behalf of the government and then send them to a single treasury account with the CBN.

A floating fuel filling station belonging to Nigeria’s state oil firm Nigerian National Petroleum Corporation (NNPC) sits idle on a river in the oil rich southeastern Delta state, Nigeria June 18, 2017. Picture taken June 18, 2017

Some banks have previously been accused of withholding remittances.

He said the money accrued from investments — $174.4 million with Diamond Bank, $40.7 million in Skye Bank and $16.7 million in Keystone Bank — was being remitted to a treasury account under a government policy to curb corruption.

Ughamadu said the company’s announcement was made to clarify remittances related to NNPC after media reports about a court order for seven local banks to transfer a combined $793 million to the government immediately.

 

 

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