NNPC, others under investigation for remitting dollar revenue in naira

The federal government has commenced probe of the Nigeria National Petroleum Corporation (NNPC) and other revenue generating agencies for short changing the country by remitting dollar revenues in naira into government coffers.


Two other agencies facing probe for the same offense are the Nigerian Maritime Administration and safety Agency (MIMASA) and the Nigerian Ports Authority (NPA).

Cross River state governor, Ben Ayade gave the hint, while briefing journalists alongside his Sokoto,Taraba and Ondo counterparts after the monthly National Economic Council (NEC) meeting at the Presidential Villa, Abuja yesterday.

According to Ayade, NEC presided over by vice president Yemi Osinbajo was briefed by the Central Bank Governor, Godwin Emiefele on the disturbing development.

“A brief report on the FGN agencies remitting dollar revenues in naira into the Federation Account was also given by the CBN governor.

He said investigations are on-going. Such agencies include but not limited to NNPC, NIMASA and NPA”, the governor stated.

The affected agencies are already undergoing a separate probe instituted by NEC through its Governor Adams Oshiomhole-led ad hoc committee on remittances by the agencies into the federation account.

Ayade also announced that the excess crude account had hit $2.2 billion as at October 15th.

He further hinted that the CBN governor informed NEC that 27 states had made request for the N10 billion provisional loans to states based on collateralisation of the excess crude account that is being processed.

NEC said, already, the affected states had been advised to complete all necessary documentation to that effect.

“It should be recalled at this point in time that not all states have indicated interest on this ECA collaterised loan,” Ayade noted.

Also, he said Vice President Yemi Osinbajo assured NEC that states that had followed the right processes and procedures in incurring expenditure on roads maintenance would soon be refunded expenses incurred by the state governments on behalf of the federal government especially.

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