NNPC Debunks Claims Of Operating Secret Account

The Nigerian National Petroleum Company Ltd has said it does not operate a secret account.

The company, in a statement by the spokesman, Garba Deen Muhammad referred to reports credited to the House of Representatives ad hoc Committee set up to investigate The structure, accountability and production sharing contracts of the NNPC from 1990 to date, which allegedly found a hidden account that belongs to it as incorrect.

It said the NNPC, directly or through its upstream arm, the National Petroleum Investment Management Services (NAPIMS), does not operate secret accounts at all.

The Joint Venture cash call accounts denominated in US Dollars and Nigerian Naira are all domiciled with the Central Bank of Nigeria CBN in line with the Treasury Single Account TSA policy.

The Joint Venture Cash Call NGN and USD Accounts were created to cater for the funding of cash calls for the various Joint Ventures managed by NNPCL on behalf of the federal government.