NNPC DENIES HIDING $470.5M, N8BILLION IN COMMERCIAL BANKS

NNPC denies hiding $470.5m, N8bn in commercial banks

The Nigerian National Petroleum Corporation says it has no hidden 470.5 million dollars and N8 billion in any commercial bank as alleged by the Nigerian police.

The NNPC in a statement by its Group General Manager, Group Public Affairs Division, Mr Ndu Ughamadu, in Abuja on Friday, explained that the allegation was not only misplaced but equally misleading.

He stated that the corporation had no funds hidden in any commercial bank as the Presidency, the Office of the Accountant-General of the Federation and the Central Bank of Nigeria are fully aware of.

According to Ughamadu, the AGF and CBN receive periodic status reports on balances yet to be remitted to TSA by commercial banks.