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The Nigerian National Petroleum Corporation (NNPC) has denied hiding its $2.33 billion domiciled with its bank affiliates.
NNPC Spokesman, Malam Garba-Deen Muhammad reacted to reports in some media that it was indicted for not remitting the money.
He said the corporation was the first to report to the Presidency that nine banks were hiding the disclosed sum.
Fortnight ago, nine banks came under fire from the Central Bank of Nigeria, accusing them of engaging in round tripping and threatened to punish the breach.
The deposit money banks (DMBs) sailed into trouble waters for hiding over $2.274 billion belonging to the NNPC from the TSA.
In a chat with The Nation, Muhammed said: “Some social media are trending that NNPC has been indicted for some money not remitted.
“It is the same old story. The fact is that NNPC reported those nine banks to the Presidency.
“The newspaper reported that the CBN wielded the big stick by banning the banks from forex transactions.
“The banks suspension is to remain in force until they remit all the funds to the TSA.
“President Muhammadu Buhari has been briefed on the breach by the banks.
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“They have been mandated to move the monies to the TSA before any consideration for their re-entry into forex trading.
“And the Presidency now directed the CBN to go after those banks. It is not the other way round. NNPC is not indicted.”
Diamond, UBA, Heritage, FBN, Fidelity, Skye, Sterling, Keystone and FCMB were all suspended from all FX markets for hiding, failure to remit NNPC’s $2.12bn into government coffer.
They will all be allowed to return to NGR FX market operations once they fully pay-up NNPC $2.1 billion into TSA.
Determined not to tolerate any further breach of extant financial regulations, the Central Bank of Nigeria (CBN) has barred nine banks from all foreign exchange transactions.
The banks were barred for failing to remit the Nigerian National Petroleum Corporation (NNPC) dollar funds to the federal government’s Treasury Single Account domiciled in the CBN as directed by the presidency last year.
The banks, whose suspension would remain in force until they remit all the funds to the TSA are United Bank for Africa (UBA) $530m; First Bank of Nigeria (FBN) $469m; Diamond Bank Plc ($287m); Sterling Bank Plc ($269m); Sky Bank Plc ($221m); Fidelity Bank ($209m); Keystone Bank ($139); First City Monument Bank (FCMB) $125m; and Heritage Bank ($85m).
Elombah.com learnt that further disciplinary actions awaited the erring banks after remitting the funds in full to the government’s coffers.
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