NNPC Denies Existence Of ‘Hidden’ Fund
The Nigerian National Petroleum Corporation, (NNPC) has denied ‘hiding’ money in commercial banks to defraud the government, as insinuated by the police.
Police spokesperson, Jimoh Moshood, on Thursday said unremitted NNPC revenue of about $470.5m and N8bn, hidden in some commercial banks, were recovered by special task forces of the police.
But NNPC spokesperson, Ndu Ughamadu, dismissed the reports as misleading.
He said some of the banks were yet to complete the remittance of the dollar deposits to the treasury single account, TSA and denied any funds were ‘hidden’.
He added that the apex bank was aware of the funds and has been receiving periodic status reports on their balances.