FG Begins Probe Of NNPC, NPA, NIMASA, Others Over Naira Remittances

The Federal Government has launched investigations into fraudulent practices carried out in government’s revenue generating agencies during the last administration.

The probe, this time, is focused on the agencies that remitted naira denominations to the Federation Account instead of the actual dollar revenue.
The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, informed the National Economic Council (NEC) of the new probe on Thursday.
Four State governors namely – Ben Ayade (Cross River), Olusegun Mimiko (Ondo), Aminu Tambuwal (Sokoto) and Darius Ishaku (Taraba) briefed State House correspondents at the end of the NEC meeting presided over by Vice President Yemi Osinbajo.
According to Ayade, the Nigerian National Petroleum Corporation (NNPC), Nigeria Port Authority (NPA) and the Nigerian Maritime Administration and Safety Agency (NIMASA) are among the government agencies in the center of investigations into fraudulent remittances.
The Cross River governor said investigations are still ongoing on the remittances, adding that “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 ongoing. Such agencies include but not limited to NNPC, NIMASA and NPA”.
Ayade further said that the permanent secretary in the Ministry of Finance briefed the council on the Excess Crude Account, which he said stands at $2.25 billion as at October 15.
On the provision of loans to states based on the Excess Crude Account-backed collateral, he said: “The CBN governor briefed that 27 states have made request for the N10 billion facility and it is currently being processed”.
“He has called on the affected states to complete all necessary documentation for the same money to the 27 states”.
Governor Ayade further stated that as at Thursday, not all states have indicated interest in the ECA collaterized loan.