The management of the Nigeria National Petroleum Corporation, NNPC, has denied operating a secret foreign account, insisting that it only has a statutory domiciliary account with Central Bank of Nigeria, CBN.
The Group Managing Director, GMD, of the corporation, Mr. Andrew Yakubu made the clarification at the National Assembly’s Joint Committee on Oil Subsidy regime.
A statement by the Group General Manager, Public Affairs Division, Mr. Fidel Pepple says the clarification became necessary in view of the controversy the issue has generated.
The GMD said “record shows that the JP Morgan account is a domiciliary account operated by the CBN on behalf of the NNPC”.
He added that the account by the CBN on behalf of the NNPC for the payment of proceeds from crude oil sales in U.S. dollars, stressing that NNPC does not operate the account directly but through the CBN.
Mr. Yakubu also explained that the corporation, through the Pipelines and Products Marketing Company, PPMC, is working hard to mitigate kerosene scarcity in the country.