Nigeria Senate to probe N3.4 billion NNPC/Agip security account

Nigeria Senate to probe N3.4 billion NNPC/Agip security account

  • BUSINESS – It is reported that the Senate, on Tuesday, mandated its Committee on Public Accounts to investigate the rationale behind a security account allegedly operated by the Nigeria National Petroleum Corporation (NNPC) and Nigerian Agip Oil Company.


  • This followed the adoption of a motion moved by Sen. Dino Melaye (Kogi-APC).
  • Moving the motion, Melaye said there was the need for the Senate to unravel the objective of the account and source of its funding.


  • He alleged that the account opened with the name NNPC/AGIP Oil Company IPP Security Account with address NNPC Garki, Harbert Macauley way, is domiciled in First Bank Nigeria Plc with account number 2006367288.


  • Melaye alleged that the account had an opening balance of N31.7 billion and a closing balance of N34. 5 billion as at April 25, 2017, adding that there were lodgments and withdrawals since January 2017.


  • “A lot of questions are begging for answers as regards this account.
  • “While we need to know the objectives of this account, we also need to know the signatories to the account; is the account known to the Federal Government and what are the sources of the account’s funding?


  • “About N2 trillion is kept in various accounts of government, we are operating a Treasury Single Account yet money is kept in various personal accounts.


  • “If these monies are properly remitted to government purse, we will have no business borrowing.


  • “This Senate will continue to expose any corrupt practice in the country because it is time to protect the future of Nigerians unborn,” Melaye said.


  • The Committee has four weeks within which to carry out its investigation.

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