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Tuesday , 17 July 2018

NNPC faces fresh probe over non-remittance to TSA

The Nigerian National Petroleum Corporation, NNPC alleged failure to remit a huge sum of money into the Treasury Savings Account may be a source of fresh troubles for those at the company’s helm of affairs.

The money, according to sources, totals $629 million and is lodged in different sums in different accounts.
An account in Sterling Bank with number 0023515951 is said to hold $26,560,076.76 while the sum of 16.6 miilion dollars is in an account with number 1006160930 in Keystone Bank.

the sum of 277.8 million dollars is in another account with Diamond Bank numbered 0033789960 while a total sum of 19 million dollars sits in two different accounts with First Bank. $12 million is in a current account numbered 2006307767 and 6.9 million is in another First Bank Escrow account with number 2016965894.

In addition to this total sum of $340,102,485.10 another sum of $289 million is placed via two separate cheques with the Central Bank of Nigeria.

According to sources, requests from relevant offices to the NNPC to remit the total sum of the said $629,093,716.77 to the Nigerian Petroleum Development Company TSA account as is the practice have been rebuffed for reasons not known yet. Treasury Single Account (TSA) allows government banking to be unified, to enable the relevant stakeholders, such as the Ministry of Finance and Accountant General of the Federation have full oversight of all cash flows across different bank accounts.

TSA also helps check cases of multiple, sometimes, untraceable accounts operated by government MDAs for collection and spending of government revenues.

TSA helps check cases of idle cash lying over extended periods in bank accounts held by the agencies of government, giving room for unscrupulous officials to make private wealth from interests on such deposits or by trading with the money.

Also, the scheme makes it impossible for banks that are fond of using public sector funds to make free profits to continue to do so.

The introduction of the Treasury Single Account policy, therefore, has been useful in reducing the proliferation of bank accounts operated by ministries, departments and agencies, thereby ensuring financial accountability as well as transparency.

Though it was first introduced in 2012 by the Goodluck Jonathan administration, its implementation was largely nil until the Muhammadu Buhari government came on board and gave the scheme real muscle.

It is against the background of TSA’s potentials for curbing corruption that any flouting of its rules is sternly frowned upon by the Buhari government which sets so much store of fighting corruption.

According to Sources, the fact that relevant queries were raised by appropriate offices but ignored may compel the presidency to empanel an inquiry soon.

About Younews Ng

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