THE Senate Committee on Petroleum (Gas) has explained that  $137 million belonging to the Nigerian National Petroleum Corporation, NNPC, is stuck in three banks because of the implementation of the Treasury Single Account, TSA, by the federal government.

Senator Bassey Akpan, chairman, Senate Committee on Petroleum (Gas), said his committee was already investigating monies in Keystone Bank and Diamond Bank.

Akpan said”  “The said withdrawal of $4m was when the Presidency directed the Central Bank of Nigeria to step into the matter. The CBN monitors the funds. The only money that left the account, which was about $3m, was transferred to the TSA.

“Based on our enquiries from the CBN, this account has a BVN and recognised signatories. Mr. Gaius Obaseki, is a former GMD of the NNPC and chairman of the Board of Directors of Brass LNG. So, not only is the money stuck in Keystone Bank, a similar amount of money is also stuck in Diamond Bank and one other bank. I want to say that there is no cause for alarm,” he said.

Senator Dino Melaye had alleged that the NNPC and some joint venture companies were operating the account under the name, Brass LNG Limited and that  the account, which was supposed to be domiciled with the Central Bank of Nigeria, was with Keystone Bank; had no Bank Verification Number and had a balance of $137m as of Tuesday, January 23.

–  Jan. 26, 2018 @ 16:10 GMT