Wednesday, May 12, 2021

Falana to Nigerian govt: Open up on $470m, N8.8bn allegedly recovered by police


Rayyan Alhassan
Rayyan Alhassan
Rayyan Alhassan is a 30-year-old graduate of Journalism and Mass Communication at Sikkim Manipal University, Ghana. He is the acting Managing Editor at the Daily Nigerian newspaper, a position he has held for the past 3 years. He can be reached via [email protected], or, or @Rayyan88 on Twitter.
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Lawyer and Human Rights Activist, Femi Falana, has challenged the federal government to speak on the missing $470.4 million and N8.8 billion, allegedly belonging to the Nigerian National Petroleum Corporation, NNPC.

The Nigeria police, on Thursday, had recovered $470.5m belonging to the Nigerian National Petroleum Corporation’s Brass Liquefied Natural Gas hidden in some commercial banks in violation of the directives of the Federal Government on Treasury Single Account.

But the NNPC refuted the police’s claim, stating that it did not hide any money in any commercial bank.

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The corporation described the police allegation as misleading.

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However, Mr Falana, in a statement on Sunday, titled “Where is the missing $470.4 million and N8.8 billion”, warned the government not to sweep the matter under the carpet.

The statement reads: “Last week, the Nigeria Police Force, NPF, claimed to have recovered some huge public funds, including the sum of $470.4 million and N8.8 billion belonging to the Nigerian National Petroleum Corporation, NNPC, BRASS/LNG hidden in some commercial banks in the country.

“According to the Police Public Relations Officer, Acting DSP Jimoh Moshhod, the fund, which was recovered by the Monitoring Unit of the Inspector-General of Police, Ibrahin Idris, was part of the unremitted revenue by the NNPC to the Treasury Single Account, TSA, in the Central Bank of Nigeria in violation of President Buhari’s directive that all public funds be domiciled in the TSA.

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“Instead of seeking clarification from the Police authorities, the management of the NNPC swiftly dismissed the report and claimed that there was no missing fund.

“It is strange that the authorities of the Nigeria Police Force did not contact the NNPC Management before announcing the recovery of the said sum of $470.5 million and N8.8 billion.

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“However, notwithstanding the lack of coordination on the part of both institutions, the Central Bank of Nigeria ought to confirm the receipt of the missing fund, which is alleged to have been deposited in the TSA.

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“Apart from explaining the whereabouts of the money, the Federal Government should declare and account for all the funds recovered since 1999 in line with the order obtained from the Federal High Court by the Socio-Economic and Accountability Project, SERAP,” it added.

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