Vunderkind
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As the plot thickens on the missing $20 billion, a JP Morgan account which is allegedly managed by the Nigerian National Petroleum Corporation (NNPC) has now come under scrutiny. While the senate continues its probe of the fuel subsidy scheme, Chairman of the Panel, Senator Magnus Abe stated that the JP Morgan account – which holds all proceeds from the sale of crude oil – was unconstitutional and therefore illegal.
Minister of Finance, Ngozi Okonjo-Iweala stated that she was unaware of the number of the JP Morgan account. She said, “Well, I know that the NNPC – since it deals with marketing of petroleum products outside – has external accounts and I believe that they have an account with JP Morgan, but I don’t have the details of that account.”
When senator Magnus Abe rephrased his question and asked her if she was aware of a specific JP Morgan account – into which all the revenues from the sales of Nigeria’s crude is paid into, Okonjo-Iweala said, “I’d like to make very clear, I said I believe the NNPC does, I do not have the account number, and I have never been privy to statements from the account. But I also said that since they are making sales of oil outside the country, I would imagine that when you do those transactions, you would have an account into which all the proceeds go in.”
The new NNPC GMD, Mr. Andrew Yakubu admitted to having knowledge of the account, but added that the account was managed by the Central Bank of Nigeria. Senator Abe argued against this, declaring that the CBN governor had earlier stated that the JP Morgan account was managed by the NNPC, and that monies were transferred from that account to the Federation account (which is managed by the CBN). Senator Abe said that if the NNPC GMD maintained that the CBN managed the account, he would invite the CBN governor to come to the panel tomorrow with Mr. Yakubu.
The committee directed The Minister of Finance to liaise with the Minister of Petroleum, Diezani Alison Madueke to stop the operation of the account.
Click to watch the video of the Senate Probe
Minister of Finance, Ngozi Okonjo-Iweala stated that she was unaware of the number of the JP Morgan account. She said, “Well, I know that the NNPC – since it deals with marketing of petroleum products outside – has external accounts and I believe that they have an account with JP Morgan, but I don’t have the details of that account.”
When senator Magnus Abe rephrased his question and asked her if she was aware of a specific JP Morgan account – into which all the revenues from the sales of Nigeria’s crude is paid into, Okonjo-Iweala said, “I’d like to make very clear, I said I believe the NNPC does, I do not have the account number, and I have never been privy to statements from the account. But I also said that since they are making sales of oil outside the country, I would imagine that when you do those transactions, you would have an account into which all the proceeds go in.”
The new NNPC GMD, Mr. Andrew Yakubu admitted to having knowledge of the account, but added that the account was managed by the Central Bank of Nigeria. Senator Abe argued against this, declaring that the CBN governor had earlier stated that the JP Morgan account was managed by the NNPC, and that monies were transferred from that account to the Federation account (which is managed by the CBN). Senator Abe said that if the NNPC GMD maintained that the CBN managed the account, he would invite the CBN governor to come to the panel tomorrow with Mr. Yakubu.
The committee directed The Minister of Finance to liaise with the Minister of Petroleum, Diezani Alison Madueke to stop the operation of the account.
Click to watch the video of the Senate Probe