NNPC refutes Guardian Newspaper report, alleging it operates secret account

The Nigerian National Petroleum Company, NNPC Limited, has refuted a report published by Guardian Newspaper, TVC News and other media,, alleging that a House of Representatives Adhoc Committee set up to investigate its  structure,  accountability and production sharing contracts from 1990 to date, found a hidden account belonging to it( NNPC Limited).

According to a statement released this evening on its Twitter Handle, NNPC explained that the publication,  incorrectly claimed that the controversial information was brought to light during an investigation into all joint venture agreements and Production - Sharing Contracts in the oil and gas industry since 1990.

The statement by NNPC, which was e - signed by its Group General Manager, Group Public Affairs Division, Garba Deen Muhammad, stated in parts : "The NNPC Limited directly or through its upstream arm, the National Petroleum Investment Management Services (NAPIMS), does not operate secret accounts at all.

" The Joint Venture cash call accounts denominated in US Dollars and Nigerian Naira are all domiciled with the Central Bank of Nigeria  in line with the Treasury Single Account (TSA) policy.

" The Joint Venture Cash Call (JVCC) NGN and USD Accounts were created to cater for the funding of cash calls for the various Joint Ventures managed by NNPC Limited on behalf of the Federal Government.

"Joint Venture Proceeds Accounts were opened for the individual JVs to implement the Self-Funding Strategy which aims at making the JVs to be self-reliant.

"The Office of the Accountant-Gen. of the Federation (OAGF) is fully aware of the JVCC accounts as the OAGF regularly sanctions & approves the updates/change of signatories to the accounts. NNPC Limited has documents where these correspondences with the OAGF were acknowledged.

"The NNPC/NAPIMS books of accounts in respect of the Federations Upstream Petroleum activities are audited annually by independent external auditors.

"A critical part of the independent statutory audit is sending of circularization to Banks to confirm balances and bank accounts belonging to NNPC/NAPIMS. Audited Financial Statements (AFS) are submitted to all stakeholders, including the National Assembly.

" In addition, the Office of the Auditor General for the Federation conducts periodic (yearly) checks of the activities of NNPC/NAPIMS. Also, activities of NNPC/NAPIMS are audited yearly by the Nigerian Extractive Industry Transparency Initiative (NEITI).

" NNPC  has documented evidence of the  correspondences between NNPC Limited and The Office of the Accountant-General of the Federation (OAGF) before the accounts were opened with the Central Bank, in line with the Treasury Single Account (TSA) policy.

"We also have evidence of reconciliations carried out with the Central Bank  for the year ended 31-12-2021 in respect to the JV Cash Call Accounts.

" Thus, with such multiple layers of checks and balances, it is impossible for NNPC Limited to operate secret accounts until the ad hoc Committee, with due respect to its competencies, discovers it.

"If such "secret account" does exists, then NNPC Limited,  certainly is not aware of, and has absolutely nothing to do with it."

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