Falana to Fed Govt: speak out on alleged missing $470.4m, N8.8b

Falana spoke in a statement, titled: “Where is the missing $470.4 million and N8.8 billion”, issued in Lagos yesterday. It 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, Mr. 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. “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. “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. “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 stated.]]>