Revealed: NNPC, AGIP operate secret N34bn Security Account

The Senate on Tuesday mandated its Committee on Public Accounts to investigate the rationale behind a security account allegedly operated by the Nigerian National Petroleum Corporation (NNPC) and Nigerian Agip Oil Company.
This followed the adoption of a motion moved by Senator Dino Melaye (Kogi-APC).
Moving the motion, Melaye said there was the need for the Senate to unravel the objective of the account and source of its funding.
He alleged that the account opened with the name NNPC/AGIP Oil Company IPP Security Account with address NNPC Garki, Herbert Macauley Way is domiciled in First Bank Nigeria Plc with account number 2006367288.
Melaye alleged that the account had an opening balance of N31.7 billion and a closing balance of N34. 5 billion as at April 25, 2017, adding that there were lodgements and withdrawals since January 2017.
“A lot of questions are begging for answers as regards this account.
“While we need to know the objectives of this account, we also need to know the signatories to the account. Is the account known to the Federal Government and what are the sources of the account’s funding?
“About N2 trillion is kept in various accounts of government, we are operating a Treasury Single Account, yet money is kept in various personal accounts.
“If these monies are properly remitted to government purse, we will have no business borrowing.
“This Senate will continue to expose any corrupt practice in the country because it is time to protect the future of Nigerians unborn,” Melaye said.
The Committee has four weeks within which to carry out its investigation.