Senate probes NNPC over lodgement of $141 million Brass LNG funds in prvate bank account

The Senate on Wednesday resolved to probe the NNPC over how Brass LNG account worth $141 million allegedly got domiciled in a private account in Keystone Bank.

Senate mandated its Committee on Public Accounts and Committee on Oil and Gas, to carry out a holistic investigation into the activities of the Brass LNG and the complicity therein as well as the level of corruption that has taken place.

The committees were asked to report back within four weeks.

Brass LNG is registered as a Joint Venture (JV) with NNPC with a controlling share of 49℅.

Under the Nigerian law, accounts of (JVs) like Brass LNG are required to be domiciled with the Central Bank of Nigeria (CBN).

The decision came after Senator Dino Melaye (Kogi West) moved a motion asking the Red Chambers to confirm the veracity of the alleged ‘monumental corruption’ in NNPC.

Melaye asked the Senate to investigate how the account is not kept with the CBN but is rather lodged in a private account with Keystone Bank.

According to Melaye, the private account opened with Keystone Bank has no Bank Verification Number (BVN) and that large sums of monies have been withdrawn from the account.

“The last withdrawal from that account was to the tune of $4 million. Mr.President as I speak to you, the balance of that account as at today is $137 million”, he said.


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