The Nigerian National Petroleum Corporation (NNPC) has been summoned by the House of Representative Ad Hoc Committee investigating the Status of all Recovered Loots, Movable and Immovable Assets from 2002 to 2020 by Agencies of the Federal Government, to appear before it to explain the $300 million alleged slush funds it deposited with the defunct Skye Bank, now Polaris Bank.
Adejoro Adeogun, Chairman of the Committee, handed down the Summons yesterday, when the Acting Managing Director of Polaris Bank, Innocent Ike, appeared before it at its resumed investigative hearing wherein the Committee grilled him over an account belonging to the Nigerian National Petroleum Corporation.
In his presentation, Polaris Bank’s MD told the Committee that NNPC opened a current account with the then Skye Bank in January 2012 in which various deposits totalling $300 million were made over time. He said the money under reference was money deposited in normal business transactions and not a slush fund, adding that the account was opened before the TSA policy was introduced.
According to him, when the federal government instructed the bank to transfer the money to the Treasury Single Account (TSA), they could not do so because the bank was then enmeshed in financial and administrative crisis, making it difficult to meet its obligations.
He said the bank have now fully repaid the money and do not have anything outstanding in its books. However, the Committee directed the bank to furnish it with the evidence of repayments to the NNPC within one week, because the NNPC in a recent letter to the Committee said it was yet to receive the said payment as claimed.
The Committee, therefore, invited the Nigerian National Petroleum Corporation (NNPC) to come forward and explain the circumstances surrounding the account.