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NNPC says CBN supervising $231.8 mln government remittance

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ABUJA, July 21 – Nigeria’s state oil company on Friday said the central bank was supervising the remittance of funds to the government totalling $231.8 million from Diamond Bank, Skye Bank and Keystone Bank.
The Nigerian National Petroleum Corporation (NNPC) said the money accrued from investments — $174.4 million with Diamond Bank, $40.7 million in Skye Bank and $16.7 million in Keystone Bank — was being remitted to a treasury account under a government policy to curb corruption.
Commercial banks collect grants, taxes, fees and tariffs on behalf of the government and then send them to a single treasury account with the central bank. Some banks have previously been accused of withholding remittances.
The Nigerian National Petroleum Corporation (NNPC) said the money accrued from investments — $174.4 million with Diamond Bank, $40.7 million in Skye Bank and $16.7 million in Keystone Bank — was being remitted to a treasury account under a government policy to curb corruption.
NNPC spokesman Ndu Ughamadu said the company’s announcement was made to clarify remittances related to NNPC after media reports about a court order for seven local banks to transfer a combined $793 million to the government immediately.

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