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CBN Staff Disregard Senate Invitation as Lawmakers Summons Emefiele over Missing $9.5m from Federation Account

CBN Staff Disregard Senate Invitation as Lawmakers Summons Emefiele over Missing $9.5m from Federation Account

Officials of the Central Bank of Nigeria (CBN) have refused to honourthe invitation of the Senate Public Accounts Committee over alleged disappearance of $9.5m interest which accrued to the federation account from Petroleum Profit Tax Investment, Nigerian Sketch was told.

No management staff of the apex bank honoured the lawmakers’ invitation which was extended to them penultimate week.

The Senate committee has therefore given the CBN governor, Godwin Emefiele, up till Thursday, to appear before it to explain the alleged disappearance of the fund.

The Senate committee is currently scrutinising the reports of the Auditor-General of the Federation (AuGF) and alleged during its sitting on Monday that the principal sums deposited, the tenor and rate of interest, were shrouded in secrecy.

The Petroleum Profit Tax is applicable to upstream operations in the oil industry.

It is particularly related to rents, royalties, margins and profit sharing elements associated with oil mining, prospecting and exploration leases.

The chairman of the Senate panel, Senator Matthew Urhoghide, said the CBN governor was being invited to corroborate some figures in the statement of account.

The AuGF report read, “During the examination of transfers to Foreign Excess PPT/Royalty and Foreign Excess Crude Accounts, it was observed that during the year 2016, amount totaling $6m and $3.5m were credited to the Foreign PPT/Royalty and Foreign Excess Crude Account as interest on funds’ investments.

“The authority for placing the funds which yielded the above interests totaling $9.5m in deposit account, the principal sums deposited, the tenor and rate of interest were not made available for audit verification.

“This observation had also been a subject of my reports since 2017 without any positive response from Central Bank of Nigeria.

“Records made available for audit further revealed that the balance in the foreign PPT/Royalty and Foreign Excess Crude accounts as at 28th December 2016 were $0.00 and $251,826 respectively.”

The report tends to suggest that the foreign PPT/Royalty was depleted before the year end.

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