The Nigerian National Petroleum Corporation, NNPC, has said it was supervising the remittance of funds to the government totalling $231.8 million from Diamond Bank, Skye Bank and Keystone Bank.
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
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.