Missing $9.5m: Again, Senate summons CBN gov


The Senate through its Committee on Public Account, has again summoned  the Governor of Central Bank of Nigeria (CBN), Godwin Emefiele, to appear before it over alleged disappearance of $9.5m interest accrued from Petroleum Profit Tax (PPT) investment.

The committee had about two  weeks ago , summoned the CBN Boss on the alleged missing $9.5million.
On account of failure of the CBN Governor to appear before the committee last week Tuesday, the Committee Chaired by Senator Mathew Uhroghide, issued 72 hours ultimatum on Monday for Emefiele to appear before it unfailingly.

Petroleum profit tax (PPT) is a tax 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.

Uhroghide in a chat with journalists on the ultimatum,  said there are many issues the CBN Governor needs to respond to as contained in the 2017 Audit report.
“The Apex Bank governor has between now and Thursday this week, to appear before us unfailingly for required response or defence  to the query raised against CBN by the Office of Auditor General of the Federation.

The query reads : “During the examination of transfers to Foreign Excess PPT/Royalty and Foreign Excess Crude Accounts, it was observed that during the year 2016, amount totalling $6 million and $3.5 million 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 $9.5 million 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/Royaltt and Foreign Excess Crude accounts as at 28th December 2016 were USD0.00 and USD251,826 respectively.
“This suggest the foreign PPT/Royalthy was depleted before the year end.

“The Accountant General has been requested to provide the authority for the funds invested, tenor of the investment, rate unrest payable, certficate for the funds invested and forward same for audit verification.”

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