Home / Metro News / NNPC, CBN must explain missing money, FRC query – Peterside

NNPC, CBN must explain missing money, FRC query – Peterside

The Founder and Chairman of Stanbic IBTC Bank, Atedo Peterside, has said the Nigerian National Petroleum Corporation must give adequate explanations about the alleged missing money, which it was meant to remit to the Federation Account.

The Central Bank of Nigeria and its suspended Governor, Lamido Sanusi, he said must also give appropriate response to the damning report against the apex bank and its embattled governor by the Financial Reporting Council of Nigeria.

Peterside expressed this in a statement made available to our correspondent on Friday.

He said, “The NNPC’s assertions must be subjected to a proper forensic audit, while the CBN must provide satisfactory answers to the FRC’s queries.”

While acknowledging the suggestion of the Minister of Finance, Dr. Ngozi Okonjo-Iweala, who asserted that there was a need for an independent forensic audit of the NNPC’s account, he stressed that the fact that there was a shortfall in the first instance, needed to be thoroughly investigated.

He said, “If there is a shortfall, then there is a problem. Whether it is $49bn, or $10bn, or $20bn, is not the issue, even $1bn is a serious problem.

“Some conspiracy theorists argue that the CBN Governor was suspended because he blew the whistle on NNPC, while others argue that CBN only blew the whistle on NNPC in order to distract attention from their own travails with FRC.

“I don’t care about conspiracy theorists. If the CBN is able to provide satisfactory answers to FRC’s queries, then FRC must be made to tender a public apology to CBN and it’s Board.

“If NNPC ‘fails’ its forensic audit, then all relevant heads around there must also roll.”

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