There are no different accounts for NNPC subsidiaries: Corporation Fires Back at Reps

Speaker Aminu Tambuwal
Speaker Aminu Tambuwal

The row between the Nigerian National Petroleum Corporation (NNPC) and members of the House of Representatives continued on Monday as the NNPC pointedly told the House of Representatives Committee on Finance that the laws setting up its subsidiaries only emphasised on NNPC account and not the subsidiaries’ account.

Earlier, the House had claimed that the NNPC was shielding its committee from accessing the financial records of its 16 subsidiaries. This was part of the fallout of the investigative hearing into the non-remittance of internally generated revenue into the Consolidated Revenue Fund by revenue generating agencies of the Federal Government.

The committee had been having issues with the NNPC over the financial records presented by it on behalf of all its subsidiaries, and the chairman of the committee, Honourable Abdulmumin Jibrin, had insisted that individual accounts of the subsidiaries should be submitted for scrutiny.

Therefore, at the hearing on Monday, the NNPC Group Executive Director (Finance), Mr Bernard Otti, informed the committee that its entire subsidiaries had no individual accounts of their own. According to him, “accounts of the subsidiaries are consolidated with that of the NNPC. There is only one account; there is no different account for the subsidiaries.”

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