‘NNPC, CBN Must Explain Missing Oil Money’ – Chairman Stanbic IBTC

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.



According to the renowned banker, the Central Bank of Nigeria and its suspended Governor, Lamido Sanusi, 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 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.”


  1. Oga I beg you no come start another one. We know what we have pass through since one week and, please we don’t want it to happen again. The money you are looking for is it your own? Have you check your account balance and found out it’s not complete! Or did you give NNPC some liquid to sell for you? Please oga no vex na ask I dey ask. Abi you follow dey dig oil for ground? You see, what you don’t understand is that, there are places or areas that cash is meant to flow while pepper seller and other peasant business people will go cash less. I don’t just want this people to vex and stop supplying fuel again. Since the money mixed in CBN, who knows and who cares. After all we are not making use of the money their. But you see fuel abeg abeg no go there. Who no feel am no know. Abi na you go follow them they find wetin you no follow lost. But no involve us we dey beg. NNPC make una no vex u hear. Una dey try