Home > Breaking news > Police Investigate Alleged Withdrawal Of $3.2bn From Brass LNG Account

Police Investigate Alleged Withdrawal Of $3.2bn From Brass LNG Account

The police have begun investigations into the alleged depletion of a $3.7bn account of the Brass/Liquefied Natural Gas Company. The Brass/Liquefied Natural Gas account which is domiciled in First Bank of Nigeria, has been depleted to $469.4m.

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It was learnt that the police had frozen the balance through a court order while investigations continued into why the money was not remitted to the Treasury Single Account in the Central Bank of Nigeria. The probe, being handled by the Special Investigation Panel, headed by Ali Ahmodu, a retired Assistant Inspector-General of Police, uncovered that the balance in the account was not remitted to the TSA in violation of an order by the Federal Government.

The General Manager, External Relations, Brass LNG Limited, Mr. Gabriel Obando, however, stated that the allegation of the depletion of the account, which had led to the probe, was not true. On Thursday, Obando responded saying; “Thank you for your enquiry. But please, be informed that the claim in this story (allegation) is totally false; and Brass LNG cannot comment further on a story that is untrue in all respects.”

About Editor

Otunba Sayo Akintola is a 1992 graduate of Linguistics from the University of Ibadan, Oyo State. He holds a post-graduate diploma in Financial Management and MBA from Abubakar Tafawa Balewa University, Bauchi. He started his 12-year sojourn in journalism at the Nigerian Tribune in 1993 as Business and Economy reporter. He rose through the ranks to become the Group Business Editor of the nation’s oldest surviving private national newspaper, the Nigerian Tribune. He set up World Street Journal magazine in 2018.

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