Home > Breaking news > Reps Accuse DPR, CBN Of Diverting $950m Royalties

Reps Accuse DPR, CBN Of Diverting $950m Royalties

The House of Representatives’ ad hoc committee on nonremittance of $17 billion into the federation account has alleged that $950 million was warehoused in an illegal domiciliary account by the Department of Petroleum Resources (DPR) and the Central Bank of Nigeria (CBN) between 2011 and 2014..

The committee also alleged that the DPR and the CBN also shortchanged the federation account by under-declaring what it received to the tune of $70.648 million. Chairman of the committee, Hon. Abdulrazaq Namdas, who disclosed this at the weekend, also threatened that the House would invoke necessary constitutional provisions to compel the director of DPR to appear before it should he fail to honour their next meeting.

Namdas disclosed that while the DPR had an official domiciliary account with JP Morgan Chase for collection of royalties, it was “still running another secret account with Federal Reserve Bank, New York as confirmed by NNPC.” He said in April 2011, the DPR and CBN received royalty payment of $10.279 million from Moni Pulo, but remitted only $3.425 million to the federation account and diverted $6.853 million. “In May 2011, DPR and CBN confirmed receiving $10.279 million for royalty from Platform Petroleum, but remitted only $13.387 million and diverted $10.265 million. “In June 2011, rentals were received from Compile, but DPR and CBN credited federation account with only $121.263 million, thereby diverting $10.157 million.

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