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.
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.”