Senate Summons CBN Governor, Godwin Emefiele, over Missing $9.5 million

Senate Summons CBN Governor, Godwin Emefiele, over Missing $9.5 million

- The Auditor General of the Federation reported that $9.5 million was missing from the country's federation account

- CBN governor has been summoned to address the financial infractions related to the petroleum profit tax

- The Senate had previously summoned the CBN governor and officials of the apex bank, but they didn't honour the invitation

PAY ATTENTION: Join a community of CEOs, founders and decision-makers: subscribe for a free monthly business newsletter Digital Talks and succeed BIG!

The governor of the Central Bank of Nigeria, Godwin Emefiele, has been summoned over missing $9.5 million interest on petroleum profit tax investment meant to be in the Federation Account.

Emefiele and other directors at the apex bank had been informed to appear before the Senate Public Accounts Committee, but none showed up to the upper chamber. They were meant to answer questions regarding the missing amount.

The $9.5 million interest is accrued from the upstream operations in the oil industry through rents, profit-sharing elements associated with oil mining, royalties, prospecting and exploration leases, as well as margins.

Read also

CardinalStone raises $64 million to finance seven SMEs in Nigeria, Ghana

The financial infractions had been raised by the Auditor General of the Federation Office in a report which is being probed by the lawmakers. Part of the findings as reported by Punch showed:

"During the examination of transfers to Foreign Excess PPT/Royalty and Foreign Excess Crude Accounts, it was observed that during the year 2016, amount totalling $6m and $3.5 million were credited to the Foreign PPT/Royalty and Foreign Excess Crude Account as interest on funds’ investments."
Senate summons CBN governor, Godwin Emefiele, over missing $9.5 million
Central Bank of Nigeria governor, Godwin Emefiele. Photo: Stringer/AFP
Source: Getty Images
“The authority for placing the funds which yielded the above interests totaling $9.5 million in deposit account, the principal sums deposited, the tenor and rate of interest were not made available for audit verification.
“This observation had also been a subject of my reports since 2017 without any positive response from Central Bank of Nigeria.
“Records made available for audit further revealed that the balance in the foreign PPT/Royaltt and Foreign Excess Crude accounts as at 28th December 2016 were $0.00 and $251,826 respectively.”

Read also

HealthPlus secures undisclosed capital to restructure operations amid court battle

According to the green chamber, it is suspicious of the principal sums deposited, the tenor, and rate of interest. In light of this, the Senate committee issued a summon to Emefiele to appear before the legislature latest by Thursday, to corroborate figures in the statement of account and address issues raised by the report.

Meanwhile, had earlier reported that MTN Nigeria Chief Executive Officer, Karl Toriola, acquired more shares in the telecommunications giant with N108.22 million.

The amount earned the Jumia director over 679,000 more shares to deepen his influence in the network provider.


Online view pixel