NNPC: CBN’s Warning Bells Should Be Taken Seriously – Analyst

A legal practitioner, George Eke, on Monday warned Nigerians to heed CBN’s alarm concerning the ‘missing’ 48.9 billion dollars which Governor Lamido Sanusi claimed was yet to be remitted into the Federation Account.

Speaking on Channels Television’s breakfast programme, Sunrise Daily, Mr Eke pointed out that ‘there’s more to the CBN, NNPC saga than meets the eye’. He highlighted ‘hazy areas’ which include the Third Party and NPDC.

According to the lawyer, if the CBN is insisting that there are missing funds despite the fact that the two institutions have reconciliation meetings monthly, then they should be listened to.

“I think CBN has enough economists, enough accountants that can distinguish simplistic stream of accounting of equity, royalty and taxes.”

He adjudged that the apex bank is maintaining a ‘dignified silence’ and called on the governor to speak up.

In his opinion, the CBN is not “supposed to join issues with the NNPC” because doing so would make the issue ‘political.’

“CBN is not there to play politics. It is established to be the government’s banker. They are bothered about monetary policies, interest rates and stability of the currency … and have been doing quite a good work in that regard.

“The claim that the CBN governor is ignorant of the workings of the NNPC remittance structure is “not possible” because it’s an ‘accounting process.’

“They are not talking about the process of the lifting of oil or petroleum engineering. They are talking about money that comes from the lifting of oil.”

Reacting to NNPC spokesman’s claim that the agency has been exonerated of all allegations, Mr Eke said the President had been indicted by NNPC’s claims that the Presidency is satisfied with its explanation.