About 15 different crude oil and gas revenue
accounts operated by the federal government
agencies mostly in an American bank and
Central Bank of Nigeria (CBN) may be
retained, Daily Trust gathered.
Sources told Daily Trust that the accounts
may not be affected by the implementation of
the Treasury Single Account (TSA) policy
which commenced last week in compliance
with the directives of President Muhammadu
Buhari.
Daily Trust has found that the 15 accounts
are domiciled with the JP Morgan Chase Bank
New York.
An oil industry source said the accounts are
necessary because oil and gas transactions
are done in dollars and are international
businesses; therefore these accounts are
necessary to receive revenue from the
business partners.
The beauty of these accounts is that, none of
the agencies have access to the accounts
except CBN. If transaction is done only CBN
can give the JP Morgan directives to transfer
the funds to the federation account.
The records obtained by Daily Trust shows
that the Departments of Petroleum Resources
(DPR) has the highest number of accounts
with seven operated with JP Morgan while the
Nigerian National Petroleum Corporation
(NNPC) and the Federal Inland Revenue
Services (FIRS) have five accounts each at the
New York bank.
Details of the accounts are presented below
but the last three digits have been omitted for
security reasons.
The DPR accounts with JP Morgan Chase
Bank New York through which it receives
revenue are: DPR/CBN Joint Venture Royalty
000000802906***; DPR/CBN Production
Sharing Contract Royalty 000000802906***;
DPR/CBN Gas Flared Penalty
000000802906***; CBN Concession Rentals
000000802906***; DPR/CBN Miscellaneous
Oil Revenue 000000802906***; DPR/CBN Gas
Royalty 000000802906*** and the DPR/CBN
Signature Bonus 000000753811***.
NNPC operates domiciliary accounts with JP
Morgan Chase Bank New York USA and with
the Central Bank of Nigeria (CBN) where
revenue payments from the sales of Export
Crude Oil and Gas to foreign Customers are
paid and received.
The NNPC Crude Oil Marketing Department
(COMD) make Sales of Crude Oil and Gas to
Foreign Customers, issues invoices to their
foreign banks in line with terms of Letter of
Credit, and payment is received within 30
(Thirty) days.
All payments were received in United States of
America (USA) Dollar. The accounts and
records were maintained by the Foreign
Operations Division of the CBN Banking and
Payment Systems Department, according to
the report.
NNPC maintains the following accounts;
NNPC/CBN Crude Oil and Gas Revenue
(Export) Account 000000400941***; NNPC/
CBN Gas Revenue Account 000000816296***;
CBN/JV Cash Call Account 000000011658***;
NNPC/CBN Domestic Crude Oil Revenue
0020157141***.
The record shows that the revenue proceeds
arising from the sales of Domestic Crude Oil
and Gas by the Crude Oil Marketing
Department (COMD) of NNPC was also
maintained by the Central Bank (CBN)
Banking Operations Department of the
Banking and Payment Systems.
The accounts were called Naira Accounts. All
transactions were made and recorded in Naira.
Account NNPC/CBN Gas Revenue Account
20157148***.
The FIRS also maintains JP Morgan Chase
Bank New York and with CBN, such as FIRS/
Petroleum Profit Tax 00000040021***; FIRS/
Companies Income 000000400216***; FIRS/
Value Added Tax 000000400216***; FIRS/With
Holding Tax 000000400216***; and FIRS/
Education Tax 000000400216***.
When contacted the Central Bank of Nigeria
told Daily Trust that TSA is a local account
domiciled in CBN and operated by the Office
of Accountant General of the Federation.
Ibrahim Mu’azu, CBN spokesperson said
although the details of the operation of the
TSA are still sketchy but affirmed that the oil
and gas revenue agencies still need some of
these foreign accounts for the collections of
revenue from foreign transactions but at the
end of the day the revenue must flow to the
single account.
But the executive director of the Civil Society
Legislative Advocacy Centre (CISLAC) Auwal
Musa Rafsanjani said these accounts
portrayed lack of coordination among various
agencies of the government such as Central
Bank of Nigeria, Federal Inland Revenue
Service (FIRS), Department of Petroleum
Resource and Nigeria National Petroleum
Corporation (NNPC).
He said apart from having separate accounts,
“we understood that each agency maintains a
separate reporting template for reporting oil
and gas revenue. This has frustrated efforts to
tracking and accurately reporting revenue from
the sector and gas sector in accordance with
the international standard and good practice.”
“Of course, Nigeria has suffered from the era
of enormous fraud and revenue leakage from
the oil and gas sector, resulting from lack of
transparency and accountability.
Consequently, we strictly support the ongoing
policy by the present administration to
sanitise the sector and ensure the agencies
operate, and remit revenue in accordance with
constitutional provision. We therefore
advocate for harmonized revenue account and
unified reporting template by the agencies to
allow for maximum transparency and
accountability in the oil and gas sector,” he
added. http://www.dailytrust.com.ng/news/news/fg-s-order-15-oil-accounts-to-be-retained/106771.html

God wil help us to move Nigeria forward in a way dat every1 wil benefit

But why must the Fed Govt use bank accounts of foreign banks in foreign countries, can't the CBN have a designated branch in these countries solely for the purpose of dollar deposits from crude sales, what is it that these foreign banks do that a branch of CBN in these countries can't do? LOCAL CONTENT WHERE YOU DEY OOH.

The beauty of these accounts is that, none of the agencies have access to the accounts except CBN. If transaction is done only CBN
can give the JP Morgan directives to transfer the funds to the federation account.

The TSA affects only local transactions in Naira. The fifteen accounts as explained in the OP are to receive dollar transactions for FG.

So, why does the headline have to be misleading?

They can have as many as is necessary. What is important is that they are known to even a commoner like me.
Ahead ahead to promise land.

Result of the visit paid to the President by the US chairman of the house oversight and reform committee of the US congress

Miranda11:
But why must the Fed Govt use bank accounts of foreign banks in foreign countries, can't the CBN have a designated branch in these countries solely for the purpose of dollar deposits from crude sales, what is it that these foreign banks do that a branch of CBN in these countries can't do? LOCAL CONTENT WHERE YOU DEY OOH.

CBN can't just wake up and open a branch in another country. It will be very illegal as every country has laws that governs the operation of deposit money banks. Your idea is impracticable. However, since the CBN will be operating the foreign accounts, it is a very good development. What is important is that NNPC and other agencies will no longer have access to play with the funds in the accounts.

seunmsg:



CBN can't just wake up and open a branch in another country. It will be very illegal as every country has laws that governs the operation of deposit money banks. Your idea is impracticable.

I was about to reply with same thing; but I am not so sure though.

Till u wear the shoes u can't fathom where it pintches. We were all inundated with how funds are looted as a result of several accounts operated by oil sector( NNPC, DPR etc) and how they will all be pulled down with only one account for the industry. Now they hv seen that what u see or hear outside is different from what really happens inside.

I won't how Oshomole wud av been singing now. I don't know d reason they hv soo many accounts for one sector but. But a single foregn account and single local account for oil sector wud av sufficed.

mrcasanova1:
I was about to reply with same thing; but I am not so sure though.

Yes, you can't just open a branch in another country without following the laws governing the operations of deposit money bank.

seunmsg:



CBN can't just wake up and open a branch in another country. It will be very illegal as every country has laws that governs the operation of deposit money banks. Your idea is impracticable. However, since the CBN will be operating the foreign accounts, it is a very good development. What is important is that NNPC and other agencies will no longer have access to play with the funds in the accounts.

You've just twisted the article to have APC propaganda still flying.

Who told you NNPC had assess to these accounts before now?

Is there any part of the article that suggests a change of mandate?

The Gullible will always criticize what their level of understanding can't fathom and this is widely the problem of Nigerian youths in terms of their lack of exposure and on Buhari's part, lack of experience in constitutional governance is weighing heavily on him.