Senate Probes NNPC Over ‘Illegal Account’ Operated By Past GMDs

The Senate has mandated its committees on public accounts and gas to investigate the activities of Brass LNG, alleged to be running an illegal account in the name of the federal government.

Drawing the attention of senators to the issue on Tuesday, Dino Melaye, Kogi-APC, accused the Nigerian National Petroleum Corporation, NNPC, of operating a dubious account in the name of the Nigerian government.

Presenting it as a motion on Wednesday, Mr. Melaye noted that the Brass LNG was incorporated by the Corporate Affairs Commission on December 9, 2003 and is limited by shares of 1 million US Dollars.

He said, “the senate observes that the shareholders of this company are: the Federal Government (NNPC) represented by Mr. Funsho Kukpolokun with 490 Thousand USD shares, Philip Brass Limited whose address is in Cayman Island, British West Indies represented by Mr. R.L. Smith with a share capital of 170 Thousand USD, Eni International B.V with address in Amsterdam, Netherlands represented by Mr. A. Forzoli with share of 170 Thousand USD, while the fourth shareholder Chevron Texaco Brass LNG Limited with address in Bemuda represented by Mr. J.R. Pryor with a share of 170 Thousand USD.”

Mr. Melaye said the board of directors of the company was composed of foreigners and five Nigerians, all NNPC staff or ex-staff members.

He listed them to include Gauis Obaseki-Jackson, Former GMD NNPC, Yakubu Andrew, Former GMD NNPC, Ibogomo Gbeyansa, Staff NNPC, Dawa Joseph Thlama, Staff NNPC, Ige David, Staff NNPC and Mr. Buba Mohamman.

Mr. Melaye added, “The senate observes that from the Memorandum of Understanding, the Brass LNG is supposed to be a Joint Venture Company with the NNPC having the controlling shares and their account domiciled with the CBN.

“The senate is surprised that the account of this company is with Keystone Bank opened on 1st August, 2012 with account number 1005825168 a USA domiciliary account with a closing balance of USD 137, 086, 462:54 currently, while the sum of USD 648, 179, 487 was recorded as the account’s last inflow on 19th September, 2016 and a withdrawal of 4 million USD was effected on the 18th November, 2016 without BVN.”

He stated that there is an urgent need to define the position of the company, its operation, management and mandate in order to halt the seeming corruption.

The senate in its resolution mandated its committees on public accounts and gas to carry out a ‘holistic investigation into the activities of the Brass LNG and the complicity therein as well as the level of corruption that has taken place and report back within four weeks.’