NNPC Remitted $2.7bn To CBN Accounts In 6 months

The Nigerian National Petroleum Company Ltd reportedly remitted $2.7 billion into its accounts with the Central Bank of Nigeria (CBN) between January and June this year

Gatekeeper News quotes a document seen by The Nation which counters CBN’s claim on Thursday that “zero-dollar remittance to the country’s foreign reserve by the NNPC,” precipitated the forex crisis in the country.

According to the medium, the document showed that out of the $2.7 billion, $645million was for dividends paid by the Nigerian Liquefied Natural Gas Company Ltd and $1.786bn from NNPC’s operational activities.

A breakdown of the remittances indicates that the NNPC paid $18,770,418.97 in January into its accounts; $194,563,276.49 in February; $373,232,875.20 in March and $247,884,295.52 in April.

The company also paid $591, 565,425.41 into the accounts in May and $880,906,761.81 in June.

In 2018, the CBN Governor Godwin Emefiele, blamed the forex crisis on the importation of items he said should have been manufactured in Nigeria, which led to the ban of Forex allocation for 41 items.

Also in 2021, Emefiele blamed the Bureau De Change (BDC) operators, accusing them of illegal forex trading.

Emefiele claimed that the “Aboki FX” activities were responsible for the naira depreciation, thereby cutting allocation to BDC.

This year, the apex bank governor blamed the forex crisis on laundering and activities of politicians and terror sponsors.

Worried by the continuous depreciation of Naira, the Senate summoned Emefiele on Wednesday for explanation and solution.

The Senate also mandated its Committee on Banking, Insurance and Other Financial Institutions to critically look into the intervention funds CBN earmarked to support some sectors of the economy.

In his motion seeking Emefiele’s invitation, Senator Olubunmi Adetunmbi said the ban of forex sales to BDC operators by the apex bank caused a spike in the exchange rate.