Police recover $470.5m, N8bn NNPC funds hidden in commercial banks

The police have recovered $470.5m belonging to the Nigerian National Petroleum Corporation's Brass Liquefied Natural Gas hidden in some commercial banks in violation of the directives of the Federal Government on Treasury Single Account.

According to the police spokesman, acting DCP Jimoh Moshood, the force also recovered another N8.8bn belonging to the NNPC/LNG which was also not remitted to the TSA Account.

Moshood, in a statement in Abuja on Thursday, disclosed that the police, in addition, had also recovered N114.2m from 23 electoral officers in connection with December 10, 2016, National and State Assembly re-run election in Rivers State.

He said, “As a result of these efforts, the Nigeria Police Force recovered the following monetary and non-monetary assets for the Federal Government:

“The sum of $470,519,889.10 belonging to NNPC BRASS/LNG investment hidden in some commercial banks after the directives of the Federal Government on TSA.”