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UPDATE 1-Nigeria's NNPC says cenbank supervising $231.8 mln government remittance
July 21, 2017 / 7:46 PM / 5 months ago

UPDATE 1-Nigeria's NNPC says cenbank supervising $231.8 mln government remittance

(Adds detail, background)

ABUJA, July 21 (Reuters) - Nigeria’s state oil company on Friday said the central bank was supervising the remittance of funds to the government totalling $231.8 million from Diamond Bank, Skye Bank and Keystone Bank.

Commercial banks collect grants, taxes, fees and tariffs on behalf of the government and then send them to a single treasury account with the central bank. Some banks have previously been accused of withholding remittances.

The Nigerian National Petroleum Corporation (NNPC) said the money accrued from investments -- $174.4 million with Diamond Bank, $40.7 million in Skye Bank and $16.7 million in Keystone Bank -- was being remitted to a treasury account under a government policy to curb corruption.

NNPC spokesman Ndu Ughamadu said the company’s announcement was made to clarify remittances related to NNPC after media reports about a court order for seven local banks to transfer a combined $793 million to the government immediately.

Reporting by Camillus Eboh; Writing by Alexis Akwagyiram; Editing by David Goodman

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