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How DPR, CBN diverted $950m oil royalty – Reps’ panel

An ad hoc committee of the House of Representatives on Sunday accused the Department of Petroleum Resources and the Central Bank of Nigeria of keeping  $950m in a secret domiciliary account from 2011 and 2014 as against remitting the money into the Federation Account.

The committee, which is chaired by a member of the All Progressives Congress from Adamawa State, Mr. Abdulrazak Namdas, is investigating the alleged $17bn crude and gas resources stolen from Nigeria between 2011 and 2014 .

The DPR was also accused of failing to declare a separate $70.648m .

The committee threatened to issue an arrest warrant against the management of the agency for ignoring its invitations.

The panel said while the DPR’s official account for the remittance of royalties was with JP Morgan, a second account with the Federal Reserve Bank of New York was uncovered.

 

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