Again, Senate panel summons CBN gov over ‘missing’ $9.5m

THE Senate Public Accounts Committee has given the Governor of the Central Bank of Nigeria, Godwin Emefiele, just 72 hours to appear before it over the alleged disappearance of $9.5m interest which accrued to the Federation Account from Petroleum Profit Tax Investment.

The committee is extending its invitation to the Governor of the apex bank for the second time in a month.

It had earlier summoned Emefiele and other officials of the apex bank over the same matter, the penultimate week.

None of them honoured the lawmakers’ invitation.

Explaining why it invited Emefiele, the SPAC said the governor has to come and shed light on some matters raised in the AuGF’s report which it is currently scrutinising.

The committee noted that the principal sum of the Petroleum Profit Tax Investment,the tenor and rate of interest we’re shrouded in secrecy.

The Chairman of the Senate panel, Senator Matthew Urhoghide, made this known during the sitting today.

The Petroleum Profit Tax is applicable to upstream operations in the oil industry. It is particularly related to rents, royalties, margins and profit sharing elements associated with oil mining, prospecting and exploration leases.

He said that the CBN Governor has till Thursday this week to appear to address those issues before the Committee.

The summon was sequel to the consideration of the AuGF report which probed the spendings of federal government’s agencies.

The report had read, “During the examination of transfers to Foreign Excess PPT/Royalty and Foreign Excess Crude Accounts, it was observed that during the year 2016, amount totalling $6 million and $3.5 million were credited to the Foreign PPT/Royalty and Foreign Excess Crude Account as interest on funds investments.

“The authority for placing the funds which yielded the above interests totaling $9.5 million in deposit account, the principal sums deposited, the tenor and rate of interest were not made available for audit verification.

“This observation had also been a subject of my reports since 2017 without any positive response from Central Bank of Nigeria.

“Records made available for audit further revealed that the balance in the foreign PPT/Royaltt and Foreign Excess Crude accounts as at 28th December 2016 were USD0.00 and USD251,826 respectively.

“This suggest the foreign PPT/Royalthy was depleted before the year end.

“The Accountant General has been requested to provide the authority for the funds invested, tenor of the investment, rate unrest payable, certificate for the funds invested and forward same for audit verifications.”