NNPC Operates JP Morgan Account - Okonjo-Iweala

NNPC Operates JP Morgan Account - Okonjo-Iweala

Finance minister Ngozi Okonjo- Iweala yesterday said though the Nigerian National Petroleum Corporation (NNPC) operates an account in America’s JP Morgan Bank, the Central Bank of Nigeria manages the account as a government banker.

The Central Bank of Nigeria (CBN) had earlier denied maintaining or opening the controversial JP Morgan Account into which proceeds from the sale of Nigerian crude were alleged to have been lodged.

The NNPC officials, at a public hearing of the Senate Joint Committee on Petroleum Resources (Downstream) and Appropriation and Finance, alleged that the CBN operates a secret foreign bank account.

But Okonjo-Iweala made the clarification in Lagos yesterday at the organized private sector dialogue forum organized by the Nigerian Economic Summit Group (NESG).

“The account is operated by the NNPC, I don’t operate the account. That is the truth” she said.

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