The huge sum of money found at a residence in Ikoyi, Lagos state, was taken from Nigeria’s joint venture (JV) cash call account at the American bank, JP Morgan Chase, according to the report of the auditor-general of the federation seen by TheCable.
NNPC currently runs six JVs — with Shell Petroleum Development Company of Nigeria Limited (SPDC), Chevron Nigeria Limited (CNL), Mobil Producing Nigeria Unlimited (MPNU), Nigerian Agip Oil Company Limited (NAOC), Elf Petroleum Nigeria Limited (EPNL) and Texaco Overseas Petroleum Company of Nigeria Unlimited (TOPCON).
Also, there was no official documentation for the official release of $289,202,382 to the the National Intelligence Agency (NIA) — which claimed the $43 million found at the residence was the balance from the money it received for “cover projects”.
Beyond a request sent to President Goodluck Jonathan by Ayodele Oke — who was the NIA director-general at the time — the normal processes of approval and authorisation for the release of government funds were not followed.
In yet another revelation, the CBN would normally credit NIA’s account at the apex bank, but it was instead directed to release the money in cash to Oke, according to the audit report.
In April 2017, the Economic and Financial Crimes Commission (EFCC) said it had discovered $43 million, £27,000 and N23 million stashed away at a flat in Ikoyi after a tip-off from a whistle blower.
Following reports that the monies belonged to the NIA, TheCable subsequently reported that the agency collected $289,202,382 in cash from the account of the National Petroleum Investment Management Services (NAPIMS) at CBN in February 2015 after the postponement of the general election.
NAPIMS is a subsidiary of the Nigerian National Petroleum Corporation (NNPC) which manages the JV investments of the national oil company.
