Police recover $470.5m stashed in local banks by NNPC Brass LNG

The Nigerian Police Force has traced $470.5 million (N170 billion) belonging to NNPC Brass LNG stashed in some accounts in commercial banks in Nigeria.

Even more stunning, the police also said they traced another N8,807,264,834.96, belonging to the same project in the banks.

According to the police, the money was recovered in the banks after the President Muhammadu Buhari had issued a directive that all government money be domiciled in the Treasury Single Account (TSA).

Police recovered “$470,519,889.10 belonging to NNPC Brass/LNG Investment hidden in some commercial banks after the directives of the federal government on TSA,” police spokesman Jimoh Moshood said in an emailed statement.

A spokesman for NNPC did not immediately respond to phone calls and text messages requesting comment.

The police which credited the recoveries to Special Units created by the IGP to handle high profile cases including Terrorism, Cyber and high-tech crimes, did not indicate the exact time of the recovery.

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But they also listed as an achievement the recovery of N114,290,000, from twenty-three INEC officials in the wake of the December 10th, 2016, National And State Assembly Re-Run Elections in Rivers State Of Nigeria.

The statement also credited the police with achievements in frustrating economic saboteurs, such as oil thieves.

“The Nigeria Police Force in the fight against Economic Sabotage and pipeline vandalism related crimes recovered two Vessels, seven speed Boats, eight-three Trucks, 25 assorted Cars including Jeeps, 36 buses, 29 Motorcycles, five speed boat engines and 38 pumping/Drilling Machines and Generators”, said Moshood.

According to the NNPC, Brass LNG is a Greenfield project located in Brass Island, Bayelsa state, South South, Nigeria.

Current Shareholders are NNPC (59.08%), Total (20.46%), eni (20.46) NNPC plans to divest 19% of its equity to Strategic Investors (SIs): LNG Japan (4%), Itochu (3%), Sempra-Sahara (2%), Bayelsa State (5%) and Rivers States (5%). The divestment will be implemented after the Final Investment Decision (FID).

The plant will produce about 7.7 Million Tonnes Per Annum (MTPA) of LNG utilizing the APCI LNG Process technology. About 8.3 trillion cubic feet of gas (about 1,200mscfd) for 20 years will be required.