Okonjo Iweala Clarifies JP Morgan Account
The Minister of Finance, Ngozi Okonjo-Iweala has explained the reason the Nigerian National Petroleum Corporation (NNPC) should not be faulted for operating an account with JP Morgan.
She revealed this at a meeting organized by the Nigerian Economic Summit Group and the Organised Private Sector in Lagos on Tuesday.
Iweala said the account is necessary for the government’s oil company’s foreign dealings and says the paramount issue is not that the account exists, but what happens to the money in the account. She alluded that the NNPC remits any revenue money in it to the Federal Government through the Central Bank, who are the government’s bankers.
She said, “Yes, the NNPC has a foreign account with JP Morgan, and they are the ones running it. I don’t operate the account. However, the CBN is aware of the account because all the accounts of government itself are with the CBN. The CBN is the government banker.
“In fairness to the NNPC, if you have been asked to undertake financial transaction on behalf of government, when you are doing a financial transaction, you need an account, that is what I tried to explain to the National Assembly, because they can’t do commercial transaction without it. The issue is not that they have an account with JP Morgan, the issue is when resources get into the account, do they remit it to the government because that is what they need to do.”