The Senate yesterday at its plenary mandated its joint Committees on Public Accounts, and Gas to carry out a holistic investigation into the activities of the Brass LNG and the complicity therein as well as the alleged financial fraud worth $784, 265, 947.54 that has taken place in the company.
The upper House which gave the directives sequel to a motion tagged, “Monumental corruption at the NNPC” by Senator Dino Melaye (APC Kogi West), however, directed the committees to submit to report back within four weeks.
Melaye who doubles as Chairman, Senate committee on Federal Capital Territory( FCT) while presenting the motion, said the senate noted that the Brass LNG was incorporated by the Corporate Affairs Commission, (CAC) on December 9, 2003 and that it’s limited by shares of $1million.
He listed the shareholders of the company as the Nigerian National Petroleum Corporation, NNPC represented by Mr. Funsho Kupolokun with $490, 000 shares; and the Philip Brass Limited which address is in Cayman Island, British West Indies represented by Mr. R.L. Smith with a share capital of $170, 000.
Others mentioned by the senator are the Eni International B.V with address in Amsterdam, Netherland represented by Mr. A. Forzoli with share of $170, 000, while the fourth shareholder, Chevron Texaco Brass LNG Limited with address in Bemuda represented by Mr. J.R. Pryor with a share of $170, 000.
Melaye informed that the Senate observed from the CAC records names of directors of the company among other foreigners as Gaius Obaseki Jackson and Yakubu Andrew, both former Group Managing Directors, GMD of NNPC; Ibogomo Gbeyansa, Dawa Joseph, Ige David, all staffers of NNPC; and one Mr. Buba Mohammad.
The lawmaker said he observed from the memorandum of understanding, MoU that the Brass LNG “is supposed to be a joint venture company with the NNPC having the controlling shares and their account domiciled with the CBN (Central Bank of Nigeria).”
He, however, expressed surprise that “the account of this company is with Keystone Bank opened on 1st August, 2012 with account number 1005825168, a USA domiciliary account with a closing balance of USD137, 086, 462.54 currently, while the sum of USD648, 179, 487 was recorded as the account’s last inflow on 9th September, 2016 and a withdrawal of USD4million was effected on the 18th November, 2016 without BVN (Bank Verification Number)”.
According to Melaye, a lot of questions are begging for answers as regards the Brass LNG, including the status of investment and principal objectives of the company; the signatories to the account; the status of the federal government investment; the returns on the investment; and was due process followed in the formation and appropriation of shares in the company?
He, therefore, emphasized “an urgent need to define the position of the company viz-a-viz its operation, management and mandate in order to halt this seeming corruption”.
However Senator Bassey Albert Akpan (Akwa Ibom North-East) and chairman Senate Committee on gas, while seconding the motion noted that his committee was on the know of the transactions so far taken place in the Brass LNG account.
He said: “What really happened was that when the federal government wanted the implementation of Treasury Single Account (TSA),most of the banks had invested in dollars, account balances in their various transactions. The banks were insolvent and could not muster enough……
“The said withdrawal of $3million and when the president directed Central Bank of Nigeria ( ( CBN)we’d into the matter.
“So the only fund that came into the account which was about $3million was what was transferred to TSA, and according to an aide to the president, this account has authorized signatories among which was the former GMD of NNPC Gauis Obaseki Jackson among others and the chairman of board of Directors to Brass LNG.
“So Mr President, not only that the money got stocked in Key Stone Bank, but similar portion of the money was lodged with Diamond Bank and one other bank. I believe that the public accounts investigation will uncover some of the facts that we are looking.”
While amending the only prayer of the motion, Senator James Manager (PDP Delta South) said the Committee on Gas should be made to assist the Committee on Public Affairs in the probe, while Senator Joshua Lidani (PDP Gombe South) seconded the amendment after which it was approved by the senators at plenary through voice votes.
In his remarks, the president of Senate, Abubakar Bukola Saraki, commended his colleagues on the motion, and directed a joint Committee on Public Accounts, and Gas to carry out thorough investigation into the alleged fraud and report back within four weeks.
Culled From Authority News
