Nigeria’s NNPC says CBN supervising $231.8mn government remittance

Nigeria’s state oil company, Nigerian National Petroleum Corporation (NNPC) on Friday said the central bank was supervising the remittance of funds to the government totalling $231.8 million from Diamond Bank, Skye Bank and Keystone Bank. 

Commercial banks collect grants, taxes, fees and tariffs on behalf of the government and then send them to a single treasury account with the central bank. Some banks have previously been accused of withholding remittances. 

The Nigerian National Petroleum Corporation (NNPC) said the money accrued from investments — $174.4 million with Diamond Bank, $40.7 million in Skye Bank and $16.7 million in Keystone Bank — was being remitted to a treasury account under a government policy to curb corruption.