TSA forced NNPC to close over 2000 bank accounts – CFO

NNPC Towers

The Nigerian National Petroleum Corporation (NNPC) has said the introduction of the treasury single account (TSA) in august 2015 has reduced the number of accounts it’s managed from over 2000 to a little fewer than 200.

NNPC Chief Financial Officer (CFO) Mr. Isiaka Abdulrazaq made this known in an interview published in the corporation’s quarterly magazine.

Abdurazaq added that all the old accounts with the commercial banks have been fully reconciled and closed.

NNPC has in recent times been accused of colluding with some banks to prevent the remittance of some funds into the TSA.

NNPC has refuted such allegations explaining that it had earlier taken steps to inform the Presidency, office of the accountant general of the federation, (AGF) and the CBN on the existence of such accounts.

The Accountant General of the Federation, Alhaji Ahmed Idris said recently that since the introduction of the TSA in 2015 over 17,000 bank accounts have been closed while huge sums of money had been moved from deposit money banks to the CBN.

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