Management of national oil company, Nigerian National Petroleum Corporation (NNPC) headed by Mr Maikanti Baru, may be facing another round of trouble for its refusal to remit a huge sum of money, proceeds from its operations, and the interest accruing to appropriate accounts. That the money sits idly in five different banks may soon have serious consequences for those at the company’s helm of affairs.

The money, according to sources, totals $629 million and is lodged in different sums in different accounts.

An account in Sterling Bank with number 0023515951 holds $26,560,076.76 while the sum of 16.6 miilion dollars is in an account with number 1006160930 in Keystone Bank.

The sum of 277.8 million dollars is in another account with Diamond Bank numbered 0033789960 while a total sum of 19 million dollars sits in two different accounts with First Bank. $12 million is in a current account numbered 2006307767 and 6.9 million is in another First Bank Escrow account with number 2016965894.

In addition to this total sum of $340,102,485.10 another sum of $289 million is placed via two separate cheques with the Central Bank of Nigeria.

According to sources, requests from relevant offices to the NNPC to remit the total sum of the said $629,093,716.77 to the Nigerian Petroleum Development Company TSA account as is the practice have been rebuffed for reasons yet undisclosed.

Treasury Single Account (TSA) is a financial policy in use in many countries all over the world to consolidate all inflows from all agencies of government into a single account.

TSA allows government banking to be unified, to enable relevant authorities, such as Ministry of Finance and Accountant General of the Federation have full oversight of all cash flows across different bank accounts.

Though it was first introduced in 2012 by the Goodluck Jonathan administration, its implementation was fully effected by the Muhammadu Buhari government.

Two days ago, a letter written to President Muhammadu Buhari by Minister of State for Petroleum Resources, Mr Ibe Kachikwu, alleging widespread corruption against NNPC Group Managing Director, Mr Baru, leaked to the media.