Again, Senate Summons CBN Governor Over Alleged Missing $9.5m

Senate Committee on Public Account has given the Governor of Central Bank of Nigeria (CBN), Godwin Emefiele till Thursday to appear before the Committee over alleged missing of $9.5m interest accrued from Petroleum Profit Tax (PPT) investment.

The principal sums deposited, the tenor, and rate of interest were shrouded in secrecy, according to the Senate panel chaired by Senator Matthew Urhoghide.

Petroleum profit tax (PPT) is a tax applicable to upstream operations in the oil industry.

It is particularly related to rents, royalties, margins, and profit-sharing elements associated with oil mining, prospecting, and exploration leases.

Speaking on the issue, the Chairman of the Committee said there are many issues the CBN Governor needs to respond to corroborate some statements of account.

He added that Apex Bank Governor has till Thursday this week to appear to address those issues before the Committee.

It could be recalled that the committee had two weeks ago summoned the officials of the apex bank over the alleged disappearance of the fund.