The
exempted MDAs are the Nigeria National Petroleum Corporation (NNPC),
Power Holding Company of Nigeria, Bank of Industry (BoI), Nigeria
Railway Corporation, Federal Mortgage Bank of Nigeria, Bank of
Agriculture, Niger Delta Power Holding Company/National Integrated Power
Project, National Communication Satellite Limited, Galaxy Backbone
Limited, Ajaokuta Steel Company Limited, Urban Development Bank,
Nigerian Export-Import Bank NEXIM) and Transcorp Hilton Hotel.
A circular entitled, “Approval to Exempt Some MDAs In line With the
e-Collection Mop-Up Exercise,” from the AGF’s office to The Director,
Central Bank of Nigeria (CBN), Banking and Payments System
Department, referenced FD/LP2015/C/ADC/20/1/ /DF dated September 14,
2015 and signed by M. K, Dikwa, for the AGF, Federal Ministry of
Finance, Funds Department, Abuja, reads in part:
“Approval is hereby granted to your bank to exempt the accounts of
thirteen (13) MDAs (Category 6) as listed below the mop-up in line with
the e-Collection Circular No. HCFSF/428/S.1/120 dated 7th August 2015
as these are Profit-Oriented Government Business entities that are to
pay their dividends into the Treasury Single Accounts whenever they are
declared.
Please note that in line with the Presidential approval, the following
as it relates to Nigeria National Petroleum Corporation NNPC as
listed above (S/No.9) under Category 4 should also apply: That NAPIMS
remains classified as an MDA that is funded from the Federation
Account under Category 4 of the Circular, being the NNPC Business
Unit responsible for the management of the Federation’s investment in
the upstream activities and funded from direct proceeds of oil and
gas revenue.
That NNPC will continue to preserve the status with respect to NAPIMS
Operations Account as well as Escrow Account for Third Party Financing
in view of the Joint Venture (JV) Cash funding currently being
experienced. That all other NNPC’s commercial/Business Entities as
re-classified as ‘Profit-Oriented Public Corporations /Business
Enterprises’ under Category 6 of the Circular which requires that
only dividends from these entities be paid into the TSA.”.
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