The chairman of the panel, Senator Magnus Abe, declared that the JP Morgan account, where proceeds from the sale of crude oil kept unconstitutional and illegal.
He maintained that all revenue accruing to the federation account must be paid into the Federation Account in line with the provision of Section 80 (1) and (4) of the Constitution.
The Minister of Finance denied knowing the account number of the JP Morgan account saying the Ministry only has access to accounts within its jurisdiction.
The new GMD of NNPC, Mr Andrew Yakubu, while admitting he had knowledge of the account said the JP Morgan account is not managed by the NNPC.
The committee directed the Minister of Finance to liaise with the Minister of Petroleum, Mrs Diezani Allison-Maduekwe, to immediately stop the operation of the account.
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