A whopping sum of N1billion paid into the Delta State government's coffer as tax by a multi-national oil company, Chevron Nigeria Limited is alleged to be missing.

LEADERSHIP gathered that the purported missing fund has resulted in accusation and counter accusation between two new generation banks (names withheld) and some officials of the Revenue Board.

The multi-national oil-company had reportedly mandated its bankers (name withheld) to credit the said amount (N1billion) into the state government's coffers via collecting bank, but was shocked that the money claimed to have been paid in since December 27, 2012 was yet to be credited.

LEADERSHIP checks revealed that managements of the two banks are currently trading blames over the matter.

Contacted for comments, Executive Chairman of the Board, Hon. Joel-Onowakpo Thomas, confirmed the story adding that over N1billion paid by the multi-national oil company was still missing between the two banks and some officials of the Revenue Board.

His words, "I wish to confirm that it is true we have been trying to fish out whom among the two banks is holding on to our funds" adding that "I have always said that what is being practised is not banking, but breeding ground for monumental fraud".