CBN dismisses fraud allegations against top officials - Vanguard News

Governor, Central Bank of Nigeria , Mr Godwin Emefiele

“Contrary to the headline-grabbing narrative that the discussion was about a fraudulent transaction, this conversation – the beginnings of which was omitted to create a different impression – was simply to proffer solutions to a misunderstanding that affected the Bank’s balance sheet. “In order to ensure that ordinary Nigerian workers got their salaries, pensions and gratuities, and that the economy continued to recover from recession, the Bank provided about N650 billion in loans at 9% with a two-year grace period to 35 States of the Federation. These monies were distributed to the States monthly with documented approval of the Federal Ministry of Finance and the Presidency.

“Obviously, it soon became clear that a State Government loan cannot be classified as “bad” or “irrecoverable” when the State still exists and getting FAAC allocations. The Bank then reached out to the Federal Ministry of Finance and they jointly gave comfort to the auditors who accepted in writing that these monies would be repaid. On this basis, the auditors reversed the negative entry and the certified that the CBN’s 2018 accounts were a true reflection of the State of Affairs.

vanguardngr So what is the way forward since I have never heard anyone accused of fraud that goes to the press and admit it is true. Only small Small petty traders do that on crime fighters.

vanguardngr Yes they will always dismiss fraud cases against top officials, but when it comes to the youth,they parade them like thievies who stole from the government... Lawless nation.

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