The House of Representatives has begun investigation of the non-refund of $7bn withdrawn from Nigeria’s foreign reserves by the Central Bank of Nigeria in 2006 to pay banks and assets managers, which have since not been refunded.
The committee is also to determine “the terms and conditions of the disbursement to ascertain if the terms and conditions have been complied with as it relates to repayment of the fund, and report back within eight weeks for further legislative action.”
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