Printing
of naira notes in surplus, CBN finances to be investigated.
The Federal
Government is considering probing the tenures of two former Central Bank of
Nigeria (CBN) governors, Prof. Charles Chukwuma Soludo and Alhaji Sanusi Lamido
Sanusi.
The probe would
specifically cover the activities of the CBN between 2007 and 2014.
According to a
top Presidency source, the probe, which was yet to be finally approved by
President Muhammadu Buhari, would focus on the printing of naira notes under
the authorisation of Soludo and the management of CBN’s “surplus” finances
under Sanusi, who is now Emir of Kano.
According to the
source, government believed that the handling of projects and policies by the
two ex-CBN governors had issues that needed clarification.
Sanusi recently
cautioned the incumbent administration not to engage in acts that would make it
end like the administration of President Goodluck Jonathan. He criticised the
FOREX policy of the government, which, he argued had enabled some people to make
huge money without any investment.
Soludo on the
other hand had also faulted some economic policies of the government recently.
The source, however, denied that the planned probe the two former CBN governors
had anything to do with their criticisms of the government. Rather, the source
claimed that the president would not gloss over any corruption matter no matter
the individuals involved and the time it took place.
He
said:-
“We believe that
questions that have not been completely answered must be brought forward and
clarified as a way of ensuring that the nation’s institutions do the right
thing at all times.”
“If certain
questions were left hanging by the past administrations, this should be the
time to clear themselves since this administration is determined to fight
corruption and corrupt tendencies. The move would also help any of the past
officials to clear themeselves of any perceived wrongdoing.”
According to the
source, while Soludo’s tenure would be investigated for the process of printing
new naira notes, the tenure of Sanusi would be probed for the distribution of
FOREX earnings to Bureau de Change operators as well as the report of the
Financial Reporting Council of Nigeria (FRCN), which had raised several
allegations against Sanusi.
Former president
Jonathan suspended Sanusi on account of the FRCN report.
The 13-page
report alleged that the former CBN governor spent N1.257 billion for lunch for
policemen and private guards in 2012.
The Council also
alleged that Sanusi as CBN governor made huge payments to airlines for currency
distribution, while also allegedly holding an account balance of N1.423 billion
for an unidentified customer since 2008.
The FRCN also
queried what it called approval of billions of naira in “ambiguous payments” to
invoices referred to as “Centre of Excellence” and “Contribution to Internal
National Security,” by the CBN under Sanusi.
The apex bank was
said to have paid N38.233 billion to the Nigerian Security Printing and Minting
Company (NSPMC) Plc in 2011 for the “printing of bank notes” whereas the
turnover of the entire printing and minting company group for the year stood at
N29.370 billion.
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