No Monies Missing, Stolen in CBN

Must Read

Rotimi Akeredolu commissions Sunshine Chocolate Factory in Idanre (Photos)

Ondo State Governor, Arakunrin Rotimi Akeredolu SAN, has commissioned the Sunshine Chocolate Factory in Alade Idanre, Idanre LGA. The factory...

How To Block Your Bank Account And SIM Card In Case Of Emergency

Losing your phone and wallet or having them stolen can be very frustrating. However, in case that happens to...

List of Access Bank Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number which usually identifies both the bank and the branch where an account is...
- Advertisement -

The Management of the Central Bank of Nigeria (CBN) has been notified of a purported audio recording of selective conversations amongst the Governor, Deputy Governor and some Senior Officials. 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. 

As publicly known the CBN was approached in 2015 by the National Economic Management Team and the National Economic Council (NEC), chaired by the Vice President, to assist State Governments with Conditional Budget Support, in the aftermath of the significant nose-dive in global oil prices and associated FAAC allocations. In order to ensure that ordinary Nigerians workers got their salaries, pensions and gratuities and that the economy continued to recover from the 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

In closing the Bank’s 2018 accounts, external auditors in their Draft Account erroneously classified about N150 billion of these loans as bad, which negatively affected the Bank’s Balance Sheet and shareholders fund. The selective conversation being circulated was simply a discussion to ascertain why the auditors took that position and next steps to resolve it. 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.

Read Also:  BBC World News announces the launch of In Business Africa

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. Reconciliation of Balance Sheet items are regular conversations amongst Senior Management of many agencies and should not be misconstrued as anything but that. Had the online media which released the selective recordings sought the comments of CBN as required of journalism practice, we would have provided it.

- Advertisement -

Clearly, those who listened to the audio and can easily ascertain that the conversation had nothing to do with anything fraudulent as purported.  The Bank, therefore, urges all well-meaning Nigerians to disregard this audio and continue to trust that the Bank is doing everything it can to represent their interests in the best possible way.

Under the leadership of Governor Emefiele, the CBN has always stood for, and vigorously pursued transparency in its stewardship of public resources and policies.NO MONIES ARE MISSING OR STOLEN.  The integrity of the CBN Governor remains unassailable.  He has no account in Dubai or anywhere in the world and would never convert the funds of CBN for personal use. Not in the past, not now and not ever. The use of selective wiretapped conversations of the Bank’s Management, to malign his character and integrity will never stand. The Bank will pursue every legal means to bring the perpetrators to justice.

- Advertisement -
No Monies Missing, Stolen in CBN - Brand SpurNo Monies Missing, Stolen in CBN - Brand Spur

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

No Monies Missing, Stolen in CBN - Brand SpurNo Monies Missing, Stolen in CBN - Brand Spur

Latest News

Stock Market Transactions Drop by 8.49% in August – Report

The total value of stock market transactions carried out on the Nigerian Bourse in the month of August stood...

Nintendo DS dominates North America and Japan selling over 90 million units

The video game industry has evolved in the last two decades thanks to innovative consoles targeting various users globally. However, some consoles have attracted...

Establishing eCommerce Trust on the Journey to Economic recovery

Since the start of the pandemic, there have been varying effects, on the way consumers shop and make payments. We have seen a significant...

First Bank Appoints Oluwande Muoyo as a Non-Executive Director

First Bank of Nigeria Limited, Nigeria's premier and leading financial inclusion services provider, today announced the appointment of Mrs Oluwande Muoyo as a Non-Executive...

Julius Berger Announces Board Approval of Diversification Opportunity

Julius Berger announces that the company’s Board of Directors at its meeting held on September 22, 2020, approved a diversification opportunity for the Company. Julius...
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -No Monies Missing, Stolen in CBN - Brand SpurNo Monies Missing, Stolen in CBN - Brand Spur