Fidelity bank card banner Camano banner

FG to recover $7bn CBN bailout to banks

By Iheanacho Nwosu and Isaac Anumihe, Abuja on 29/11/2018

Views: 552

• CBN headquarters, Abuja
• CBN headquarters, Abuja

Federal Government has launched investigation into the over $7 billion bailout funds given to commercial banks in 2006.

Chairman of Special Investigation Panel for the Recovery of Property, Chief Okoi Obono-Obla, who made the disclosure, said the banks have not paid back the money, a situation, which he said, has caused economic adversity for Nigeria.

He spoke during the public presentation of a report on Malabu Oil deal by a team of foreign experts from Global Witness in collaboration with its Nigerian counterparts, Heda Resources Centre, in Abuja, yesterday.

He maintained that all the banks that benefited from the $7 billion bailout funds would vomit the funds because commercial banks are private concerns.

“If you recall, in 2006, the Central Bank of Nigeria (CBN) gave out bailout funds to banks to the tune of $7 billion. When we went to the Central Bank of Nigeria to update us whether these banks have paid back, the Central Bank of Nigeria replied that in 2006 the Board of Directors passed a resolution to give out the funds free of charge. You can imagine, giving out public money for free to banks. So, we are going to recover that money. Commercial banks do not belong to Nigerian people; they belong to private persons. We are happy with what Global Witness and the Nigerian partners have done and we are going to investigate and recover them. We will go after their assets and that is the way to fight corruption,” he explained. Apart from banks, the Federal Government is also investigating several oil companies for tax default and other infractions.

“We are dealing with the misbehaviours of oil companies in Nigeria. Mobil is one of them and we are investigating Mobil over the failure to remit over $1.9 billion to the federation account arising from an oil bloc in 2009. The cost of that oil block was about $2.5 billion and Mobil paid only $600 million. So, we want to recover $1.9 billion that is outstanding.

“We are also investigating a lot of oil companies because of their failure to pay tax. A lot of them don’t pay tax. You can imagine how much they are making and a lot of them don’t pay tax. That is a classical example of lawlessness and causing economic adversity in the country,” he said.

In his remarks, Chairman, House of Representatives Committee on Financial Crimes, Oladele Kayode said Nigeria lost over $10 billion in the OPL 245 oil bloc. To this end, he said the House has vowed that everybody involved in that deal must be punished.

“It is a common knowledge that the entitlement to the Federal Government in the deal was just a signature bonus.The real beneficiary was Malabu Oil. I have the privilege of reading some of the findings and discoveries on the outcome of investigations by oil experts.

They estimated the loss at $6 billion. It is well over $10 billion. So, it will be correct to say that the loss to Nigeria was well over $10 billion,” he said.

Sourced from a Daily Sun report

Source News Express

Posted 29/11/2018 12:13:41 PM

 

 

CLASSIFIED ADS

 

You may also like...
Lagos to strengthen collaboration with US development agency...

I’m a British citizen, ask Buhari to release...

2019: The battle is won already — Okowa...

Nigerians seeking education in Ghana, disheartening -- Envoy...

We did not retire over 200 Senior Officers:...

African Development Bank commits to Nigeria’s economic recovery...

Dozens feared dead as migrant boat capsizes off...

Gas explosion razes 15 shops in Kaduna

PDP Warri Federal Constituency candidate, Ereyitomi, lauds Atiku,...

Appeal Court grants stay on nullification of Rivers...

Police kills innocent man, injures 2 others

Boris vs Hunt: Britain’s leadership fight reaches final...

 

Latest News Governor Ihedioha, others to grace inauguration of Heartland Professionals Network CBN holds key interest rate to fight inflation Boris Johnson emerges new UK PM UPDATE: Full list of Buhari’s ministerial nominees Controversy as armed Miyetti Allah vigilante group begins operation Three friends, two children travelling to Bayelsa kidnapped in Edo Security agencies uncover plot to plant arms in Governor Dickson’s compounds Journalist shot during Shiite, Police clash dies in hospital My encounter with armed Miyetti Allah vigilante group patrolling highway — Abuja lawyer Kayode Ajulo Bayelsa Govt. gives 48-hour ultimatum to governorship aspirants to comply with regulations on campaign posters Airman returns lost €37,000 to owner in Kano Teacher who raped student inside Biology lab remanded in Kirikiri Prisons

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (511,691 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (432,060 views) Shameless Genevieve Nnaji exposes breasts in public (374,243 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (317,194 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (283,078 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (247,556 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (239,895 views) 10 cars more expensive than Jets (225,016 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (221,687 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (209,248 views) Lagos plane crash: Journalist releases victims’ names (188,770 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (187,345 views)

 

NLNG Job Vacancy

CBN banner advert

UBA Wise Savers Promo

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (97) Business & Economy (4,359) Business Verdict (77) Columnists (1,076) Complaints & Requests (95) Enterprise & Opportunities (211) Entertainment (636) Features (781) Global Business Monitor (396) ICT Monitor (54) International (3,741) Interview (194) Live Commentary (30) Love Matters (164) Maggie's Blog (346) News (48,987) Opinion (1,293) Pidgin (17) Politics (11,183) Religion (1,053) Sports (2,106) Stock Watch (39) AMA & Al Jazeera Global Update

 

 

 

 

 

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera