Search Site: OnlineNigeria

Close






FG probes CBNs $480m investment in AFC

Posted by By TONY ICHEKU, Abuja on 2008/04/17 | Views: 542 |

FG probes CBNs $480m investment in AFC


The Federal Government has inaugurated a five-member committee to investigate the circumstances leading to the withdrawal of 480 million US dollars from government account by the Central Bank of Nigeria (CBN) to purchase equity in African Finance Corporation (AFC).

ICPC quizzes Lemo over Wema Bank crisis

The Federal Government has inaugurated a five-member committee to investigate the circumstances leading to the withdrawal of 480 million US dollars from government account by the Central Bank of Nigeria (CBN) to purchase equity in African Finance Corporation (AFC).

In a related development, the Deputy Governor of the apex bank (financial sector survelliance), Mr Tunde Lemo, made an unscheduled appearance at the headquarters of the Independent Corrupt Practices and other related Offences Commission (ICPC) and was reportedly grilled for about three hours.
The committee, chaired by Assistant Commissioner of Police (ACP), Tunde Ogunshakin of the ICPC, will among others, determine whether there was authorization for the withdrawal by the National Assembly or the President.

Other terms of reference for the committee, inaugurated on Tuesday by the Minister of Justice and Attorney-General of the Federation, Mr. Michael Aondoakaa includes determining the laws and procedures relating to the setting up of the AFC and ascertain whether such laws and procedures have been complied with to date by all relevant persons and authorities in the establishment, funding and operations of the AFC.

* Ascertain the past and present details of the bank account from where the said funds were withdrawn.

* Obtain details, documentary and otherwise, of withdrawals made from the Federal Government of Nigeria (FGN) account maintained with the Bank of England and ascertain by whom such withdrawals were made.

* Obtain necessary evidence of remittance of the equity contribution by the CBN to the receiving bank for the AFC and ascertain the source of authority for the said remittance and determine the signatories to the account in the receiving institution.

* Obtain all necessary particulars to evidence the investment made by the CBN in the AFC and ascertain the dealings in the invested funds to date.

* Ascertain the ownership structure of the AFC, determine the percentage equity holding of such investors, and determine the representation of Nigerians on the board of the AFC.
A letter signed by the Secretary to the Government of the Federation, (SGF), Alhaji Babagana Kingibe named others members of the committee as follows: Dr B.B.A. Verr, former Director-General of the Bureau of Public Enterprises; Alhaji Mohammed Garba, office of the SGF; Mr E. Oshibote, office of the
Accountant-General of the Federation and Mr Pius Oteh of the Federal Ministry of Justice who will serve as secretary of the committee.

Sources at the ICPC proffered that Mr Lemos visit took them unawares as his lawyers had earlier scheduled an appointment for him. The source added that Lemo who arrived the Commissions office by 3pm left at 6pm, and was advised to return for further interrogation.

The CBN deputy governor is being investigated over alleged decision to grant an N8.8bn loan without collateral during his tenure as MD/CEO of troubled Wema Bank.

Read Full Story Here.... :
Leave Comment Here :



Add Comment

* Required information
1000
Captcha Image

Comments (1)

Gravatar
New
Fay(Katy, Texas, US)says...

Actually translates to bravehearted.