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$480m AFC funds: Panel submits report tomorrow

Posted by By GODWIN TSA Abuja on 2008/07/21 | Views: 1755 |

$480m AFC funds: Panel submits report tomorrow


The report of the Presidential Committee investigating the controversial $480 million invested in the African Finance Corporation [AFC] by the Central Bank of Nigeria [CBN] Governor, Professor Charles Soludo would be presented to the Attorney-General of the Federation and Minister of Justice, Mr. Michael Aondoakaa [SAN] on Tuesday.

The report of the Presidential Committee investigating the controversial $480 million invested in the African Finance Corporation [AFC] by the Central Bank of Nigeria [CBN] Governor, Professor Charles Soludo would be presented to the Attorney-General of the Federation and Minister of Justice, Mr. Michael Aondoakaa [SAN] on Tuesday.

President Umaru Musa Yar’ Adua had on April 15, 2008, directed the Secretary to the Government of the Federation [SGF], Alhaji Baba Gana Kingibe to set up a panel to investigate who authorised the release of the funds as well as payments.

It was the thinking of government that the procedure required to effect establishing the AFC was breached by not presenting the draft charter to the president of the Federal Republic of Nigeria and the Senate approval as required by law.
There were allegations that Professor Soludo single-handedly signed the Charter on behalf of Nigeria instead of the Federal Minister of Finance or the Minister for Cooperation and Integration in Africa as required by the law establishing the AFC.

Meanwhile, the proposed summit on “the Rule of Law” by the ministry to fashion out ways of implementing the vision of the present administration for the justice sector Reform and to achieve a shared understanding of the meaning and content of the rule of law and its practicability in the country has been postponed indefinitely.

The summit, which was organized for State Governors, Supreme Court Judges, State Attorney-Generals, and State Chief Judges amongst others, according to the minister, slated for July 31 and August 1 would now take place at a date to be announced later.

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