CBN board wrote off 7 billion dollars bail out funds to commercial banks

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The Central Bank of Nigeria, CBN, board wrote off 7 billion dollars bail out funds to commercial banks in 2006.

This was the revelation made today by President Muhammadu Buhari’s Special Assistant on Prosecutions, Chief Okoi Obono-Obla, ” the CBN board just sat and decided to dash 7 billon dollars of public monies to commercial banks without recourse to anybody” he however noted that the federal government is working towards recovery of the money.

The presidential aid also revealed that
Mobile oil producing fraudulently withheld the payment of $1.9 billion to the federation account in 2009, which was part of the proceeds it was suppose to remit to government from an oil prospecting license that was awarded to it.

Apart from Mobile oil, he said that several oil campanies operating in Nigeria which have failed to remit their taxes to the FIRS are under investigation.

The presidential adviser spoke at an event on anti-corruption situation room on public presentatation on new expert analysis of OPL 245 deal.

A deal that has been in the public demain for several years. The recent reveletion that the nation may have lost $6 billion from the shoddy way OPL245 has raised further public scrutiny of the oil well and governace issues in the oil industry.

The lead presenter at the event Don Hubert of Resources to Development Consulting using historical data and analysis confirmed that Nigeria has lost a lot of money from OPL 245. Based on his analysis Nigeria lost about $4.5 billion from the shoddy handling of transactions on OPL 245

The event was put together by the Human ans Envitonmental Developmwnt Agwnda, HEDA, a non governmental human rights and development lwith a mandate to defend, protect and promote umiversally recognised human rights and environmwntal justice iin Nigeria and Africa

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