Godwin Emefiele CBN Governor
Godwin Emefiele CBN Governor
No monies Missing, Stolen in CBN –
Spokesperson
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 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 resolving 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. 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.
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.
Isaac Okorafor
Director, Corporate Communication
CBN