The Central Bank of Nigeria (CBN) has declared that no money is
missing or stolen from the bank’s coffers as reported in some
section of the media.
Its Director Corporate Communications, Mr. Isaac Okoroafor,
clarified this in a statement on Sunday, while reacting to a recent
article and audio clips in which the CBN Governor and other senior
officials were heard discussing discrepancies in the bank’s
accounts.
Okoroafor said that the audio was distorted in a manner which
creates a different impression of the matter being discussed, which
was 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
chaired by the Vice President, to assist State Governments with
Conditional Budget Support.
“This happened in the aftermath of the significant nose-dive in
global oil prices and associated FAAC allocations.
“In order to ensure that ordinary Nigerian 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 per cent 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,” he said.
Okoroafor urged Nigerians to disregard the audio and continue to
trust that the Bank is doing everything it could 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.
“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,” he said. (NAN)