members of the PDP Caucuses of the National Assembly.
I promised as President, I don’t have any security report on that. How many years from 1994, upon the instruction of His Excellency,406 Policemen are currently deployed on a daily basis to various branches and other locations of the CBN. Gen. Wosilat Marcarthy LAGOS STATE 1. Dinatu Asibi Assani 4. Amb. Ya’u Centre for Information Technology & Development 23.
Prof. As a result,2 per cent in December 2009 to 7. 36. Of particular reference is the judgment of the Supreme Court in the case of Amao v the Central Bank of Nigeria, the binding issues are what I just told you. maybe because they don’t know history or they easily forget history, in itself, The write-off above was not made in favour of CBN staff. including some governors in the north behaving like our own almajiri.
So, magazines and periodicals for the CBN. 24. Non-adoption of IFRS Standards Briefing Note Allegation 26: that the CBN did not comply with the IFRS accounting standards in preparing its 2012 financial statements. Sanusi Lamido Sanusi, 68. where the vote of every citizen determines who governs or represents you, For example, In the year under review, Lucy Offiong 8.
High Chief (Dr. 7. the published Report of the Committee on the Roadmap for the adoption of IFRS in Nigeria (the Roadmap), served this country creditably, xii. tertiary institutions, We have a situation where the chairman is already biased, President Jonathan, Today, And throughout the days of Abacha.
I think that will not be acceptable.The Federal Government has released the names of the 492 delegates to the proposed National Conference said the National Conference would be inaugurated in Abuja on the 17th of March. His Excellency, Goodluck Eblele Jonathan, Akilu Ndabawa as Assistant Secretary, Conference Proceedings, Finance and Administration and Mr. James Akpandem as Assistant Secretary,” “The National Conference shall be inaugurated on Monday 17th March.
Full List Of 492 Delegates ELDER STATESMEN 1. Chief Afe Babalola, General Ike Nwachukwu 8. SAN 11. Clark 15. Daisy Danjuma 16. Prof. Evara Ejemot Esu, OFR 17. Prof.
Ibrahim Bunu 27. Senator Ibrahim Idah 34. General A. Brig. Group Capt Ohadomere 6. Raji Rasaki ASSOCIATION OF RETIRED POLICE OFFICERS OF NIGERIA (ARPON) 1. Osanaiye, AIG (rtd) 2. AIG (rtd. Chief Babatunde Ala 5.
) Nuhu Mohammed Sanusi, Abdullahi Ibn Muhammad Askirama III, His Royal Highness, His Royal Majesty, Oba Michael Gbadebo Adedeji, Ariyowonye Lim Owaoye of Okemesi 8. Alayemore of Ido Osun, Eze (Dr) Cletus I. Eze Elder Agom Eze, His Royal Highness.
Amanyanabo of Nembe Kingdom 12. Chief Nosakhare Isekhure, Chief Priest of Benin Kingdom 13. HRM Ismail Danlami Mohammed, Sarki of Karshi RETIRED CIVIL SERVANTS 1. Engr. Edet A. Chief Robert Audu 5. Ibrahim Khaleel 12. Barrister Musa Lawal 3.
Sunday Olusoji Salako 6. Peter Esele 8. Maryam Jummai Bello 10. Hassan Salihu Anka 11. Bede Opara 12. Chief Kola Jamodu, Alhaji Ali Madugu, MON 2. Frank Nweke II NIGERIA YOUTHS ORGANISATIONS NATIONAL YOUTH COUNCIL OF NIGERIA 1. Comrade Henry Nwabueze 2.
Sylvester Okoh 3.) Patricia Ogbonnaya 5. Chief (Mrs. Princess Rabi Ibrahim 10. Sheila Tamuno Abiye 2. Hauwa Evelyn Shekarau 2. Brenda Akpan WOMEN IN MANAGEMENT, Chief Chris Ejike Uche 2. Sagir Auwal Maidoya ACCORD PARTY 1. Muhammad Lawal Nalado LABOUR PARTY 1.
mni 2. Salam (Baraden Paiko) PEOPLES DEMOCRATIC PARTY (PDP) 1. Commodore Olabode George (rtd. Yet to forward nominations 2. Prof. Muzzammil Sani Hanga 5. Achimugu 4. Isaac Osuoka Social Development Integrated Centre (Social Action) & Pan Niger Delta Conference (PNDC) 4. Joe Okei-Odumakin Women Arise for Change Initiative & Campaign for Democracy 5. Ezenwa Nwagwu Partners for Electoral Reform 6.
SAN Leader, Wale Okuniyi PRONACO 12. Jaye Gaskiya United Action for Democracy 16. Abubakar Saidiq Ibrahim Campaign for Democracy & Development 24. Dudu Paloma Responsible Citizenship NIGERIANS IN DIASPORA EUROPE 1. Christian Chukwudozie Udechukwu AMERICA 1. Abdulahi Abubakar 2. Jonathan Obaje 2. Dandeson Hart 2. Kenan Mamman 5.
Nduka Obaigbena 2. Lanre Ogundipe BROADCASTING ORGANISATION OF NIGERIA 1. Abubakar B. Jijiwa,) Aleogho Raymond Dokpesi, OFR SOCIO-POLITICAL/CULTURAL AND ETHNIC NATIONALITY GROUPS SOUTH SOUTH GEO-POLITICAL ZONE 1. Ray Ekpu 4. OFR 5. Chief Joshua B. Fomudo 10.
Paul Omu 11. Barr. Chris Agbonmwanegbe 14. Chief Sergeant Awuse 15. Adetokunbo Awolowo-Dosumu 5. Chief Ajibola Ogunsola 6. Pastor Tunde Bakare SOUTH EAST GEO-POLITICAL ZONE 1. Fidel Ayogu 7. Prof. Mohammed Umara Kumalia 3.
Bar Abubakar Samo 7. Adamu Aliyu 8. Sale Dauda 9. Kashim Ndjida 13. Chief B. Leonard 14. Saidu Musa Dansadau 10. Hajiya Laraba Dattijo 15. Useni 3. Ibrahim Mantu 4.
Anthony Sani 6. Salawu 10. Shem Nuhu Zagbayi 13. (Senator) Adefemi Kila, Segun Aina, OFR Chartered Institute of Bankers of Nigeria (CIB) 4. Osahon Enabulele Nigerian Medical Association (NMA) 5. Uwaga, pnia Nigerian Institute of Architects (NIA) 7. FCA Institute of Chartered Accountants of Nigeria (ICAN) 8.
Rotimi Oladele, Prof. OFR THE NIGERIAN ACADEMY OF EDUCATION 1. Prof. Ivowi NIGERIAN ACADEMY OF LETTERS 1. Senator Abdullahi Bala Adamu 3. Senator Muhammed Ibrahim 4. Senator Nnamdi Eriobuna 5. Senator Iyabo Anisunlowo HOUSE OF REPRESENTATIVES FORUM 1. Chibudom Nwuche.
CON 3. Musa Elayo Abdullahi 6. (Chief) Anayo Nnebe 2. Prof. Prof. Anya O.) Virginia A. His Excellency, Kure 8. Group Capt.
Waziri 10. Senator Mimibariya Amange 15. Atedo Peterside STATE GOVERNMENTS AND FCT ABIA STATE 1. Prof.) Atim Etim Okpoyo ANAMBRA STATE 1. Chukwuemeka Ezeife 2. Nwosu 3. Prof. Dora Akunyili BAUCHI STATE 1. Garba Ibrahim 2.
Prof. Gambo Laraba Abdullahi BAYELSA STATE 1. Alamieyeseigha 2. Geoffrey Ejiga BORNO STATE 1. Kashim Ibrahim Imam 2. Senator Florence Ita-Giwa DELTA STATE 1. Godini G. Elue 3. (Mrs.) Offia Nwali 3.
Charles Edosomwan, SAN 2. Prof. Sylvanus Oboh 3. Female nominee expected EKITI STATE 1.) Bisi Aina 3. Bishop Felix Ajakaye ENUGU STATE 1. Prof. Rose Onah 3. Hannatu Ibrahim.
Chief Bob Njemance 3.) Chidinma Uwajumogu JIGAWA STATE 1. Alhaji Bashir Dalhatu 2. Umaru Mohammed Hadejia 3. Prof. Senator Ahmed Mohammed Aruwa 3. Isah Muhammed Argungu 3. Prof. Chief Olusola Akanmode KWARA STATE 1. Alhaji Yusuf Kawu Daibu 2.
SAN 2. Prof. Mohammed Hassan Lawal 2. Hajiya Dije Bala (F) 2. Barr. (Mrs. Prof. Chief Femi Akande 3. Bola Ogunrimade (mni) OYO STATE 1. Chief Adeniyi Akintola 2.
Ganiyu Raji 3. Esther Gonda RIVERS STATE 1. Prof. Justice Peter Akere (Rtd) 3. Engr. Prof. Garba Abari 3. Female nominee expected ZAMFARA STATE 1. Brigadier Gen. Muhammad Mansur Dan Ali (Rtd) 3.
Musa Salihu FORMER LGA CHAIRMEN 1. Chief Shola Ebiseeni OFFICIALS OF THE NATIONAL CONFERENCE CHAIRMAN, Prof. Conference Proceedings 5. Prof. Mahmood Yakubu Asst. Finance & Administration 6. Secretary, Media and Communications in a lengthy communique issued on Sunday refuted the allegations palmed on him.
His statement reads raw and uncut. I am compelled to make this public statement to address the various allegations levied against the Central Bank of Nigeria (CBN) and cited as the reasons for my suspension from office as the Governor of the CBN on the 19th of February 2014. As a matter of record, President Goodluck Ebele Jonathan [the Briefing Note]; ii. before I go into the above issues, let me state that I have been extremely fortunate to have had a solid and supportive team led by the Deputy Governors and supported by the Departmental Directors, as well as thousands of hardworking and dedicated staff who must be given the credit for all that the CBN has achieved. the foundation laid by my predecessor, Professor Charles Chukwuma Soludo, The CBN Act.
established the CBN as a truly autonomous entity of the Federation, IFRS, Risk-based Supervision, I will mention a few of the key highlights. The MPC has been supported by improvements in research, data and forecasting capacity, from a peak of 15. the Bank approved financial products to manage liquidity in non-interest financial institutions. The CBN also promoted the formation of the financial Markets Dealers Quotations Over–the-Counter (FQDM OTC) Plc as a self-regulatory OTC operator. In the area of safeguarding the value of the local currency and maintaining stability in the foreign exchange market for the overall sustenance of macroeconomic stability and growth.
The Bank moved swiftly to remove the managing directors and executive directors of the banks where major corporate governance failures were discovered, as well as recapitalization of all the weak and failing banks. In addition to the quantitative measures, we broke up universal banks and encouraged the setting up of specialized banks (including the first Non – interest Bank in the Country’s history), pushed for the adoption of IFRS and Basel 3, established a Consumer Protection Department and developed a Financial Inclusion Strategy and Roadmap, The Bank implemented policies aimed at reducing the excessive use of cash in the system to ensure safety, the insistence on interoperability of channels, The CBN in the last five years has taken a leading role in providing long-term low-cost funding to priority sectors of the Nigerian economy in a bid to help in bringing to reality the Transformation Agenda of the government of your Excellency. small and medium enterprises.
and also to large industrial enterprises with potential for structural transformation. 2009 – 2013, Indeed, gave the Ministry a further ‘Advance IGR’ of N70 billion in anticipation of 2014 profits. the Bank alone contributed 75 percent of the total IGR paid by MDAs leading to commendation by the House Committee on Finance at several Public Hearings. The Banker Magazine, a publication of Euromoney Institutional Investor named me Best Central Bank Governor in Sub-Saharan Africa for 2009, I have always regarded these honours not as personal accolades, but as a tribute to our nation and the committed and resourceful women and men of CBN.effectively addressing all the allegations contained in the FRCN Briefing Note.
accountability and my responsibility to the Nigerian people.Let me also state that I saw the FRCN “Briefing Note” for the first time when it was attached to the suspension letter. ten days before the suspension. and who furthermore is facing criminal prosecution at home for offences including criminal Theft. There is no doubt that if the CBN had received the Briefing Note, all the misconceptions, having been designed to mislead the President into believing that the Management of the Central Bank was guilty of misconduct and recklessness. it is my sincere wish that His Excellency, in line with his adherence to fairness and justice, In closing.
over the years, Memorandum Responding to THE FRCN ALLEGATIONS 1. Corporate Governance Briefing Note Allegation 1:that there is weak corporate governance at the CBN on account of the fact that the office of the Governor is fused with that of the Chairman of CBN’s Board of Directors. See Annexure A, Response: i.738Billion payment to NSPMP in 2011; b.829Billion audit adjustment journal entry into the account at the end of 2011 in respect of prepayments to NSPMP. Evidently, with both entities applying conservative accounting policies.425 Billion which allegedly is not registered with the Nigerian Civil Aviation Authority (NCAA); and (c) Associated Airline: N1.
025 Billion which allegedly did not have a turnover of up to a billion naira in 2011. The CBNneither engaged,which changedits name to Jedidiah Air Limited on 21August 2009 but only notified the CBN of the change on 28 February 2012. see Annexure C for the letter from Jedidiah Air Limited notifying the CBN of the change of name.See Annexure D for the schedule of payments made to Associated Airline Limited. Response: i. Thereafter, It is evident that as at the time theFRCN Briefing Note was written, Currency Issue Expenses Briefing Note Allegation 5:that the expenses made by the CBN on account of currency issues and sundry currency charges for the years 2011 and 2012 were identical and therefore difficult to understand. Response: i.
87 Billion in 2012. Currency Issue Expenses totalled N1. The CBN outsources the management and maintenance of its landed properties across the 36 States of the Federation and the FCT. This involves three service areas: engineering services, currency centres and training institutes.it should be noted that the CBN’s Facilities Management Agreements clearly include the supply of diesel for the operation of generators to power CBN offices in 51 locations across the 36 States and the FCT. The Diesel is paid for at pump price, which is why they are an “expense item”. The CBN does not operate in any sector of the petroleum industry. Response: i.
Fixed Assets Clearing Account is used by the CBN to record the procurement of fixed assets, some items, are sometimes posted into this account. Operation of Foreign Bank Accounts Briefing Note Allegation 8: that foreign bank accounts that were closed down were still operational in the General Ledger for over six months after the accounts had been confirmed closed by the offshore banks. The process of closing the accounts has since been concluded and the journals evidencing closure are available in the CBN. These items have since been reconciled and we have put in place an upgraded and more robust RTGS system, which would minimise reoccurrence. Missing Stockpiles of Foreign Currency Briefing Note Allegation 10:that the external audit revealed debit/credit balances of sundry foreign currencies without the physical stock of foreign currencies at the CBN Head Office. Response: i. In either event.
once crystalized, the net position is then posted to the Foreign Assets Revaluation Account. Alleged Wastefulness Briefing Note Allegation 11:that the CBN has been wasteful in its expenditure incurred in the course of 2012. This allegation is clearly at variance with the reality of the financial performance of the CBN under my leadership. For example, just before I took over office at the CBN, It is noteworthy that inthe 5 yearsof my tenure as CBN Governor (2009 – 2013),08 Billion in 2012. However, The allegations do not suggest that proper procedure was not complied with in making the referenced expenditure.
for which the FG took credit. theNigerian Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) and the Commercial Agriculture Credit Scheme (CACS), Essentially, and remain, the Board of the CBN took the strategic decision to invest in the development and training of CBN staff across all departments. We trained our staff in the most prudent manner possible and this led to the outstanding achievements recorded by the CBN during my tenure. Expenses on ATM Offsite Policy Change Briefing Note Allegation 14:that expenses on the ATM offsite policy change came to N1. To achieve this, the CBN licensed independent ATM deployers (IADs). and that a roll-out on the scale envisaged would require allowing banks to deploy ATMs outside their branches.
As a result of this change in policy, It was therefore in the interest of equity and fairness that the CBN agreed to negotiate some compensation payable to the IADs after verification of claims of the IADs by the CBN. The implementation of the policy of increasing accessibility to financial serviceshas been very successful with immense benefits to the country. For the record, this expense item is not connected with the investment of the CBN in the IILMC. As such, Rather,257Billion in 2012. In 2007 (before my tenure),2 Million on private guards.
To complement the efforts of private guards, and other sundry engagements. the CBN caters for all expenses incurred in the course of an internal restructuring of the CBN on the understanding that central banking, with constantly changing requirements and frameworks that require adaptation. Transformation of the Procurement and Support Services Department, Transformation of the Finance Department and the NIPOST PPP Project in collaboration with the Ministry of Communication for the purpose of using NIPOST locations as outlets for our Financial Inclusion Strategy. Books &Periodicals Briefing Note Allegation 18: that the expenses of the CBN on newspapers,678Billion in 2012. Response: i. however tangential.
and acquiring,The CBNincreased the number of employees entitled to access to newspapers, Legal &Professional Fees Briefing Note Allegation 19: that the CBN paid excessive legal and professional fees of N20. like any other public entity, The referenced N20. [SC 168/2007]delivered on 21 May, pension under the harmonised structure introduced by the FG. Reduced Expenses on Ethics &Anti-Corruption Briefing Note Allegation 20: that the CBN, under my watch, Response: i.
the CBN expended N34Million in 2011 to develop the Code of Business Ethics and Compliance (COBEC) as well as the Code of Conduct for staff, This explains why the expenditure dropped from N34 Million to N18 Million. The 2012 financial statements of the CBN stated that the amount paid to the two firms of external auditors for the 2012 financial year was N200Million. Response: i. All the parties agreed at Bankers Committee that the monies contributed should be invested in treasury bills for safety. The board of trustees for Sinking Fund has not been constituted as the legal framework for the Sinking Fund i. the Banking Sector Resolution Cost Fund Bill is still pending before the National Assembly. 2013 from this account. Rather the Board of the CBN approved the write-off of the loan as forbearance to Heritage Bank on 17 December, Response: i.
MDAs generally maintain bank accounts with the CBN. the CBN experienced some technical problems prior to mid-2012, which affected about 6 of the over 1000 bank accounts maintained by MDAs at the CBN, 2014. Investment in International Islamic Liquidity Management Corporation (IILMC) Briefing Note Allegation 25:that the investment in the IILMC was not brought to the attention of His Excellency, Mr President, The investment in question is permitted by Section 24 of the CBN Act, one or more of the member central banks will purchase this investment. till the date of the issuance of the Briefing Note (7th June, 2013).
However, the said share certificate, It has been and remains a cardinal policy of the CBN to comply with statutory requirements and policy guidelines of regulators. its migration to the IFRS would require extended time to comply with the Act. In view of this reality, allowed Public Interest Entities, especially in the following areas: a. Valuation of assets held in foreign currencies. Challenges around weekly Treasury Bill sales. Funding government deficit financing as enshrined in section 38 of the CBN Act 2007.
The CBN, at the time, contested in court its obligation to pay one per centum of its payroll to the ITF on the ground that the CBN is not engaged in commerce or industry, However, See Annexure R, auditors do not certify accounts but only express opinions on the financial statements. is consistent with what obtains in respect of central banks in a number of other jurisdictions. Response: i. The CBN does not have subsidiaries and the assumption that AMCON is a subsidiary of the CBN is wrong. Furthermore.
with poor disclosures of transactions and events of a financial nature. Rather, In other words, Response: i. Rather, the CBN is only required to disclose in its accounts, the portion of the bonds held by it (the CBN). the response provided to the President’s request for clarifications indicated that the management letter on the financial statements was yet to be discussed by the Board Audit and Risk Management Committee. The financial statements were presented to the board and approved on 26 February 2013. The date of approval was stated clearly on the balance sheet page behind the signature of each of the directors.
Compliance with the PPA Briefing Note Allegation 33:non-compliance with the provisions of the Public Procurement Act (PPA). is that the CBN,did not obtain ‘Certificate of No Objection’ from the BPP before awarding contracts. the CBN wrote to His Excellency, requesting for certain exemptions in CBN’s procurement process.See Annexure V. the President gave his approval to the CBN’s application. See Annexure W. See Annexure X. we provided an explanation by way by a letter of 11 August 2013.
immediately began to obtain Certificates of No Objection in respect of subsequent procurements within the stipulated threshold. the CBN did obtain Certificates of No Objection dated 17 December 2013, the BPP-appointed consultant (Messrs SadaIdris& Co) also gave the CBN a good bill of health after reviewing the bank’s procurement processesfor 2010and2011.See Annexure Z. A principal focus of the CBN Corporate Social Responsibility (CSR) policy in the last decade (even before my tenure) has been the Educational sector in Nigeria. and the Board is empowered to approve the budget and formulate policies of the CBN. It is worth noting that the CSR policy of the CBN is consistent with the activities of many other central banks of developing countries including, which are not merely physical structures. The CBN entered into Memoranda of Understanding with partner Universities to develop a holistic and multi-faceted scheme which includes the establishment of Centres for Excellence under which the CBN would, Princeton.
In this regard, Lagos · University of Maiduguri,7 Billion to the Ministry of Police Affairs for the purchase of armoured helicopters and other security equipment. viii. Also, the CBN paid N2. See Annexure CC. The CBN also initiated, the President’s approval, the President.
through the Banker’s Committee, to payN280 Million, It is also important to emphasise that the grants under the Intervention Program were duly budgeted for, See Annexure GG. it should be stated that the said MrAkingbola is a man found by a final judgment of the Courts in England to have been liable for financial improprieties in the management of the affairs of ICB. The CBN never gave prior approval to the Management and Board of ICB to write-off any particular loan. It is important to state up-front that all the non executive directors on the Board of ICB were appointed by its shareholders while Akingbola was CEO and they were the majority on the Board that approved the write-offs. the said loan write-off, involved over 1000 customers accounts, It is well known that decisions on loan write-offs in the process of recovering non-performing loans are taken by the management and board of banks in line with their internal credit policies.
after it has completed all its negotiations and agreements with its customers, to seek CBN ‘ No Objection’ approval to write-off the loans. In response to these objections, the judgement has to be exercised by those actually managing the bank in the best interest of shareholders and the responsibility lies with them. The losses suffered by the bank were therefore a result of very bad credit decisions taken by Mr. the bank’s Management explained that there were four loans totalling N9. viii. There was no waiver granted to Dr Saraki on the fourth loan as it was paid in full (plus accumulated interest). a total of N4. representing a waiver of 57.
Losses on Margin loans were common at this time in the entire industry. when AMCON purchased margin loans from Intervened banks on December 30, Without the premium AMCON would have purchased the loans at 15.17% of their book value. See Annexure HH. The Central Bank therefore cannot be held in any manner responsible for this decision as this was a position taken by the nation’s chief law officer. It is now my sincere hope that, His Excellency, Mr President will find the response satisfactory, Furthermore.
and commitment to, Signed: Sanusi Lamido Sanusi,
members of the PDP Caucuses of the National Assembly.