The Emir of Kano, Alhaji Muhammadu Sanusi II, has declared his readiness to face investigations into his tenure as former Governor of the Central Bank of Nigeria (CBN).
The emir made the comments in response to a call by a Senior Advocate of Nigeria, Femi Falana, urging the Economic and Financial Crimes Commission, EFCC, to investigate alleged “diversion” of government funds by the CBN, under Mr. Sanusi.
The senior lawyer also called for the probe of Mr. Sanusi’s predecessor, Prof. Charles Soludo.
Mr. Falana, in a statement on Saturday, said “Sometime in 2006, former Central Bank Governor, Profesor Chukwuma Soludo removed $7 billion from the nation’s external reserves and doled it out to 14 Nigerian banks. Two years later, the Central Bank Governor, Mallam Sanusi Lamido Sanusi (the current Emir of Kano) also gave a bailout of N600 billion to the same banks. The request of some civil society organisations for the recovery of the huge loan of $7 billion and N600 billion from the commercial banks has been ignored by the management of the Central Bank”.
He further said: “In the Appropriation Act, 2011, the sum of N245 billion was earmarked for fuel subsidy. In violation of the Act, the Central Bank of Nigeria headed by Mallam Sanusi Lamido Sanusi paid the sum of N2.5 trillion to a cabal of fuel importers. Following our petition the EFCC conducted an investigation into the fraud but the exercise was compromised due to pressure from the former Jonathan administration. Even though the EFCC has charged some of the suspects to court the investigation ought to be reopened with a view to getting to the root of the monumental fraud”.
In his response, the emir said he was always available at any time to answer questions regarding his stewardship at the central bank.
On fuel subsidy, he said “The Central Bank does not pay and has never paid subsidy to marketers and the only circumstance this would happen is the Central Bank acting as banker to Government and carrying out instructions to make payments from Government accounts”.
“There is absolutely no circumstance under which the CBN would have disbursed its own money for payment of subsidy or disbursed money on behalf of Government without authorization”, Mr. Sanusi said late Saturday.
He said the CBN was at the “forefront of the effort to expose the corruption in the subsidy regime and put a stop to it”.
He also described Falana’s allegation on bank bailouts “strange”.
“The money was not given to bank shareholders and management but was provided to ensure that ordinary Nigerians and other depositors who kept their money in banks did not lose their savings as a result of the mismanagement of these banks and bad loans”, he said.
“The money remains a loan to those banks and is to be repaid from a combination of sources over the years. These include sale of collateral backing non-performing loans held by AMCON, recovery of those loans, sale of share of the banks held by AMCON and a sinking fund into which all banks are to make annual contributions.
“This will continue no matter how long it takes until the banking industry repays all amounts due to AMCON and the bondholders are repaid.
“All of this is in line with the law setting up AMCON and the purpose of setting it up in the first place.
“The resolution of the Nigerian banking crisis and the AMCON model are actually being held up as an example of how to deal with severe and systemic banking crisis. Not a single depositor in any Nigerian bank lost a single kobo due precisely to these arrangements”.
Ondo Election: Jegede Files Petition Against Akeredolu’s Victory
Jegede, a Senior Advocate of Nigeria, filed a petition at the election petition tribunal sitting in Akure on Friday.
The PDP candidate has also joined the Independent National Electoral Commission (INEC), the All Progressives Congress, and the deputy governor-elect, Lucky Aiyedatiwa, in the petition.
Jegede is challenging the election on four grounds including “That the election was marred by irregularities and pockets of violence and intimidation”.
He also faulted the emergence of Governor Akeredolu as the candidate of the APC during its governorship primary election held on the 20th of July 2020.
AlphaBeta’s Collection Of $19m Monthly Revenue In Lagos Sacrilegious, Says Bode George
A chieftain of the Peoples Democratic Party (PDP) Chief Bode George has described the collection of internally generated revenue in Lagos state by a private firm called AlphaBeta, which earns around N7.5bn ($19 million) monthly as sacrilegious.
The former National Port Authority (NPA) called on the state government to block all forms of revenue leakages.
He made this known while speaking on Arise TV on Friday morning.
“There are so many leakages in the Lagos State Government purse. Take this AlphaBeta; who owns this AlphaBeta? What is the essence of the AlphaBeta? Where else in the world would you have an Inland Revenue Service, who have their own staff who are supposed to go out and collect the fees, but you have an independent company to be supposedly collecting the internally generated revenue from our state?
“It grosses around N50bn (about $130m) a month and you know how much that company (AlphaBeta) is paid 15% of it, that’s N7.5bn in thirty days going to the company, that is a leakage, that is sacrilegious.”
Ganduje Reinstates Suspended Aide Who Attacked President Buhari
Governor Abdullahi Ganduje of Kano State has reinstated his Special Adviser on Social Media, Tanko Yakasai.
Yakasai on his Twitter account had accused Buhari of being insensitive to the plights of Nigerians during the #EndSARS protests across the nation.
The development saw Governor Ganduje suspend his aide who was commended by Nigerians for the courage.
Ganduje, however, has ordered the reinstatement of his aide two weeks after his suspension.
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