Nigeria: How CBN converted $7 billion bank bailout to“dash”
Abuja, November 29, 2018 (AltAfrica)-The presidency Wednesday made a shocking revelation about the state of mismanagement of Nigerian resources by previous government converting public resources to cash gifts to either individuals or corporate organisations
The revelation by a Senior Presidential Assistant to president Buhari and Chairman of the Special Panel on Recovery of Public Properties, Okoi Obono-Obla, involved how N7 billions granted to banks as bail out fund in year 2006 was never paid back to the covers of the government
Omono-oba told journalists at a crowded press briefing that his panel is investigating the bailout funds granted to commercial banks in the country in 2006, expressing shock that the funds, apart from the fact that they were yet to be refunded was misconceived to be a “dash” to the banks.
.If you recall that in 2006 the Central Bank of Nigeria (CBN) gave out bailout funds to commercial banks to the tune of $7billion. “When we got to the CBN to update us whether these funds have been paid back, the bank said that in 2006 its Board of Directors met and pass a resolution dashing $7 billion to these commercial banks.
“You can imagine dashing public money; we are going to recover that money because the commercial banks do not belong to the Nigerian people but to private individuals”, the presidential assistant stated.‘’