Jonathan queries CBN Governor over N1b donation to Political Party
Posted by: Our Reporter on August 6, 2013 in Exclusive Leave a comment

In a move that has surprised many, President Goodluck Jonathan has queried the governor of the Central Bank of Nigeria, CBN, Sanusi Lamido Sanusi, over various infractions detected in the apex bank’s 2012 audited account.
The query, which covered 22 issues bordering on massive fraud at the bank, was sent to the governor on May 6 and the response, though expected back on May 8, was submitted to the President on May 21.
The query of the bank’s account, which its auditors, Ernst and Young, passed without officially signing, with only a comment that it complies with the CBN Act, covers issues such as investment of a huge amount of money in an Islamic bank in Malaysia without any guarantee of its generating returns.
Others are write-off of about N3.5 billion CBN staff housing loan and the donation of about one billion naira to a political party to open up offices across the country. This donation, which was given under the special access item in the account, is believed to be geared towards furthering Sanusi’s alleged political ambition in the 2015 general elections.
The query touched other issues such as refusal of the apex bank to consolidate in its account, the trillion debt owed by the Asset Management Company, AMCON, and  the non-disclosure of the total liabilities through the bond floated by the company.
The governor was also asked to explain the discrepancies noted in the 2012 account regarding the Nigerian Security Printing and Minting Company, a subsidiary of the apex bank.
Other issues include the controversial donations made to some higher institutions in the country.  Investigations have shown that some of the donations were inflated in the bank’s books.
For example, while the Bayero University Kano, BUK, was said to have collected N4billion, the school authorities claimed it got only N1billion.
The apex bank’s account became suspicious when the governor refused to submit it to the Financial Reporting Council, FRC, the body with the mandate to ascertain the compliance of companies with accounting standards, and the International Financial Reporting Standards, IFRS.
Rather than submitting it to the body, the governor requested for seven years’ grace for the CBNto comply with FRC stipulations.
The audit report of the account, which was submitted directly to the President, was later forwarded to the economic adviser to the President for his appraisal. The official okayed the account and noted that it complied with the CBN Act.
However, unhappy with the economic adviser’s comment, Jonathan returned the report to him and drew his attention to the refusal of the auditor to sign the account.
An official of Institute of Chartered Accountant of Nigeria, ICAN, told our reporter that an audit report is worthless when it does not carry the signature of the auditor.
This is not the first time the CBN account will be open to scrutiny but the bank has always hidden under its autonomy to stave off close inspection. The apex bank is on the first line charge and receives its appropriation directly from the federation account and exercises enormous financial autonomy.
In May, the public accounts committee of the House of Representatives also had cause to query several expenditure items amounting to N4.7 billion in the CBN accounts. This included the N2.8billion which the bank said it spent on the construction of its Port Harcourt branch.
The House in turn had worked with a report from the office of the auditor general of the federation which queried extravagant expenditure by the apex bank for which documents were not made available for verification.
Chairman of the House committee on public accounts, Solomon Olamilekan at a meeting with officials of the bank alleged that there were indications that due process was not followed in expenditure as no documents were provided.
Some of the transactions that the committee queried include the sums of N23 million and N50claimed to have been spent for the same purpose of renovating the governor’s official residence as well as N848 million spent on the purchase of a property from the National Planning Commission without any transaction agreement.
However, like many probes of public institutions by the National Assembly, the matter appears not to have been pursued.
The N4 billion donation to BUK questioned in the President’s query had not even been known to the public. What had irked many Nigerians, including federal lawmakers, was the donation earlier in the year of N100 million to victims of terrorism in Kano, Sanusi’s hometown.
The House of Representatives entertained a motion on misuse of public funds on the donation which degenerated into a rowdy session. Many members accused Sanusi or misuse of public funds.
Member from Yobe State, Goni Lawan, described Sanusi’s donation of  N100 million to Kano State and another N25m gift to Madalla bomb blast victims as “an act of terrorism”, arguing that attacks in Yobe and Borno states did not attract the same monetary consolations from the CBN governor.
“When I first heard of the action of the CBN governor, I was surprised. I asked whether Yobe andBorno states were not parts of Nigeria, as these attacks took place there first,” Lawan said.
Attempts to get the apex bank to react our story were unsuccessful.  Over a week ago, when our reporter contacted the corporate affairs director of the CBN,  Ugochukwu Okoroafor, and confronted him with the various issues noted in the CBN 2012 audited account, he claimed ignorance of any presidential  query to the governor.
“I don’t know what donation you are talking about. Was it done in cash? I’m not aware of the things you are saying. If you can provide me with this document that would help, because I haven’t seen it,” he said.
Okoroafor said he was out of town on an official assignment in Abia State and would not be back until last weekend.
A mail asking him to respond to specific allegations about a write-off of about N3.5 billion CBN staff housing loan, donation of about N1 billion to a political party to open up offices across the country as well as the donation of N4 billion to the Bayero University Kano, among others, has not been replied.
Also, reminder text messages to the CBN spokesman have been ignored.
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Courtesy International Center for Investigative Reporting ICIR

Wetin Jona know 'bout finance?

risk manager!!!!!!

Mallam sanusi is warming up for 2015

N4 billion naira to BUK?This Sanusi guy get Liver no be small.

Sanusi has a case to answer. These allegations are real.

icon8: Wetin Jona know 'bout finance?

a leader is not d man who knws all bt one who can harness d brains of several individuals who knw, for d advancement of d institution he leads.

the fall of this sanusi will be bad.Just imagin? Dats if d report is true

Am loving this country.just wish fox can start one of their series with our political scenes

In order to achieve his 2015 dreams..jonathan can do foolish things

Dnt be surprised if the MUMU sacked sanusi and appoints al-mustapha..

Like i said, 'dnt be surprised'...no be jona!

SLIDE waxie: In order to achieve his 2015 dreams..jonathan can do foolish things

Dnt be surprised if the MUMU sacked sanusi and appoints al-mustapha..

Like i said, 'dnt be surprised'...no be jona!

Ɣ☺u are brainless.
Ɣ☺u r a capital M U M U(mumu)
If Ɣ☺u don't wht to say,just go to bed...sorry...mat

if these allegations are true then we are on a long thing. If he is this crooked, why then did he haunt and pull down cecelia ibru and others. Hmmmm, i sincerely wish this is not true or else...

Gooooood morning Sanusi supporters in the house!!!
I throw way salute-o!
When it quacks like a duck, swims like a duck, and walks like a duck; it is a duck.
When he doesn't talk like a banker, reason, like an economist, and behave like a financial expert, he is probably none of these, just an impostor parading the halls of our nations' financial corridors.
Anybody seen Jarus?

I had been expecting this querry for ages. Lets hope it doesnt 'die' the Nigerian way

I am waiting for him to craft another phony defense

naijaking1: Gooooood morning Sanusi supporters in the house!!!
I throw way salute-o!
When it quacks like a duck, swims like a duck, and walks like a duck; it is a duck.
When he doesn't talk like a banker, reason, like an economist, and behave like a financial expert, he is probably none of these, just an impostor parading the halls of our nations' financial corridors.
Anybody seen Jarus?

Efcc, this is your turn to shine. Sanusi must not allow to be walking on nigeria street when his tenure elapse. This man is a total failure to naija economy. Imagine donating 4billion to Buk, Gej for don donate 100 billion to Naija delta university

SLIDE waxie: In order to achieve his 2015 dreams..jonathan can do foolish things

Dnt be surprised if the MUMU sacked sanusi and appoints al-mustapha..

Like i said, 'dnt be surprised'...no be jona!

Sanusi has questions to answer my brother. He recently ordered banks to start lodging 50% of all public sector funds with the cbn. Part of the reason he gave was to ensure that politicians don't have too much cash to throw around in 2015. Only to hear that he quietly put 4 billion interest free in an islamic bank in malaysia I think the autonomy of the cbn should be reviewed

As soon as Sanusi leaves office he needs to answer questions on these cash donation and movement of huge cash

chindi: if these allegations are true then we are on a long thing. If he is this crooked, why then did he haunt and pull down cecelia ibru and others. Hmmmm, i sincerely wish this is not true or else...

Mehn . . . I'm speechless. Just hope these allegations are not true. But reading through the story comes across as thoroughly investigated.

Malam SLS! Ranka-de-de sir
U started cleaning up our financial institutions by taking over the banks of those that didn't support your CBN gorvernor ambition, sold it @ rediculous prices, write-off loans for fraudsters, so many people lost their job.
Where was Mr. President then? Why didn't he querry you then? He benefited from your act then, throught Aig of access bank who will be use to replace u.
Please continue the clean-up, donate to Boko boys if you like. Very soon we Nigerians will judge all of you, before been sent to God for his judgment. Bunch of hypocrites.

So no source for this story?

It does not take a genius to know this was a sponsored story

This is what happen when 'Mallams' and 'Ahlajis' hold sway!

Sanusi need to be probed immediately! So much fraud allegations is hanging on his neck.

just when u tink tins are getting better, then anoda big BANG!

Nigerian Abokis and their agenda, merit has never counted for them. Their interest is always, is the guy in charge a staunch Muslim?


What do you expect from a guy who did his Masters in Islamic studies, huh? All he wanted to achieve is to start running his Islamic banking system.





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Hmmmmm



.

Danhumprey: This is what happen when 'Mallams' and 'Ahlajis' hold sway!

Sanusi need to be probed immediately! So much fraud allegations is hanging on his neck.

Emperor_007: Nigerian Abokis and their agenda, merit has never counted for them. Their interest is always, is the guy in charge a staunch Muslim?


What do you expect from a guy who did his Masters in Islamic studies, huh? All he wanted to achieve is to start running his Islamic banking system.





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Sometimes I think its the northerners that should be asking for separation.

jayflex:

Sanusi has questions to answer my brother. He recently ordered banks to start lodging 50% of all public sector funds with the cbn. Part of the reason he gave was to ensure that politicians don't have too much cash to throw around in 2015. Only to hear that he quietly put 4 billion interest free in an islamic bank in malaysia I think the autonomy of the cbn should be reviewed

You didn't hear well. Maybe you heard only yourself, myopia!

Emperor_007: Nigerian Abokis and their agenda, merit has never counted for them. Their interest is always, is the guy in charge a staunch Muslim?


What do you expect from a guy who did his Masters in Islamic studies, huh? All he wanted to achieve is to start running his Islamic banking system.





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y are beating round the bush, pls go straight to d ponit by accusing islam. Pple like u just like creating unnecessary scene by causing tribal war or religion. Pls next time attack d individual affected.
@topic, SLS should give us an answer to d allegation, if not let him face the law

I think am infested with tribalism. I would never put any Hausa man in sensitive position. Taking on the average, they are better as gatemen, cobblers, laborer, Mai chai beggers etc. NIGERIA is BACKWARDS because they stayed too long in power having little or nothing to contribute.
see refuse way I dump for front of my house for LAWMA to carry some small Hausa girls came and scattered it in the name of looking for valuables.,,,.men!