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Stats: 2,234,558 members, 4,890,857 topics. Date: Friday, 26 April 2019 at 01:20 PM

Whistleblower Gives Leadersng Damning 'Evidence' Of Corruption In CBN - Business - Nairaland

Nairaland Forum / Nairaland / General / Business / Whistleblower Gives Leadersng Damning 'Evidence' Of Corruption In CBN (22714 Views)

Political Interference In CBN Operations Led To Recession – Moghalu / CBN Lifts Forex Ban On Toothpicks And 47 Other Items / Rolls-royce Loses $5.7bn To Corruption In Nigeria And Other Countries (2) (3) (4)

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Whistleblower Gives Leadersng Damning 'Evidence' Of Corruption In CBN by tafrica(m): 5:53pm On Jan 26, 2017
Guys, read this, then you will know #OccupyCBN is a noble call

The Central Bank of Nigeria (CBN) has been implementing a questionable, and possibly corrupt, policy in its allocation and sale of foreign currency to Nigerians, LeadersNG can exclusively reveal. Documents made available to us reveal the arbitrary fixing of different exchange rates for transactions.

One of the documents made available to LeadersNG, the “BANK UTILIZATION REPORT ON 60:40 RULE FOR OCTOBER 2016”, shows stark contrasts in the exchange rates applied in the allocation of forex to different companies and individuals. The document shows no applicable pattern or matrix used in calculating exchange rates or selecting the companies or individuals who got low or high rates.

Details of this report show that during the month of October 2016 some companies were allocated forex at exchange rates as low as N0.61 to $1 in one particular transaction while others received forex at exchange rates as high as N470 to $1. The report also reveals the allocation of forex to individuals and companies for reasons varying from importation of a variety of products to family maintenance allowances, mortgage payments, medical travel and school fees/other bills associated with educational expenditure.

Our source is adamant that many powerful forces within the CBN and Nigerian political circles are taking advantage of CBN’s policies to make huge profits by taking advantage of CBN’s policies to make huge profits by purchasing forex from CBN at low prices then selling at black market rates in the black market.CBN’s policies have currently led to a disparity between the official exchange rate and the parallel market rates of almost N200 per $1 .

In October 2016, CGC Nigeria Limited whose address is listed as Kubwa Road, Abuja received an allocation of $81,392.59 at an exchange rate of N47.50/$1 to import floor drains. In a stark contrast, in one of its several transactions, Lafarge Africa Plc of paid an exchange rate of N428/$1 to get $987,214.18.

On its part, two particular transactions of the Nigerian Breweries Plc stood out. In these two transactions conducted through Rand Bank of South Africa, NB Plc was able to purchase $3193 and $1272 for the purchase of “Raw Materials Hi Cone” at N1.20/$1.

The document also revealed that MACADAMS Baking Systems Limited purchased $57,365.02 for the purchase of baking ingredients at N23/$1. Our investigation into the management structure of the Company revealed that the Chairman of the Board of Directors of MACADAMS Baking Systems Limited is Chief Adegboyega Awomolo (SAN). Chief Awomolo is also currently counsel to Independent National Electoral Commission, INEC.


The disparity in exchange rate also applied to individuals. For instance, Adebolanle Badejo purchased $4,372.05 at N23.34/$1 to service credit card payments. Farida Hassan Gimba received purchased $14,621 at an exchange rate of $48/$1 for educational expenses starkly contrasting with the rate of N370/$1 Fatai Odesile paid for the same purpose.
Abas Alhassan was able to purchase $805.73 at N85.24/$1 to make mortgage payments. In stark contrast, Akintunde Rowland Babatunde purchased $1,972.60 at an exchange rate of N404.84 for the same purposes. In another example, while Jigba Zahradeen Saleh and Nnogo Jane were able to purhcase $ 4,278.65 at N87.52 and $365.68 at N23.04/$1 respectively to pay for educational expenses, Isioma Asiodu Otughwor had to purchase $4,794.41 at N405.22 for the same purpose.

In similar transactions Kennedy Onyeali, Managing Director of All Seasons Mediacom purchased $9,752 at N30/$1 for the importation of an item simply referred to as HF101, while Alhaji Babagana Mohammed Sheriff, who we believe is a nephew to factional chairman of the Peoples’ Democratic Party (PDP) – Senator Ali Modu Sheriff and an in-law of President Muhammadu Buhari, was permitted to purchase $ $35,338.69 at the rate of N101.5/$1 for the importation of an item listed as “invisible”.

Foreigners were also able to benefit from the purchase of forex at low exchange rates. A person simply named as Paula was able to purchase $834.15 at N23.35/$1, while Paula Coetzee was able to purchase $1,563.06 at N23.11/$1. Both transactions were conducted through Stanbic IBTC Bank Plc and were for family maintenance allowances for expatriates.

Similarly William Le Roux and Debra Ann Le Roux were permitted to purchase $13,093.29 and $9,378.37 at N22.63 and N23.11 respectively. Both transactions were conducted through Stanbic IBTC Bank Plc and were for family maintenance allowances for expatriates.

In stark contrast to all this, World Wide Commercial Venture Limited was permitted to purchase $1, 462,480.83 at the rate of N425/$1 to purchase life saving drugs and pharmaceutical products. Its 24 transactions in October 2016 were conducted through Zenith Bank.

The lack of a pattern or formula used to calculate the exchange rate used for allocations lends credence to allegations of racketeering and dubious allocations of Forex to close family and friends on the part of CBN officials.

CBN has recently come under flak from many quarters for its foreign exchange policies. Last August, former CBN governor and the Emir of Kano, HRM Sanusi Lamido Sanusi, condemned sharp practices in the allocation and forex which he said was capable of distorting the market and damaging the economy. He was particularly critical of CBN’s policies which he said were creating emergency billionaires.

On January 13th, 2016 a civil society group carried out a peaceful procession to the CBN headquarters in Abuja to protest the negative effects of its foreign exchange policies, the rising price of essential goods and services owing to exchange rates and alleged corruption in the implementation of the apex bank’s policies.

One of the organisers of the protest, Mr. Deji Adeyanju, alleged currency speculation amongst the top echelon of the apex bank. Mr. Adeyanju alleged that many senior officials use various fronts to apply for and obtain forex which they then sell on the black market at higher rates.

A few days ago, while speaking to journalists at the 2017 World Economic Forum in Davos, Switzerland Vice President Yemi Osinbajo alluded to the negative consequences of the disparity between the official exchange rate and the parallel market rate.

Below are links to download the original 60:40 report leaked to LEADERSNG and a summary of the most fraudulent forex transactions that took place in the month of october 2016.

http://leaders.ng/wp-content/uploads/2017/01/REPORT-ON-60-40-RULE-UTILISATION-FOR-THE-MONTH-OF-OCTOBER-2016-FOR-PUBLICATION.pdf

http://leaders.ng/exclusive-whistleblower-gives-leadersng-damning-evidence-corruption-central-bank-nigeria/

5 Likes 7 Shares

Re: Whistleblower Gives Leadersng Damning 'Evidence' Of Corruption In CBN by babyfaceafrica: 5:54pm On Jan 26, 2017
Ok
Re: Whistleblower Gives Leadersng Damning 'Evidence' Of Corruption In CBN by tafrica(m): 6:00pm On Jan 26, 2017
This administration is the not democracy but kleptocracy; government of the thieves, for the thieves and by the thieves. This is the reason why the C-in-C defends his allies because this is strictly government for the thieves. They don't care about us, but themselves.
They will rather continue making dollars scarce and sharing among themselves and not mind about the inherent inflation that affects common man with that action so far they make their own money.

Buhari is an epitome of failure, corruption, ineptitude and any name you think of.

93 Likes 7 Shares

Re: Whistleblower Gives Leadersng Damning 'Evidence' Of Corruption In CBN by pchukwudi: 6:08pm On Jan 26, 2017
shocked shocked shocked shocked shocked shocked

PMB simply never had the mental capacity to understand the problems of Nigeria. So how do you expect someone to solve a problem that he could not artticulate?

PMB had simply never been in-charge of this government, that's the basic reason for all the endless streams of confusion.

In fact NONE of the so called senior government officials gets the full picture of what the government is doing. Everyone is just exploiting the weak head from their own flanks. Zero coherence. Zero integration. Zero team work. That's why it has crashed into a government of zero positive effect on the masses.

But somehow, I also see the providencial move of the supernatural in all these.

48 Likes 4 Shares

Re: Whistleblower Gives Leadersng Damning 'Evidence' Of Corruption In CBN by three: 6:11pm On Jan 26, 2017
three:
Meanwhile step back and think - Who does this system (five different exchange rates) profit most? Is it you or me?

Who in the world is going to do legitimate business with a country with 5 different exchange rates?

and the commander in chief does not know about this?

Meanwhile the emir had 'whistleblown' this since but it still continued..

https://www.bellanaija.com/2016/08/as-an-emir-i-can-seat-in-my-garden-and-make-phone-calls-to-access-10m-at-n197-it-is-a-wrong-system-emir-sanusi/
http://www.dailytrust.com.ng/news/general/fg-creating-billionaires-through-forex-sanusi/160194.html
https://www.ft.com/content/c0c0876c-cd8a-11e5-831d-09f7778e7377

7 Likes

Re: Whistleblower Gives Leadersng Damning 'Evidence' Of Corruption In CBN by tafrica(m): 6:23pm On Jan 26, 2017
Lalasticlala, another revelation that will drive traffic like MMM don show

2 Likes

Re: Whistleblower Gives Leadersng Damning 'Evidence' Of Corruption In CBN by Izonpikin: 6:31pm On Jan 26, 2017
Lol..

Useless admin... cheesy
Re: Whistleblower Gives Leadersng Damning 'Evidence' Of Corruption In CBN by Izonpikin: 6:31pm On Jan 26, 2017
Vedaxcool...come here..

Have you blamed gej today??

grin grin grin

21 Likes

Re: Whistleblower Gives Leadersng Damning 'Evidence' Of Corruption In CBN by vedaxcool(m): 6:32pm On Jan 26, 2017
The fact that a criminal enabler like emefiele is charged with cbn continues to remain an indictment on PMB administration .... he has been warned on this sharp practices going on yet he leaves the most incompetent CBN governor in our nascent democracy to act without any hindrance.

8 Likes 1 Share

Re: Whistleblower Gives Leadersng Damning 'Evidence' Of Corruption In CBN by Izonpikin: 6:33pm On Jan 26, 2017
vedaxcool:
The fact that a criminal enabler like emefiele is charged with cbn continues to remain an indictment on PMB administration .... he has been warned on this sharp practices going on yet he lives the most incompetent CBN governor in our nascent democracy to act without any hindrance.
so you don rush blame emefiele??.. grin grin


Chei...

21 Likes

Re: Whistleblower Gives Leadersng Damning 'Evidence' Of Corruption In CBN by comos: 6:33pm On Jan 26, 2017
oh my GOD,

This government of APC has completely destroy this country

4 Likes

Re: Whistleblower Gives Leadersng Damning 'Evidence' Of Corruption In CBN by vedaxcool(m): 6:35pm On Jan 26, 2017
Izonpikin:
Vedaxcool...come here..

Have you blamed gej today??

grin grin grin


Smiling in a state of hunger cannot be considered smiling but merely spasms of the face.... who appointed Emefiele answer Jonathan King of thieves lord of corruption and commander in thief of the armed robbers.

13 Likes 5 Shares

Re: Whistleblower Gives Leadersng Damning 'Evidence' Of Corruption In CBN by ridwanayo(m): 6:44pm On Jan 26, 2017
buhari the literate was never ready for government,he only came to enrich himself like other past military leaders obj Nd ibb.awon ole buruku

8 Likes

Re: Whistleblower Gives Leadersng Damning 'Evidence' Of Corruption In CBN by koladebrainiac(m): 6:44pm On Jan 26, 2017
Jesuuuuuuu
Nibo ni oju eh waaaaaa.!!!!!

Why that low??


Enefieleeeeeeeeeee!!! Una wan destroy this cont3

5 Likes

Re: Whistleblower Gives Leadersng Damning 'Evidence' Of Corruption In CBN by smogup: 6:48pm On Jan 26, 2017
Buhari is the greatest scam this world has ever witnessed.
So you mean all these happening under his so called anti corruption campaign.

16 Likes 2 Shares

Re: Whistleblower Gives Leadersng Damning 'Evidence' Of Corruption In CBN by Izonpikin: 7:04pm On Jan 26, 2017
vedaxcool:


Smiling in a state of hunger cannot be considered smiling spasms of tge face.... who appointed Emefiele answer Jonathan King of thieves lord of corruption and commander in thief of the armed robbers.
I knew he was gonna blame gej...zombie first born.... grin grin

You have blamed gej today I await same tomorrow and forever more... grin

30 Likes 3 Shares

Re: Whistleblower Gives Leadersng Damning 'Evidence' Of Corruption In CBN by tafrica(m): 8:44pm On Jan 26, 2017
Lalasticlala, don't wait till mid-night before pushing this to FP.
Thanks for helping fight corruption

2 Likes

Re: Whistleblower Gives Leadersng Damning 'Evidence' Of Corruption In CBN by Adaodogwu(f): 9:57pm On Jan 26, 2017
odi egwu

2 Likes

Re: Whistleblower Gives Leadersng Damning 'Evidence' Of Corruption In CBN by forgiveness: 7:49am On Jan 27, 2017
Corruption of the highest level yet Bubu is a saint. Abass mbo.

I think Emefiele should be relieved from that post before things pafuka. He is a PDP stooge planted by Dr 'stealing is not corruption'. What do you expect.

3 Likes

Re: Whistleblower Gives Leadersng Damning 'Evidence' Of Corruption In CBN by danmasani101: 7:54pm On Jan 27, 2017
tafrica:
Lalasticlala, don't wait till mid-night before pushing this to FP.
Thanks for helping fight corruption

Details of this report show that during
the month of October 2016 some
companies were allocated forex at
exchange rates as low as N0.61 to $1 in
one particular transaction while others
received forex at exchange rates as high
as N470 to $1.

Thought i was the only one that has noticed MODs intentionally don't take such news to FP or waiting till late night.

Gen. Cassandra, his family & cronies are making billions from round tripping on daily basis.

9 Likes 2 Shares

Re: Whistleblower Gives Leadersng Damning 'Evidence' Of Corruption In CBN by tafrica(m): 8:03pm On Jan 27, 2017
danmasani101:


Thought i was the only one that has noticed MODs intentionally don't take such news to FP or waiting till late night.

Gen. Cassandra, his family & cronies are making billions from round tripping on daily basis.

Don't mind Seun and Lalasticlala

Several MMM threads have graced FP today but this one will not be moved to FP.

1 Like 1 Share

Re: Whistleblower Gives Leadersng Damning 'Evidence' Of Corruption In CBN by danmasani101: 8:49pm On Jan 27, 2017
tafrica:


Don't mind Seun and Lalasticlala

Several MMM threads have graced FP today but this one will not be moved to FP.

Its intentional..........Probably, effect of liar Mohd's budget

4 Likes 1 Share

Re: Whistleblower Gives Leadersng Damning 'Evidence' Of Corruption In CBN by Nobody: 8:57pm On Jan 27, 2017
Nigeria is the headquarters of corruption,even the devil is in shock about the magnitude.

1 Like

Re: Whistleblower Gives Leadersng Damning 'Evidence' Of Corruption In CBN by DAVEZONIGLTD: 9:21pm On Jan 27, 2017
All shall be well.
Re: Whistleblower Gives Leadersng Damning 'Evidence' Of Corruption In CBN by mex004(m): 11:40am On Jan 28, 2017
Zombie MOD refused to move thread to FP but can delete post on the thread.
Re: Whistleblower Gives Leadersng Damning 'Evidence' Of Corruption In CBN by tafrica(m): 11:59am On Jan 28, 2017
mex004:
Zombie MOD refused to move thread to FP but can delete post on the thread.

Don't mind them.

Nairaland is no more objective, getting paid to push narratives to FP. I'm suspecting it's even getting paid over anti-MMM posts

5 Likes 1 Share

Re: Whistleblower Gives Leadersng Damning 'Evidence' Of Corruption In CBN by Nobody: 12:34pm On Jan 28, 2017
And some demented sub-humans are praying 4 quick recovery 4 d dullard...i pray his health fluctuates like CBN foreign exchange rate undecided

8 Likes

Re: Whistleblower Gives Leadersng Damning 'Evidence' Of Corruption In CBN by danmasani101: 12:38pm On Jan 28, 2017
DAVEZONIGLTD:
All shall be well.

All shall be well.....how

Details of this report show that during the month of October 2016 some companies were allocated forex at exchange rates as low as N0.61 to $1 in one particular transaction while others received forex at exchange rates as high as N470 to $1.

1 Like

Re: Whistleblower Gives Leadersng Damning 'Evidence' Of Corruption In CBN by Redoil: 2:16pm On Jan 28, 2017
vedaxcool:


Smiling in a state of hunger cannot be considered smiling spasms of tge face.... who appointed Emefiele answer Jonathan King of thieves lord of corruption and commander in thief of the armed robbers.
dropshot sarrki modath et al what sayest thou

1 Like

Re: Whistleblower Gives Leadersng Damning 'Evidence' Of Corruption In CBN by edoyad(m): 2:53pm On Jan 28, 2017
What is going on in this country ?
Re: Whistleblower Gives Leadersng Damning 'Evidence' Of Corruption In CBN by danmasani101: 12:40pm On Jan 30, 2017
Redoil:
dropshot sarrki modath et al what sayest thou

Those you mentioned are certified zombies, you will never see them on such threads that exposes Gen. Cassandra

7 Likes

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