₦airaland Forum

porka:
TheCable should be aware that there will be another government after Buhari's.

Blastfinito:
When Sanusi said he was independent, you guys said the president can remove him, and he was eventually removed.

Now you are saying a CBN governor is independent. It is when the law favours you that you dish out correct interpretation.

teebaxy:
this is another strategy to put aboki as the cbn governor ba

aieromon:
I guess he will be removed once all the evidence of these transactions have been extracted. One thing to note is that he failed to play ball with the ONSA until he was authorised to do so by the Presidency.

Another thing to note is that the Coordinating Minister of the Economy cannot claim ignorance of all these transactions.

The Central Bank of Nigeria (CBN) practically emptied its vaults apparently to finance the presidential campaign of the Peoples Democratic Party (PDP), sources conversant with investigations into security spending in the last administration have informed TheCable. TheCable had earlier reported the extra-budgetary disbursement of N40 billion to the office of the national security adviser and N20 billion to the Department of State Services (DSS) by the CBN, but fresh revelations indicate that the monies were released in dollar cash — contrary to all money laundering regulations. They were taken directly from the dollar reserve vaults of the central bank, TheCable understands.

Security sources disclosed that in August 2014, Godwin Emefiele, the CBN governor, called a board meeting and asked for an approval of N60 billion to support the security services under a “special security intervention fund” he intended to create. Emefiele, who is also chairman of the board, told the members that the money was needed to equip the military to fight the insurgency in the north-east following a series of onslaughts by Boko Haram. Some board members reportedly cautioned him against such an audacious move, advising instead that the expenditure should be tied to procurement, but he was said to have rejected the advice. This was shortly after he had secured approval from President Goodluck Jonathan to disburse the funds. Sambo Dasuki, retired colonel and then NSA, had twice requested for N60 billion in documents seen by TheCable — and was only successful at third attempt following Jonathan’s intervention. In the new documents seen by TheCable, the former NSA regularly wrote to Emefiele asking him to disburse the approved money in hard currency equivalent, usually in tranches of N10 billion.

Investigators have now traced some of the monies collected by the office of the NSA to the PDP presidential campaign, with Raymond Dokpesi, chairman of AIT, revealing that he collected N2.1 billion from the office to undertake media publicity for Jonathan. Dasuki has said not all the monies he received were for security, maintaining that some were for NGOs.

However, questions have been raised on how CBN created the security fund overnight to meet NSA’s requests. “What the CBN did was to create an intervention fund, which it is empowered to do by the CBN Act. That is why we have aviation intervention fund, agriculture intervention fund, all sorts, which are now being abused to take money out of the system,” one of the sources said. A former minister told TheCable that it is illegal for the CBN to pay raw dollars to any government agency.

He said: “If the money was given to the NSA in naira, this would be a case of the CBN printing money for the government and adding to pressure on prices and exchange rates. I was told a lot of this happened in many instances and did a lot of damage to the economy. “If, on the other hand, as it is being alleged in this case, the NSA was given this money in cash forex, then a strong case can be made for criminal activity by the CBN itself. In giving so much cash, the CBN is itself involved in money laundering. And by taking it from the central bank vaults, the management of the central bank has effectively taken foreign exchange from CBN reserves and given same to the NSA with no questions asked.”

The way it was done, according to CBN insiders, “was that the money was taken directly from CBN vaults without any account being credited. It effectively did not go through the due process. The accountant-general did not sign off as it is the practice. “Money was just moved directly like it happened under Gen. Sani Abacha when large amounts were taken out of the CBN under the guise of financing ECOMOG, the West African peace-keeping force. We know where the bulk ended up.”

armadeo:
many igbo peeps have come out to denounce this IPOB issue. However there appears to be a large number of boys who dont even have shops to man roaming about the east.


all the same referendum is the way not violence. the Igbos should find out from every iGbo person if they want to remain or they want to go. thats the first step.

koastar:
The financiers of boko haram will soon be exposed

Grundig:
While I'm so happy with this judgement it als shows how unhealthy Nigerian banks are.

I'm excited the supreme court pronunced this judgement. The bank has no reasn but to cough out the money.

The likes of First bank, Union bank and UBA will never be found wanting.

Jessam:
This is not a racist comment but we have to learn to put Nigerians first, how can any state government local, state or federal not be able find local partners so what really is not a hitech venture. Who is providing the land, how much are these investors putting in? As a nation we have to aim higher, I am all for attracting foreign investors but lets make sure they are attracted on merit and can make substantial investments, give them incentive packages like tax incentives, security guarantees, but don;t form partnerships that don't benefit the nation.
What foreign investor, i don't care if its state or federal. As a country we should be able to do certain businesses without so called foreign investors. The Government should partner with indigenous firms. You meant there was not calabar person or fellow Nigerian that the state government could have partnered with. I bet you the government is the major funder of this project.

demarc001:
Hope he is not using you to rehearse his skill in toasting other ladies

mikolo80:
we need to stop importing and start producing those imported goods

Joejonah:
Which of the heavens, because if she is present in that of Christians she can't escape the hell of Muslims, hindustan, Buddhist and she still have about 3000 hell fires to attend.