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 CBN to 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 okay 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

http://247nigerianewsupdate.com/jonathan-queries-sanusi-over-22-fraudulent-act-discovered-at-cbn/

Ok naa, let the show begin....

breeze don blow and monkey yanch don open

Fhemmmy: Interesting.... but could question the timing, but still nice to know.

If money has been stolen, let the culprits be immediately prosecuted. Why at it, when wi the missing $ 12 B dollars from NNPC be accounted for? When will BMW Odulah be charged to court and convicted for capital punishment? When will shepopotamus Mama Peace tell Nigerians what legitimate income she earned to be able to build a N1 B hotel in Yenagoa? Then, let the retardeen president account for the N 350 B worth of oil stolen every month, the ludicrous N 1 Tr spent on security in 2012 and 2013 respectively and BH is still in business?? Useless government from top to bottom!

RIP to Sanusi's political ambition.

Old and recycled news. Shameless liars

That is Jonathan's style sha, all queries and countless committees no action, simply because he is the headmaster of corruption.

If Sanusi Goes Down Alone On This One, Then He Actually Didnt Deserve His Position In The First Place If This Is Ever True & Yes Another Super Story,....Lets WATCH as usual !!!!


BASTAR.DS !!!!!!

Jonathan has no business querying anybody on corruption. He is the epitome of sleaze.

Sloan:

If money has been stolen, let the culprits be immediately prosecuted. Why at it, when wi the missing $ 12 B dollars from NNPC be accounted for? When will BMW Odulah be charged to court and convicted for capital punishment? When will shepopotamus Mama Peace tell Nigerians what legitimate income she earned to be able to build a N1 B hotel in Yenagoa? Then, let the retardeen president account for the N 350 B worth of oil stolen every month, the ludicrous N 1 Tr spent on security in 2012 and 2013 respectively and BH is still in business?? Useless government from top to bottom!

The $10.8b should be remitted at the end of NNPC's fiscal year. Oduah cannot be convicted for capital punishment (not even for a capital crime), she was accused of embezzlement/misappropriation of public funds and not murder; the committee that probed the issue concluded that due process was followed, that the cars were not bought in her name and recommended nothing but: that she apply "administrative caution" when dispensing her duties in the future (I have no idea what that means). The peculiar relationship between the presidency and the national assembly prompted GEJ to seek a second opinion.

That billion dollar hotel captured by an SR correspondent from a distance while driving through Yenegoa has been alleged, by SR, to belong to Mama peace, what we expect her to do now is to controvert that allegation. N350b in oil theft? I thought we lost $6b (about N900b) annually on oil theft by militancy, wasn't that the basis for OBJ's genocide in Odi and Yar' Adua's negotiating with "terrorist"?

The N1Trillion allocated to security in the budget was approved by the NASS, was it not? Nigerians wanted the Executive to prove their commitment to battling insurgency by properly funding the security agencies, Maybe you could get the Military, police, et al to submit their lists of expenditures.

We have a reactionary Presidency.

Something is not just adding up 1st sanusi accused the government of fraud to the tune of over $49 billion and in less than two weeks he hurriedly recanted his statement after been pressured by powers from above now in less than a month the president is querying him. Let us see as the story unfolds. Just thinking *witch hunting tins*

Raggedy_Ann:



The $10.8b should be remitted at the end of NNPC's fiscal year. Oduah cannot be convicted for capital punishment (not even for a capital crime), she was accused of embezzlement/misappropriation of public funds and not murder; the committee that probed the issue concluded that due process was followed, that the cars were not bought in her name and recommended nothing but: that she apply "administrative caution" when dispensing her duties in the future (I have no idea what that means). The peculiar relationship between the presidency and the national assembly prompted GEJ to seek a second opinion.

That billion dollar hotel captured by an SR correspondent from a distance while driving through Yenegoa has been alleged, by SR, to belong to Mama peace, what we expect her to do now is to controvert that allegation. N350b in oil theft? I thought we lost $6b (about N900b) annually on oil theft by militancy, wasn't that the basis for OBJ's genocide in Odi and Yar' Adua's negotiating with "terrorist"?

The N1Trillion allocated to security in the budget was approved by the NASS, was it not? Nigerians wanted the Executive to prove their commitment to battling insurgency by properly funding the security agencies, Maybe you could get the Military, police, et al to submit their lists of expenditures.

Administrative caution for an inflated contract? Ok Nigerians, let's continue to encourage corruption!

Obynowhite: Something is not just adding up 1st sanusi accused the government of fraud to the tune of over $49 billion and in less than two weeks he hurriedly recanted his statement after been pressured by powers from above now in less than a month the president is querying him. Let us see as the story unfolds. Just thinking *witch hunting tins*

Thought I read somewhere in that post that the query was issued and replied to in May. Or are u so much in a hurry to comment that u don't finish reading the post?

If nothing comes out of this then Gej should kiss my vote and that of my followers goodby come 2015.

Numerous dirty secrets will certainly be uncovered when the Mallam finish his tenure. Soludo's will be like a drop in an ocean compare to Sanusi's. I have never for once trust his holier-than-thou-attitude though.

The hunter has become the hunted......

The post said sanusi gave a party N1BN to open nation wide offices.. Hope it is nt d party am tinkin it is?

This GEJ's government is just a huge joke!

victor jam: The post said sanusi gave a party N1BN to open nation wide offices.. Hope it is nt d party am tinkin it is?

It is very likely the party you're thinking it is.

That party wants power by all means, even the dogs and the baboons must be BLOODIED.

Jonathan cannot do anything to him. As in Nadal.

If the ones that were caught in the act by the world, are being shielded by the most corrupt govt ever in this country, where does he now have the power to prosecute rumours apart from setting up committee again.

The crowned prince of Kano, go and sleep with fresh air blowing on your head jarey.

Jonathan is a toothless bulldog. Everybody is stealing under his nose. If SLS did same, he is just flowing with the new fresh air of corruption, so he cannot do anything to him.

The witch-hunt activated. Cluelessness by retar.deen.

Morale of the story: if you live in glass house don't throw stones..

LeSaint:

Thought I read somewhere in that post that the query was issued and replied to in May. Or are u so much in a hurry to comment that u don't finish reading the post?

U re right. This post must be for 2012 CBN fiscal year audited on May 2013. According to the post, this audited report/observation was not sign, meaning it didnt emanate from the auditor who audited the account. As commented in d post by an ICAN member, the report is worthless without the signature of the auditor.
The report content itself gave evidences of it worthless, but I'll not say such discrepancy were not noted in d auditing process due to inadequate info/source doc of which d auditing team will request for clarifications and if given satisfactory explanations will give the financial statement a clean audited report with the AUDITOR SIGNATURE to be published in govt gazette. CBN was given a "clean" signed audited report for 2012 financial year. May we shld also advocate for proper auditing of d Presidency.

Ok!

Fresh Hair

victor jam: The post said sanusi gave a party N1BN to open nation wide offices.. Hope it is nt d party am tinkin it is?

You're right, the donation went to the HYPOCRITES.

This is a very Old News @ op. See below, how Sanusi dismissed the retardeen then in August.

Jonathan queries Sanusi over CBN 2012 account
August 7, 2013 by Ifeanyi Onuba and Olalekan Adetayo, Abuja





President Goodluck Jonathan has queried the Governor of the Central Bank of Nigeria, Mallam Lamido Sanusi, over some items in the apex’s bank’s 2012 audit report.

A confirmation of the query was made by the Special Adviser to the President on Media and Publicity, Dr. Reuben Abati, when he was contacted by one of our correspondents for a reaction to a publication (not by The PUNCH) on Tuesday over the report.

Although Abati was not specific in his response, he said he was aware that “some issues” came up and the CBN governor was asked to offer further explanations on them.

Abati, who added that the CBN governor had since made clarifications, did not say whether the President was satisfied with them or not.

“What I know is that some issues came up and he (the CBN governor) was asked to explain and he has since done so,” he said on the telephone.

An online news medium, PointblankNews.com, had in the said publication claimed that Sanusi was queried by Jonathan over some alleged infractions discovered in the bank’s 2012 audited account.

According to the publication, the query covered 22 issues bordering on infractions in the bank.

It also alleged that the CBN governor made some financial donations under the special access item in the CBN account.

The report by the news portal said that the query was sent to the CBN governor on May 6, while a response was expected back on May 8.

The CBN governor was, however, reported by the portal to have submitted his reply to the President on May 21.

Other issues raised in the query, according to the online publication, include the write-off of about N3.5bn CBN staff housing loan.

It also touched other issues such as refusal of the apex bank to consolidate its accounts, the trillion naira debt owed by the Asset Management Company, and the non-disclosure of the total liabilities through the bond floated by the company.

Sanusi was also asked to explain the discrepancies noted in the 2012 account regarding the Nigerian Security Printing and Minting Company, a subsidiary of the CBN.

The CBN reacted swiftly, saying the publication was the handiwork of mischief makers as it did not reflect the reality on the ground.

In a telephone interview with one of our correspondents in Abuja, the Director, Corporate Communications Department of the CBN, Mr Ugochukwu Okoroafor, said that contrary to the report, the bank’s account was not queried by the President.

He added that the CBN was the only institution among the Ministries, Departments and Agencies of government that was recently given an award by the National Assembly Committee on Finance for presenting its account in a transparent manner.

For instance, he said the committee specifically singled out the bank for contributing over 75 per cent of MDA’s remittances to government coffers.

He said, “I have read that report and those things written there are not true. I am not aware that the President queried the CBN governor over that report. I am not aware of that.

“The 2012 report has been out for some time now and I can say that the CBN is the only institution that in its accounts has always come out without any problem.

“In fact, even the finance committee commended us. We are the only institution that has shown consistency in terms of bringing out our reports on time and in terms of remittances.

“We have never failed in the history of the CBN. The finance committee gave us an award and this was celebrated.

“They gave us with the Nigerian Television Authority and they said we made over 75 per cent of the contributions by MDAs to their surplus and this happened just a few months ago.

“So the people are just being mischievious and we won’t succumb to any blackmail.”

Sanusi had last week while responding to questions on the controversy surrounding the approval of the CBN’s financial statement by the Financial Reporting Council, said the board of the bank, and not the FRC, approved the report .

He had said, “On our accounts, the FRC does not approve our accounts. The board of the Central Bank had approved our accounts.

“The FRC is there to set accounting standards and to make sure they are improved on to meet international best practices.

“We published accounts and the FRC has comments on those accounts; they will take those comments and we will take on board whatever because they are the regulator as far as preparing financial statements is concerned and just like banks respect our own regulatory arena, we respect the FRC in its own regulatory arena.

“So there is no question at all about the non-approval, and I am not even aware of any issues that have been raised and I will like to put an end to all of that speculation.

“There is nothing like the FRC not approving our account. There is nothing like a query on our account.”