₦airaland Forum

sarrki:
Against the FAKE Sahara Reporters news allegedly exposing a wire tapped conversation between the Governor of Central Bank and one of the Deputy Governors,.....

www.cbn.gov.ng
CENTRAL BANK OF NIGERIA
Press Release!!

No monies Missing, Stolen in CBN

The Management of the Central Bank of Nigeria (CBN) has been notified of a purported audio recording of selective conversations amongst the Governor, Deputy Governor and some Senior Officials. Contrary to the headline-grabbing narrative that the discussion was about a fraudulent transaction, this conversation - the beginnings of which was omitted to create a different impression - was simply to proffer solutions to a misunderstanding that affected the Bank’s balance sheet.

As publicly known the CBN was approached in 2015 by the National Economic Management Team and the National Economic Council (NEC), chaired by the Vice President, to assist State Governments with Conditional Budget Support, in the aftermath of the significant nose-dive in global oil prices and associated FAAC allocations.

In order to ensure that ordinary Nigerians workers got their salaries, pensions and gratuities, and that the economy continued to recover from recession, the Bank provided about N650 billion in loans at 9% with a two-year grace period to 35 States of the Federation.

These monies were distributed to the States monthly with documented approval of the Federal Ministry of Finance and the Presidency.
In closing the Bank’s 2018 accounts, external auditors in their Draft Account, erroneously classified about N150 billion of these loans as bad, which negatively affected the Bank’s Balance Sheet and shareholders fund.

The selective conversation being circulated was simply a discussion to ascertain why the auditors took that position and next steps to resolving it. Obviously, it soon became clear that a State Government loan cannot be classified as “bad” or “irrecoverable” when the State still exists and getting FAAC allocations.

The Bank then reached out to the Federal Ministry of Finance and they jointly gave comfort to the auditors who accepted in writing that these monies would be repaid. On this basis, the auditors reversed the negative entry and the certified that the CBN’s 2018 accounts were a true reflection of the State of Affairs.

Reconciliation of Balance Sheet items are regular conversations amongst Senior Management of many agencies and should not be misconstrued as anything but that. Had the online media which released the selective recordings sought the comments of CBN as required of journalism practice, we would have provided it.

Clearly those who listened to the audio and can easily ascertain that the conversation had nothing to do with anything fraudulent as purported. The Bank therefore urges all well-meaning Nigerians to disregard this audio and continue to trust that the Bank is doing everything it can to represent their interests in the best possible way.

Under the leadership of Governor Emefiele, the CBN has always stood for, and vigorously pursued transparency in its stewardship of public resources and policies. NO MONIES ARE MISSING OR STOLEN. The integrity of the CBN Governor remains unassailable.

He has no account in Dubai or anywhere in the world and would never convert the funds of CBN for personal use. Not in the past, not now and not ever. The use of selective wiretapped conversations of the Bank’s Management, to malign his character and integrity will never stand.

The Bank will pursue every legal means to bring the perpetrators to justice.
May 12, 2019
Isaac Okorafor
Director, Corporate Communications



Cc lalasticlala

Cc mynd44

Bunch of criminals, they still have mouth to talk

sarrki:
Against the FAKE Sahara Reporters news allegedly exposing a wire tapped conversation between the Governor of Central Bank and one of the Deputy Governors,.....

www.cbn.gov.ng
CENTRAL BANK OF NIGERIA
Press Release!!

No monies Missing, Stolen in CBN

The Management of the Central Bank of Nigeria (CBN) has been notified of a purported audio recording of selective conversations amongst the Governor, Deputy Governor and some Senior Officials. Contrary to the headline-grabbing narrative that the discussion was about a fraudulent transaction, this conversation - the beginnings of which was omitted to create a different impression - was simply to proffer solutions to a misunderstanding that affected the Bank’s balance sheet.

As publicly known the CBN was approached in 2015 by the National Economic Management Team and the National Economic Council (NEC), chaired by the Vice President, to assist State Governments with Conditional Budget Support, in the aftermath of the significant nose-dive in global oil prices and associated FAAC allocations.

In order to ensure that ordinary Nigerians workers got their salaries, pensions and gratuities, and that the economy continued to recover from recession, the Bank provided about N650 billion in loans at 9% with a two-year grace period to 35 States of the Federation.

These monies were distributed to the States monthly with documented approval of the Federal Ministry of Finance and the Presidency.
In closing the Bank’s 2018 accounts, external auditors in their Draft Account, erroneously classified about N150 billion of these loans as bad, which negatively affected the Bank’s Balance Sheet and shareholders fund.

The selective conversation being circulated was simply a discussion to ascertain why the auditors took that position and next steps to resolving it. Obviously, it soon became clear that a State Government loan cannot be classified as “bad” or “irrecoverable” when the State still exists and getting FAAC allocations.

The Bank then reached out to the Federal Ministry of Finance and they jointly gave comfort to the auditors who accepted in writing that these monies would be repaid. On this basis, the auditors reversed the negative entry and the certified that the CBN’s 2018 accounts were a true reflection of the State of Affairs.

Reconciliation of Balance Sheet items are regular conversations amongst Senior Management of many agencies and should not be misconstrued as anything but that. Had the online media which released the selective recordings sought the comments of CBN as required of journalism practice, we would have provided it.

Clearly those who listened to the audio and can easily ascertain that the conversation had nothing to do with anything fraudulent as purported. The Bank therefore urges all well-meaning Nigerians to disregard this audio and continue to trust that the Bank is doing everything it can to represent their interests in the best possible way.

Under the leadership of Governor Emefiele, the CBN has always stood for, and vigorously pursued transparency in its stewardship of public resources and policies. NO MONIES ARE MISSING OR STOLEN. The integrity of the CBN Governor remains unassailable.

He has no account in Dubai or anywhere in the world and would never convert the funds of CBN for personal use. Not in the past, not now and not ever. The use of selective wiretapped conversations of the Bank’s Management, to malign his character and integrity will never stand.

The Bank will pursue every legal means to bring the perpetrators to justice.
May 12, 2019
Isaac Okorafor
Director, Corporate Communications



Cc lalasticlala

Cc mynd44

I can bet my life that the caller leak that tape .

MetaPhysical:
Few things to note here.

1. In the narrative of its press release CBN acknowledges that this conversation indeed took place. So it means it is not fake. OP correct the heading of your thread.

2. CBN says the context of the leaked portion is not fully representative of its dialogue. Therefore it is biased....but not fake.

3. CBN is part of the Sovereign Security assets and is covered under confidentiality statutes. If a news media is able to obtain raw recording of its close circle conversation then security at CBN is very laxed.

4. As a news media registered in Nigeria Saharareporters is obligated to protect national assets and security. Discoveries like this should first be tabled before custodians of Sovereign Security....rushing to internet to blow the whistle on sensitive matters like this is ethically wrong.

5. Saharareporters, if it enjoys any privilege of security clearance, should have it suspended to impact a lesson. If it does not have any such privilege its editors should be invited in by Security Agents and given training and made to sign undertakings against a repeat of such in future.

6. Saharareporters did not violate a law by merely blowing the whistle but it demonstrated an ethical deficiency, and the circumstance under which the recording was created, stored and then distributed....or the act of breaching cybersecurity at CBN to obtain the recording may in itself be prosecutable.

Ethics my foot. Stop being a fool. Blow the damn whistle guys.

Fake news is the new it thing now

obembet:
Sharara reporters did the right tin. If they inform the security agency first, they would have buried the case

That brings me to the followup.

Investigative journalists never reveal to us their first findings. What we get in report is the edited copy of corroborations and counter validations. Why don't they report their investigated report right away? Because they want to be on the side of law.

So it is appropriate to first give their discovery to the Security Agency and then followup on it. If no action in an appreciable amount of time they can then report it to the public and include the actions thy took to involve authorities. That's responsible journalism....not jumping to the wire to be "first to report" the news. Sovereign Security should be sacred! In this report Saharareporters failed to do due dilligence.

tempest01:
Any sane individual that listens to that audio and then agrees with that CBN disclaimer needs to check his head.

A third party transaction gone awry, and the CBN governor is thinking of illegal ways to cover it up. Talking about increasing fx rate by 1 naira or 2, and getting 100 billion cash from FG.

This is not a north or south, or APC PDP issue. We condemned Ganduje, we also have to condemn this.

500 billion naira ...tell me why that country wil not be going backwards. Expect the foreign investors to pull out their money with such daring corruption.

which transaction went awry?

Which 500 billion are you talking about?

sarrki:
Southerners are full of bring Down syndrome

We are our own problem

Since the announcement of emiefele 2nd term in office

Hell was let loose by our people

Know money missing in cbn

It’s not idumota , sabon gari or iweka market

Lets stop all these nonsense. The real question that should be asked is what happened to the figures in their care that pushed their panic buttons. Names were mentioned so the video aint fake. if nothing was taken, figure would be same but money was missing or misappropriated that they taught it wouldnt reflect but discovered a little close to late and trying to rob peter to pay paul.

nigerians should be weary, the government keeps cooking the books to stage a lie and rather than question the books, they are here playing the victims card. me i dont support nonsense. The CBN governor needs to be questioned. Its not political but pure professionalism being questioned. If you think the missing money was sorted somehow, be deceiving yourself but nigerians are the receiving end of everything as the mismanaged funds will affect the economy no matter what....

Na so

wonder233:
WTF is "know money missing"?

Sarrki Is Like Buhari, They Get The Same Brain

SarkinYarki:
That tape must have been recorded by that Mr Arowo the first speaker and that was the Reason they cut the call claiming network failure so the could set up the recording properly..From the tape it's clear the govt had eaten into the CBNs shareholder fund reducing it to 34 billion Naira even though the law says the minimum should be 100 billion Naira which a pointer things are reallyvworse than we think

That is correct. The CBN gov should investigate this man and that lady.

sarrki:
Against the FAKE Sahara Reporters news allegedly exposing a wire tapped conversation between the Governor of Central Bank and one of the Deputy Governors,.....

www.cbn.gov.ng
CENTRAL BANK OF NIGERIA
Press Release!!

No monies Missing, Stolen in CBN

The Management of the Central Bank of Nigeria (CBN) has been notified of a purported audio recording of selective conversations amongst the Governor, Deputy Governor and some Senior Officials. Contrary to the headline-grabbing narrative that the discussion was about a fraudulent transaction, this conversation - the beginnings of which was omitted to create a different impression - was simply to proffer solutions to a misunderstanding that affected the Bank’s balance sheet.

As publicly known the CBN was approached in 2015 by the National Economic Management Team and the National Economic Council (NEC), chaired by the Vice President, to assist State Governments with Conditional Budget Support, in the aftermath of the significant nose-dive in global oil prices and associated FAAC allocations.

In order to ensure that ordinary Nigerians workers got their salaries, pensions and gratuities, and that the economy continued to recover from recession, the Bank provided about N650 billion in loans at 9% with a two-year grace period to 35 States of the Federation.

These monies were distributed to the States monthly with documented approval of the Federal Ministry of Finance and the Presidency.
In closing the Bank’s 2018 accounts, external auditors in their Draft Account, erroneously classified about N150 billion of these loans as bad, which negatively affected the Bank’s Balance Sheet and shareholders fund.

The selective conversation being circulated was simply a discussion to ascertain why the auditors took that position and next steps to resolving it. Obviously, it soon became clear that a State Government loan cannot be classified as “bad” or “irrecoverable” when the State still exists and getting FAAC allocations.

The Bank then reached out to the Federal Ministry of Finance and they jointly gave comfort to the auditors who accepted in writing that these monies would be repaid. On this basis, the auditors reversed the negative entry and the certified that the CBN’s 2018 accounts were a true reflection of the State of Affairs.

Reconciliation of Balance Sheet items are regular conversations amongst Senior Management of many agencies and should not be misconstrued as anything but that. Had the online media which released the selective recordings sought the comments of CBN as required of journalism practice, we would have provided it.

Clearly those who listened to the audio and can easily ascertain that the conversation had nothing to do with anything fraudulent as purported. The Bank therefore urges all well-meaning Nigerians to disregard this audio and continue to trust that the Bank is doing everything it can to represent their interests in the best possible way.

Under the leadership of Governor Emefiele, the CBN has always stood for, and vigorously pursued transparency in its stewardship of public resources and policies. NO MONIES ARE MISSING OR STOLEN. The integrity of the CBN Governor remains unassailable.

He has no account in Dubai or anywhere in the world and would never convert the funds of CBN for personal use. Not in the past, not now and not ever. The use of selective wiretapped conversations of the Bank’s Management, to malign his character and integrity will never stand.

The Bank will pursue every legal means to bring the perpetrators to justice.
May 12, 2019
Isaac Okorafor
Director, Corporate Communications



Cc lalasticlala

Cc mynd44

Did you read the bolded? CBN admitted the authenticity of the audio tape, If you did you won't call the audio fake in your headline, or maybe your political emotion and sentiments got the better part of you.

One major problem with Nigerians is we jump to defend anything that doesn't serve well for our preferred political class even if they err. Blinded by tribalism, religion and political affiliation.

Patriots don't jump into conclusion, they wait for the outcome of an investigation.

sarrki:
More

Since when did they (civil servants) start working on a Sunday 12/5/19 in CBN? Cos the letter was dated 12/5/19. I'm confused here.

MetaPhysical:
That brings me to the followup.

Investigative journalists never reveal to us their first findings. What we get in report is the edited copy of corroborations and counter validations. Why don't they report their investigated report right away? Because they want to be on the side of law.

So it is appropriate to first give their discovery to the Security Agency and then followup on it. If no action in an appreciable amount of time they can then report it to the public and include the actions thy took to involve authorities. That's responsible journalism....not jumping to the wire to be "first to report" the news. Sovereign Security should be sacred! In this report Saharareporters failed to do due dilligence.

All you've written here is an apologia for keeping the truth under wraps to protect the powers that be. What about when rulers decide to make it illegal to speak the truth, e.g. by passing laws like this same Buhari's "Decree Number 2" and "Decree Number 4" of the 1980s? And even when the law is reasonable on the books, what about when its enforcers are the ones breaking it? Is the public not entitled to know the truth under those circumstances?

Leaving aside all the spin coming from you, sarrki and the CBN spokesmen, it should be obvious that Sahara Reporters can't be too far from the truth in their claims, as there is no legitimate reason why Emefiele should be talking about manipulating the exchange rate by 1 or 2 Naira: the only motivation must be a nefarious one. When I've said in the past that Emefiele's multi-tier exchange rate policies fostered corruption through round-tripping, this was the very kind of scenario I had in mind, though even then I would never have imagined him being so directly involved in it himself. Buhari's "strong Naira" policy, which Emefiele has now been rewarded for pursuing so loyally (and apparently in pursuit of his own personal enrichment) is nothing but a breeding ground for large-scale corruption that drives away foreign investment while crippling the economy, all so a few crooks can make obscene profits at no risk to themselves.

Daboomb:
Sahara Reporters is an Online Jpurnal and his LOYALTY is FIRSt and FOREMOST, to the "people who have a right to know THE TRUTH".
Journalist are referred to as TEH FOURTH REALM of Government (Aside Executive, Legislature and Judiciary) and their independence of action should not be compromised ,especially where criminality or corruption is being alleged.

"Ethical Efficiency" cannot and should never trump the ideals of Journalism, which is to "bring the NEWS to the PUBLIC".
It is like the case of Julian Assange, who as a journalist, published INFORMATION that some Govt think EXPOSED their Criminality and by so, is damaging to their reputation and want to snuff him out for that.

if you dont want to be exposed by Journalist, please for god's sake, DO THE RIGHT THINGS.
The job of journalist is to Report/Expose issues that are of interest to the Public (and gambling and loosing #34Billion of our collective wealth in a corrupt manner is and should be of Public interest to all patriotic Nigerians.). How the "information" was got is a secondary issue and one of
'morality' which has a weaker stance, in legality!

Resorting to 'emotional blackmails' about tribe, region or religion is a chea attempt to obfuscate the real issue...which is corruption at the very highest level.
But hardly can you find one person at the top heirachy of Nigeria who is not insanely corrupt so it is not surprising that the issue is reduced to "where or which region or religion" the corrupt person is from or belongs.

What's funny is that the.core Northerners don't play this regional bias when their people are involved.

omohayek:
All you've written here is an apologia for keeping the truth under wraps to protect the powers that be. What about when rulers decide to make it illegal to speak the truth, e.g. by passing laws like this same Buhari's "Decree Number 2" and "Decree Number 4" of the 1980s? And even when the law is reasonable on the books, what about when its enforcers are the ones breaking it? Is the public not entitled to know the truth under those circumstances?

Leaving aside all the spin coming from you, sarrki and the CBN spokesmen, it should be obvious that Sahara Reporters can't be too far from the truth in their claims, as there is no legitimate reason why Emefiele should be talking about manipulating the exchange rate by 1 or 2 Naira: the only motivation must be a nefarious one. When I've said in the past that Emefiele's multi-tier exchange rate policies fostered corruption through round-tripping, this was the very kind of scenario I had in mind, though even then I would never have imagined him being so directly involved in it himself. Buhari's "strong Naira" policy, which Emefiele has now been rewarded for pursuing so loyally (and apparently in pursuit of his own personal enrichment) is nothing but a breeding ground for large-scale corruption that drives away foreign investment while crippling the economy, all so a few crooks can make obscene profits at no risk to themselves.

Is it also by coincidence that Zenith Bank is now the bank with the highest deposits in the country?

The multi tier foreign exchange will most likely favor banks most likely to gain access to forex at the official rate of 305. That bank will most likely be Zenith. The closer you are to the CBN high ups, the more likelihood of getting forex at preferential rates.

Fake story. Pictures of the money in the CBN vault or... You know the protocol.
Ppl like sarrki want us to believe the words of the accused against the evidence, but had issues believing a forensic report by PWC when sanusi claimed $20bn was missing from the same CBN. Idiotas!!

id911:
I wail endlessly hoping for a better and prosperous Nigeria for future generations

You will continue to wail till you reach your grave

MetaPhysical:
That brings me to the followup.

Investigative journalists never reveal to us their first findings. What we get in report is the edited copy of corroborations and counter validations. Why don't they report their investigated report right away? Because they want to be on the side of law.

So it is appropriate to first give their discovery to the Security Agency and then followup on it. If no action in an appreciable amount of time they can then report it to the public and include the actions thy took to involve authorities. That's responsible journalism....not jumping to the wire to be "first to report" the news. Sovereign Security should be sacred! In this report Saharareporters failed to do due dilligence.

Chai!

Following...

agabusta:
which transaction went awry?

Which 500 billion are you talking about?

150 billion rather.


Why discuss ILLEGAL ways top cover up a legal deficit. Think.

omohayek:
All you've written here is an apologia for keeping the truth under wraps to protect the powers that be. What about when rulers decide to make it illegal to speak the truth, e.g. by passing laws like this same Buhari's "Decree Number 2" and "Decree Number 4" of the 1980s? And even when the law is reasonable on the books, what about when its enforcers are the ones breaking it? Is the public not entitled to know the truth under those circumstances?

Leaving aside all the spin coming from you, sarrki and the CBN spokesmen, it should be obvious that Sahara Reporters can't be too far from the truth in their claims, as there is no legitimate reason why Emefiele should be talking about manipulating the exchange rate by 1 or 2 Naira: the only motivation must be a nefarious one. When I've said in the past that Emefiele's multi-tier exchange rate policies fostered corruption through round-tripping, this was the very kind of scenario I had in mind, though even then I would never have imagined him being so directly involved in it himself. Buhari's "strong Naira" policy, which Emefiele has now been rewarded for pursuing so loyally (and apparently in pursuit of his own personal enrichment) is nothing but a breeding ground for large-scale corruption that drives away foreign investment while crippling the economy, all so a few crooks can make obscene profits at no risk to themselves.

I go go Oshodi for your case o!