Date Published: 12/18/09

Centre for Media & Development

Suite B12, Block B, Landmark Centre,

Plot 3127 IBB Way, Abuja,

Federal Capital Territory

PRESS RELEASE                                       December 18, 2009

The $3.1 Million Bank Story - Our Vindication

When the media in the country were recently flooded with reports suggesting that an official of a Nigerian bank was found in possession of the sum of $3.1million allegedly belonging to a governor in the country, we in the Centre for Media and Development, an independent media advocacy group carefully carried out our investigation.

Our independent investigations into the matter since the story broke had revealed the following:

1. That the bank staff was on a legitimate and official bank assignment

2. That the money in question belonged to the bank which it had procured in the course of its normal business nature to meet request from some of its branches.

3. That no wrong doing was found of the bank/staff

4. That the said money had since been released to the banks

5. That no official of that bank is detained for any such reason.

After publishing the report, several criticisms trailed our investigations while people took turns in calling us names.

However, Bank PHB has come out with a Statement published in The Nation, The Punch and Daily Trust Newspapers, confirming our earlier findings and thereby vindicating our position on the issue.

The bank’s statement clearly stated that the money was theirs and did not belong to any government official. According to the bank, “when accosted by the security authorities, Bank PHB provided the necessary documents to their satisfaction, to show that the staff was carrying out normal banking business on behalf of the bank.”

We wish to restate categorically that The Centre for Media and Development is an independent media watch group committed to promotion of good governance and objectivity in the reportage of issues in Nigeria.

We therefore once again remind the Press in the country that its role as the society’s watchdog, just as is obtainable in any other place in the world, is to ensure that truth and objectivity is promoted.

As we stated earlier, let us not be oblivious that following the impending political transition, politicians who are unsure of winning the confidence of the electorate may resort to the practice of politics of character assassination.  This category of politicians is bent on making the Press an attack dog. The media MUST resist attempt by such unscrupulous persons to use it as a tool for negative adventures.

We can therefore protect the integrity of our respective media organs by always ensuring that only verified stories make it to our target audience, to enhance our credibility and safeguard our democracy.

Similarly, the internet media must desist from taking advantage of their vantage position of online access without recourse to the ethics of journalism. We MUSTstand up and not be used as tools of blackmail, in this way; we will grow and nurture a respectable media system in Nigeria.

MAGNUS EZE

Director