A group, The Project Nigeria Coalition wants suspended Central Bank of
\nNigeria, CBN Governor, Sanusi Lamido Sanusi, to be probed over N200
\nBillion Enterprise Fund and the appointment of Chapel Hill, owned by Wale
\nEdun, an ally of Bola Tinubu, as Financial Adviser to CBN.<\/p>\n
In a statement signed by Olufemi Lawson, General Secretary of the PNC,
\nalleged that the appointment of Mustapha Chike-Obi as Asset Management
\nCompany of Nigeria, AMCON, is questionable as both Edun and Chike-Obi are
\nbosom friends.<\/p>\n
The group alleged that while Chapel Hill was CBN Financial Adviser, it was
\ncuriously also appointed Financial Adviser to AMCON and Billions of fees
\nsaid to have been paid without due process to the Edun’s company.<\/p>\n
The PNC Statement reads:<\/p>\n
“The Project Nigeria Coalition wants the Federal Government to extend the
\non-going probe of the suspended Governor of the Central Bank of Nigeria
\n(CBN) to the Assets Management Company of Nigeria (AMCON)<\/p>\n
“In taking over the Banks and handling the restructuring of the so-called
\nproblematic banks, CBN appointed Chapel Hill and Deutsche to be the
\nFinancial Advisers. The Chairman of Chapel Hill is Wale Edun who is a
\nclose friend and mentor to Sanusi and strong ally of APC National
\nLeader,Asiwaju Bola Tinubu.<\/p>\n
“We need to know if due process was followed in the process of appointing
\nthese parties in conformity with the Public Procurement Act (PPA).<\/p>\n
“Subsequently, following the decision to set up AMCON, Mustapha Chike-Obi
\nwas appointed by Sanusi to be the MD. Mustapha is a very close to Wale
\nEdun and infact lived in his house when he returned to Nigeria to take up
\nthe job and did so for a few months even after the appointment.<\/p>\n
“Surprisingly the same Chapel Hill chaired by Wale Edun was then also
\nappointed the Financial Adviser to AMCON, an obvious conflict of interest
\nas they now became Financial Advisers to both CBN and AMCON (where is the
\nindependence?). This was also done without due process, advertisement or
\ncompetitive bidding as stated in the PPA. In both cases, fees in billions
\nof Naira were paid. This needs to be investigated.<\/p>\n
“Prior to the setting up of AMCON, Sanusi had alluded to being able to
\nclear up the seized banks’ debts with about N600 billion. Following the
\nsetting up of AMCON, the company issued Bonds totalling N4 Trillion under
\nthe supervision of the CBN without Appropriation and created a total loan
\nbook in excess of N5.7 Trillion ($36billion) for Nigerians and generations
\nunborn.<\/p>\n
“It is either that total liability had not been fully assessed before
\ngoing down the AMCON route or the figures became bloated. Either
\nincompetence or deliberate, falsehood\/fraud.<\/p>\n
“In the same vein, we want an audit of the disbursement of the N220b small
\nand medium enterprises fund of CBN under Sanusi as we have information
\nthat it became one huge bazaar.<\/p>\n
“Sanusi hired Africonsult as consultants to the fund .The firm with no
\nstrong capital base and accused of all manners of frauds in the handling
\nof Petroleum Trust Fund (PTF) in Abacha days is said to have had a field
\nday in the handling of this fund.<\/p>\n
“Investigations should unravel what happened and how this firm was
\nselected by Sanusi.<\/p>\n
Lastly, recruitments into CBN under the tenure of Sanusi needs to be
\nscrutinised. Reports are that several persons were hired at top positions
\nas consultants and then subsequently and fraudulently converted to full
\nstaff in breach of the rules while others were simply hired without the
\nusual due process into high and sensitive positions on the order of the
\nsuspended Governor. These were done while competent and long standing
\nprofessionalstaffs were pushed aside.
\nThank you.”<\/p>\n
Yours sincerely,
\nComrade Olufemi Lawson
\nGeneral secretary,
\nPNC<\/p>\n","protected":false},"excerpt":{"rendered":"
A group, The Project Nigeria Coalition wants suspended Central Bank of Nigeria, CBN Governor, Sanusi Lamido Sanusi, to be probed over N200 Billion Enterprise Fund and the appointment of Chapel…<\/p>\n","protected":false},"author":1,"featured_media":23876,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[17],"tags":[],"class_list":["post-23875","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-exclusive"],"yoast_head":"\n