{"id":66594,"date":"2019-05-12T22:28:17","date_gmt":"2019-05-12T21:28:17","guid":{"rendered":"http:\/\/pointblanknews.com\/pbn\/?p=66594"},"modified":"2019-05-12T22:28:17","modified_gmt":"2019-05-12T21:28:18","slug":"cbn-says-n500billion-not-missing","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/exclusive\/cbn-says-n500billion-not-missing\/","title":{"rendered":"CBN says N500billion Not Missing\u00a0"},"content":{"rendered":"<div id=\"m1348107399623881920\" class=\"mail-message expanded\">\n<div class=\"mail-message-header spacer\">The Central Bank of Nigeria on Sunday said that contrary to media report alleging that a sum of N500 billion was either stolen or missing from the bank, some external auditors made a clerical error and classified some loans as bad.<\/div>\n<div class=\"mail-message-content collapsible zoom-normal mail-show-images \">\n<div class=\"clear\">\n\u201cIn closing the Bank\u2019s 2018 accounts, external auditors in their Draft\u00a0 Account, erroneously classified about N150 billion of these loans as bad, which negatively affected the Bank\u2019s Balance Sheet and shareholders fund. The selective\u00a0 conversation being circulated was simply a discussion to ascertain why the auditors took that position and next steps to resolving it.\u201d<\/p>\n<p>The bank goes on to say that \u201cno monies are missing or stolen\u201d adding that the CBN, lead by Governor Godwin Emefiele \u201chas always stood for, and vigorously pursued transparency in its stewardship of public resources and policies,\u201d adding that: \u201cThe integrity of the CBN Governor remains unassailable.\u201d<\/p>\n<p>The allegation of stolen or missing money from the bank is coming days after the central bank governor was re-appointed by President Muhammadu Buhari for a second term, making Godwin Emefiele the first two-term governor since Nigeria returned to democracy 1999. Nigeria\u2019s controversial digital media outlet, Sahara Reporters, had alleged that the regulatory bank\u2019s governor, Godwin Emefiele had connived with his Deputy Edward Lametek Adamu as well as other top officials in the bank to \u201ccover up the loss of over N500 billion stolen from the CBN in a private investment that went bust.\u201d<\/p>\n<p>The digital media outlet claimed to have obtained a recording of the alleged cover up, but the counter alleged that the earlier part of the conversation in the earlier said recording was \u201comitted to create a different impression\u201d.<\/p>\n<p>The central bank, in an emailed written statement, denying the media report, explained that \u201cCBN 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. \u201cIn order to ensure that ordinary Nigerians workers\u00a0 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.<\/p>\n<p>\u201cObviously, it soon became clear that a State Government loan cannot be classified as \u201cbad\u201d or \u201cirrecoverable\u201d when the State still exists and getting FAAC allocations.\u00a0 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. \u201cOn this basis, the auditors reversed the negative entry and the certified that the CBN\u2019s 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\u00a0 media which released the selective recordings sought the comments of CBN as required of journalism practice, we would have provided it.\u201d<\/p>\n<p>The bank claims that the \u201cuse of selective\u00a0 wiretapped conversations of the Bank\u2019s Management, to malign his character and integrity will never stand. The Bank will pursue every\u00a0 legal means to bring the perpetrators to justice.\u201d<\/p>\n<\/div>\n<\/div>\n<div class=\"mail-message-footer spacer collapsible\"><\/div>\n<\/div>\n<div id=\"conversation-footer\" class=\"spacer\"><\/div>\n<p>&nbsp;<\/p>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><!-- AddThis Related Posts generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>The Central Bank of Nigeria on Sunday said that contrary to media report alleging that a sum of N500 billion was either stolen or missing from the bank, some external&hellip;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><!-- AddThis Related Posts generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":47656,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[17],"tags":[],"class_list":["post-66594","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-exclusive"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - 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