Home West African News Nigeria News There Is No Cash Missing Or Stolen In CBN – Isaac Okoroafor

There Is No Cash Missing Or Stolen In CBN – Isaac Okoroafor

CBN BuildingCBN Director, Corporate Communications, Mr Isaac Okoroafor has said he knows nothing about any missing cash from the Central Bank of Nigeria, which is being reported right now in the country.

He shared this after recent posts and videos showed CBN Governor and other senior officials talking about discrepancies in the bank’s accounts.

Mr Isaac said the clip was distorted in a way that portrayed something different happening, as they only spoke about how to come up with ways to end a disagreement that had a bad effect on the Bank’s balance sheet.

His words, “As publicly known the CBN was approached in 2015 by the National Economic Management Team and the National Economic Council chaired by the Vice President, to assist State Governments with Conditional Budget Support.

“This happened in the aftermath of the significant nose-dive in global oil prices and associated FAAC allocations.

“In order to ensure that ordinary Nigerian workers got their salaries, pensions and gratuities and that the economy continued to recover from the recession, the Bank provided about N650 billion in loans at 9 per cent 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 resolve it.

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“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,”

“Under the leadership of Governor Emefiele, the CBN has always stood for, and vigorously pursued transparency in its stewardship of public resources and policies.

“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.”


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