SERAP Gives Nigeria’s Central Bank 7 Days To ‘Account For Missing N100Billion Dirty Notes, Other Public Funds’

SERAP additionally entreated him to “repeat the whereabouts of the N7.2 billion budgeted for the enchancment of the CBN Dutse branch in 2010 and the N4.8 billion budgeted for the renovation of the CBN Abeokuta branch in 2009, and to post the names of the contractors who quiet the cash but did now not entire the projects.”
The Socio-Financial Rights and Accountability Mission (SERAP) is looking on the Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, to produce transparency and accountability regarding the fate of over N100 billion in “soiled and noxious notes”.
The organisation entreated Cardoso “to account for and repeat the whereabouts of the over N100 billion ‘soiled and noxious notes’ and ‘other astronomical sum of cash waiting for examination’ that are saved in varied branches of the CBN.”
SERAP stated the allegations are documented in basically the most modern annual document now not too prolonged ago published by the Auditor-Overall of the Federation.
SERAP additionally entreated him to “repeat the whereabouts of the N7.2 billion budgeted for the enchancment of the CBN Dutse branch in 2010 and the N4.8 billion budgeted for the renovation of the CBN Abeokuta branch in 2009, and to post the names of the contractors who quiet the cash but did now not entire the projects.”
SERAP entreated him “to repeat the whereabouts of the allegedly missing renowned loan of N1.2 billion granted to the Enugu inform govt in 2015 and the renowned loan of N1.9 billion granted to the Anambra inform govt between 2015 and 2016 and to fully safe greater and remit the general public funds to the treasury.”
SERAP additionally entreated him “to refer these grave violations of the Nigerian Structure 1999 [as amended], the CBN Act and the country’s national and world anticorruption responsibilities to appropriate anticorruption agencies for investigation and prosecution, as acceptable, and the restoration of the general public funds.”
In the letter dated June 29, 2024 and signed by SERAP deputy director Kolawole Oluwadare, the organisation stated: “These grim allegations by the Auditor-Overall suggest grave violations of the general public belief, the provisions of the Nigerian Structure, the CBN Act, and national and world anticorruption responsibilities.
“These grave violations additionally focus on a failure of CBN accountability more on the total and are without delay linked to the institution’s power failure to bask in a look at its Act and to uphold the foundations of transparency and accountability.”
The letter read in section: “We’d be grateful if the urged measures are taken within 7 days of the receipt and/or publication of this letter. If now we bask in got now not heard from you by then, SERAP shall steal all acceptable right actions to compel you and the CBN to bask in a look at our demand in the general public hobby.”
SERAP illustrious that constant with the now not too prolonged ago published 2020 audited document by the Auditor Overall of the Federation (AGF), the Central Bank of Nigeria (CBN) has since 2017 been preserving over N100 billion [N100,672,999,000.00] ‘soiled and noxious notes’, and other astronomical sum of cash waiting for examination in varied branches of the CBN.
It stated, “The Auditor-Overall fears that the ‘soiled and noxious notes’ at the initiating deliberate to be destroyed could per chance fair were ‘be diverted and re-injected into the economic system.'”
“The CBN in August 2010 additionally reportedly budgeted N7.2 billion [N7,286,500,476.76] for the enchancment of Dutse branch building. The Dutse branch was due to be performed in November 2012 however the contractors bask in did now not entire the project.
“The Auditor-Overall is anxious that the project could per chance fair were ‘awarded to incompetent contractor,’ and desires the ‘job performed with out further delay.’
“The CBN in 2009 reportedly budgeted N4.8 billion [N4,812,608,028.10] for the renovation of the CBN Abeokuta branch. The Abeokuta branch was due to be performed in 2012 however the contractors bask in did now not entire the project.
“There could be now not a most necessary renovation work on the positioning, plenty of years after the proposed completion date. The Auditor-Overall is anxious that the project could per chance fair were ‘awarded to incompetent contractor,’ and desires the ‘job performed with out further delay.’
“The CBN additionally reportedly did now not account for the missing renowned loan of N1.2 billion [N1,294,453,887.83] granted to the Enugu inform govt in 2015 and the renowned loan of N1.9 billion [N1,994,383,561.64] granted to the Anambra inform govt between 2015 and 2016.
“The Auditor-Overall fears the general public funds could per chance fair were diverted. He wants the cash fully recovered and remitted to the treasury.
“Paragraph 708 of the Monetary Regulations 2009 offers that, ‘certainly now not have to unexcited payment be made for providers and products now not but carried out or for items now not but equipped.’
“Portion 35(2) of the Public Procurement Act 2007 offers that, ‘as soon as a mobilization rate has been paid to any dealer or contractor, no further payment shall be made to the dealer or contractor with out an period in-between performance certificate.”