Yemi Adebowale
10 May 2008
Lagos — The Attorney General of the Federation and Minister of Justice, Michael Aondoakaa yesterday refuted speculations that the Governor of the Central Bank, Prof. Chukwuma Soludo had been indicted by the committee set up by his office to investigative CBN's investment in the Africa Finance Corporation (AFC).
A newspaper (not THISDAY) had reported that the panel had indicted Soludo in an interim report with recommendations that the $462 million invested by the CBN in AFC be withdrawn.
The minister in a press statement signed by his Media Assistant, Onov Tyuulugh said the committee was a fact-finding committee whose investigation was still on-going.
The statement reads: "The attention of the Office of the Honourable Attorney General of the Federation and Minister of Justice has been drawn to publications in several newspapers indicating that the committee set up by the Attorney General of the Federation and Minister of Justice to investigate the AFC has indicted Prof. Chukwuma Soludo, Governor of the Central Bank over CBN's investment in the AFC.
"We wish to re-state that this is a fact-finding committee and its investigation is on-going. It has not completed its assignment neither has it submitted any report. Consequ-ently, the publications relating to the indictment or otherwise of the CBN governor are yet to be ascertained, until the committee submits its report."
The minister said the committee was not set up to witch-hunt anybody, but only to facilitate government in taking an informed decision on the matter.
"In the era of rule of law, the Office of the Attorney General of the Federation and Minister of Justice is mindful of the fact that issues of indictment are serious matters of judicial pronouncement."
The Federal Government, last month ordered an investigation into the apex bank's investment of $462 million in the AFC. CBN's investment represents 49 per cent of AFC's holdings.
Aondoakaa inaugurated the five-man committee chaired by an assistant commissioner of police and director of operations of the Independent Corrupt Practices and Other Related Offence Commission (ICPC), Tunde Ogunsakin.
Other members of the panel include Bernard Verr, former Director General of the Bureau of Public Enterprises; Mohammed Garba, Economic Affairs Officer in the Office of the Secretary to the Government of the Federation; Director, Consolidated Accounts, in the Office of the Accountant General of the Federation and Pius Oteh of the Federal Ministry of Justice.
The five-man panel was instituted following a request for the conferment of legal status on AFC through a letter dated April 14 and signed by the Secretary to the Government of the Federation, Baba Gana Kingibe.
At inception, the AFC was solely sponsored by the CBN. It has since diversified its shareholder base comprising other African countries and private sector members.
The corporation was set up to provide finance for infrastructure development in Africa.
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