Nigeria: CAC Registrar Faults Reps' Capital Market Report

13 August 2012

The Registrar General of the Corporate Affairs Commission (CAC) Bello Mahmud has debunked the fraudulent allegations made by the report of the House of Representatives ad hoc committee that investigated the 'near collapse' of the capital market on the nationalization of the three banks, saying "we were never invited to clarify anything on the issue."

The committee, which was headed by Ibrahim Tukur El-Sudi in its report alleged that "the nationalization of Afribank, Spring Bank and Bank PHB did not conform to statutory provisions as documents related thereto were based on forgery, fraudulent misrepresentations and abuse of office by Managing Director of the Nigeria Deposit Insurance Corporation,Umaru Ibrahim; CBN Governor Malam Sanusi Lamido Sanusi; Managing Director of AMCON Mustapha Chike Obi and Bello Mahmud of CAC."

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