Nigeria: 14 Nigerian Banks to Enjoy $7bn Reserve

17 September 2018

The Chairman of the Special Presidential Panel for Recovery of Public Property, Mr. Okoi Obono-Obla, recently, (Sept. 7th 2018), noted in a NAN report in Abuja, that the Agency is continuing its investigations to "recover monies that have been taken away from the people of Nigeria."

One of such 'loot', according to the Chairman is the "almost $7bn bailout fund that the Central Bank of Nigeria (CBN) granted 14 commercial banks between 2006-2008. Obono-Obla also confirmed that "after 13 years, these banks have not returned the money to government's treasury." Curiously, however, according to Obono-Obla "when we enquired from CBN, the state of that money, the banks told us that the money was 'dashed' to them."

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