Olufemi Adeyemi
The Socio-Economic Rights and Accountability Project (SERAP) has formally requested that Mr. Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), provide a detailed account of the whereabouts of the over 100 billion Naira In “dirty and bad notes” as well as “other large sums of cash awaiting examination” that are currently being held in various CBN branches.”As per the most recent annual report published by the
Auditor-General of the Federation, SERAP, represented by its deputy director,
Kolawole Oluwadare, has issued a statement calling for an investigation into
the allegations documented in the report..
SERAP also urged him to “explain the whereabouts of the N7.2
billion budgeted for the construction 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 publish the names of the contractors who collected the money but failed
to complete the projects.”
SERAP urged him “to explain the whereabouts of the allegedly
missing outstanding loan of N1.2 billion granted to the Enugu state government
in 2015 and the outstanding loan of N1.9 billion granted to the Anambra state
government between 2015 and 2016 and to fully recover and remit the public
funds to the treasury.”
SERAP also urged him “to refer these grave violations of the
Nigerian Constitution 1999 [as amended], the CBN Act and the country’s national
and international anticorruption obligations to appropriate anticorruption
agencies for investigation and prosecution, as appropriate, and the recovery of
the public funds.”
In the letter dated 29 June 2024 and signed by SERAP deputy
director Kolawole Oluwadare, the organisation said: “These grim allegations by
the Auditor-General suggest grave violations of the public trust, the
provisions of the Nigerian Constitution, the CBN Act, and national and
international anticorruption obligations.”
SERAP said, “These grave violations also reflect a failure
of CBN accountability more generally and are directly linked to the
institution’s persistent failure to comply with its Act and to uphold the
principles of transparency and accountability.”
According to SERAP, “These grave violations have seriously
undermined the ability of the CBN to effectively discharge its statutory
functions and the public trust and confidence in the bank. The CBN ought to be
committed to transparency and accountability in its operations.”
The letter, read in part: “We would be grateful if the
recommended measures are taken within 7 days of the receipt and/or publication
of this letter. If we have not heard from you by then, SERAP shall take all
appropriate legal actions to compel you and the CBN to comply with our request
in the public interest.”
“Explaining the whereabouts of the missing public funds,
publishing the names of those suspected to be responsible and ensuring that
they are brought to justice and the full recovery of any missing public funds
would serve the public interest and end the impunity of perpetrators.”
“According to the recently published 2020 audited report by
the Auditor General of the Federation (AGF), the Central Bank of Nigeria (CBN)
has since 2017 been keeping over N100 billion [N100,672,999,000.00] ‘dirty and
bad notes’, and other large sum of cash awaiting examination in various
branches of the CBN.”
The Auditor-General fears that the ‘dirty and bad notes’
initially planned to be destroyed may have been ‘be diverted and re-injected
into the economy.’”
“The CBN in August 2010 also reportedly budgeted N7.2
billion [N7,286,500,476.76] for the construction of Dutse branch building. The
Dutse branch was due to be completed in November 2012 but the contractors have
failed to complete the project.”
“The Auditor-General is concerned that the project may have
been ‘awarded to incompetent contractor,’ and wants the ‘job completed without
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 completed in 2012 but the contractors have failed to
complete the project.”
“There is no significant renovation work on the site,
several years after the proposed completion date. The Auditor-General is
concerned that the project may have been ‘awarded to incompetent contractor,’
and wants the ‘job completed without further delay.’”
“The CBN also reportedly failed to account for the missing
outstanding loan of N1.2 billion [N1,294,453,887.83] granted to the Enugu state
government in 2015 and the outstanding loan of N1.9 billion [N1,994,383,561.64]
granted to the Anambra state government between 2015 and 2016.”
“The Auditor-General fears the public funds may have been
diverted. He wants the money fully recovered and remitted to the treasury.”
“Paragraph 708 of the Financial Regulations 2009 provides
that, ‘on no account should payment be made for services not yet performed or
for goods not yet supplied.’”
“Section 35(2) of the Public Procurement Act 2007 provides
that, ‘once a mobilization fee has been paid to any supplier or contractor, no
further payment shall be made to the supplier or contractor without an interim
performance certificate.”
“Section 16(6) of the Public Procurement Act states that
‘all bidders shall possess the necessary professional and technical
qualifications to carry out particular procurements; the financial capacity and
adequate personnel to perform the obligations of the procurement contracts.’”
“SERAP notes that Section 15(5) of the Nigerian Constitution
requires public institutions to abolish all corrupt practices and abuse of
power.” Section 13 of the Constitution imposes clear responsibility on the CBN
to conform to, observe and apply the provisions of Chapter 2 of the
constitution.”
“Paragraph 3112(ii) of the Financial Regulations 2009
provides that, “Where a public officer fails to account for government revenue,
such officer shall be surcharged for the full amount involved and such officer
shall be handled over to either the Economic and Financial Crimes Commission
(EFCC) or the Independent Corrupt Practices and Other Related Offences
Commission (ICPC).”
“Nigeria has made legally binding commitments under the UN
Convention against Corruption to ensure accountability in the management of
public resources. Articles 5 and 9 of the UN Convention against Corruption also
impose legal obligations on the CBN to ensure proper management of public
affairs and public funds.”
“Nigerians have the right to know the whereabouts of the
public funds. Taking the recommended measures would advance the right of
Nigerians to restitution, compensation and guarantee of non-repetition.”
“The Nigerian Constitution, Freedom of Information Act, and
the country’s anti-corruption and human rights obligations rest on the
principle that citizens should have access to information regarding their
public institutions’ activities.”
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