{"id":1886,"date":"2019-11-07T00:00:00","date_gmt":"2019-11-07T00:00:00","guid":{"rendered":"https:\/\/placng.org\/i\/house-to-investigate-the-non-repayment-of-7-billion-from-14-global-asset-managers-and-nigerian-banks-by-central-bank-of-nigeria-since-2006\/"},"modified":"2019-11-07T00:00:00","modified_gmt":"2019-11-07T00:00:00","slug":"house-to-investigate-the-non-repayment-of-7-billion-from-14-global-asset-managers-and-nigerian-banks-by-central-bank-of-nigeria-since-2006","status":"publish","type":"post","link":"https:\/\/placng.org\/i\/house-to-investigate-the-non-repayment-of-7-billion-from-14-global-asset-managers-and-nigerian-banks-by-central-bank-of-nigeria-since-2006\/","title":{"rendered":"House To Investigate The Non-Repayment Of $7 Billion From 14 Global Asset Managers And Nigerian Banks By Central Bank Of Nigeria Since 2006"},"content":{"rendered":"\n

The House of\nRepresentatives at its plenary session on Thursday 7th November 2019 mandated\nits Committee on Banking and Currency to investigate details surrounding a $7\nbillion fund that was disbursed by the Central Bank of Nigeria (CBN) to some Global Asset Managers and Nigerian Banks\nsince 2006. As part of its terms of reference, the Committee is to determine if\nthe terms and conditions that led to the disbursement have been complied\nwith especially in relation to its repayment.<\/p>\n\n\n\n

Presenting the\nmotion, Hon. Abubakar Yunusa Ahmad (APC: Gombe) stated that sometime in 2006,\nthe CBN disbursed $7Billion out of Nigeria’s $38.07 Billion foreign reserves, to\nsome Global Asset Managers and Nigerian Banks who were their local partners to\nmanage. He stated that the Global Asset Managers and their Nigerian counter parts\nwere 14, in number and listed them to include the following:<\/p>\n\n\n\n

  1. Black Rock and Union Bank Nigeria Plc; <\/li>
  2. J.P. Morgan Chase\nand Zenith Bank Plc; <\/li>
  3. H.S.B.C. and\nFirst Bank of Nigeria Plc; <\/li>
  4. BNP Paribas and\nIntercontinental Bank Plc; <\/li>
  5. USB and United\nBank for Africa;<\/li>
  6. Credit Suisse and\nIBTC Chartered Bank Plc; <\/li>
  7. Morgan Stanley\nand GTB Plc; <\/li>
  8. Fortis and Bank\nPHB Plc; <\/li>
  9. Cominvest and\nOceanic Bank Plc; <\/li>
  10. ING and Ecobank\nPlc; <\/li>
  11. Bank of New York\nand Stanbic Bank Plc; and <\/li>
  12. Crown Agents and\nDiamond Bank Plc.<\/li><\/ol>\n\n\n\n

    He however mentioned that while the CBN had given each Asset Manager and its Nigerian Bank Counterpart, $500 Million each from the country\u2019s foreign reserves to manage, a significant number of the Nigerian banks had become merged\/acquired by other Banks under CBN\u2019s oversight over the years.\u00a0 For instance, of the Nigerian Banks that received the said funds, six of them namely; Oceanic Bank, Intercontinental Bank, Bank PHB, FIN Bank, AfriBank, and Diamond Bank Plc had become merged or acquired. He stated that while it was a general principle to inherit assets and liabilities when acquiring another bank or merging, he was worried that, Nigeria’s hard earned $7 Billion worth of foreign reserves may be put to waste where there was no action to ensure repayment by erring banks. <\/p>\n\n\n\n

    The Committee has\nbeen given a period of eight (8) weeks to report its findings for further\nlegislative action.<\/p>\n","protected":false},"excerpt":{"rendered":"

    The House of Representatives at its plenary session on Thursday 7th November 2019 mandated its Committee on Banking and Currency to investigate details surrounding a $7 billion fund that was disbursed by the Central Bank of Nigeria (CBN) to some Global Asset Managers and Nigerian Banks since 2006. As part of its terms of reference, […]<\/p>\n","protected":false},"author":2,"featured_media":1887,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":""},"categories":[24],"tags":[],"acf":[],"author_meta":{"display_name":"PLAC","author_link":"https:\/\/placng.org\/i\/author\/olumide-adebayo\/"},"featured_img":"https:\/\/placng.org\/i\/wp-content\/uploads\/2019\/12\/House-of-Rep-300x182.jpg","coauthors":[],"tax_additional":{"categories":{"linked":["News<\/a>"],"unlinked":["News<\/span>"]}},"comment_count":"0","relative_dates":{"created":"Posted 6 years ago","modified":"Updated 6 years ago"},"absolute_dates":{"created":"Posted on November 7, 2019","modified":"Updated on November 7, 2019"},"absolute_dates_time":{"created":"Posted on November 7, 2019 12:00 am","modified":"Updated on November 7, 2019 12:00 am"},"featured_img_caption":"","series_order":"","_links":{"self":[{"href":"https:\/\/placng.org\/i\/wp-json\/wp\/v2\/posts\/1886"}],"collection":[{"href":"https:\/\/placng.org\/i\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/placng.org\/i\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/placng.org\/i\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/placng.org\/i\/wp-json\/wp\/v2\/comments?post=1886"}],"version-history":[{"count":0,"href":"https:\/\/placng.org\/i\/wp-json\/wp\/v2\/posts\/1886\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/placng.org\/i\/wp-json\/wp\/v2\/media\/1887"}],"wp:attachment":[{"href":"https:\/\/placng.org\/i\/wp-json\/wp\/v2\/media?parent=1886"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/placng.org\/i\/wp-json\/wp\/v2\/categories?post=1886"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/placng.org\/i\/wp-json\/wp\/v2\/tags?post=1886"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}