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    SNAPSHOTS OF ACHIEVEMENTS

    Ohanaeze renews clamour for IPOB leader, Nnamdi Kanu’s release

    IPOB calls for review, says Kanya court ruling confirms Kanu’s trial lack legal foundation

    State police only solution to Benue killings, others- Adams

    State police only solution to Benue killings, others- Adams

    Ohanaeze renews clamour for IPOB leader, Nnamdi Kanu’s release

    Ohanaeze renews clamour for IPOB leader, Nnamdi Kanu’s release

    Experts hail new HIV injection breakthrough ,decry high cost

    Experts hail new HIV injection breakthrough ,decry high cost

    US governor of  North Carolina declares June 14 Igbo Day

    US governor of  North Carolina declares June 14 Igbo Day

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    Teachers, health workers strike,others: Wike gets fresh ultimatum from FCT workers

    Abuja braces for two-week without water as rehabilitation works commence

    Abuja braces for two-week without water as rehabilitation works commence

    Ground rent: FCTA to take ownership of 4,794 revoked properties from Monday

    Ground rent: FCTA to take ownership of 4,794 revoked properties from Monday

    Apo-Wassa road ready for inauguration on Tinubu’s second anniversary-Wike

    Apo-Wassa road ready for inauguration on Tinubu’s second anniversary-Wike

    Wike approves recruitment of 34 resident doctors for FCT hospitals

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    FG revokes allocation to defaulting national housing programme beneficiaries

    Only two of 445 mass housing developers met FCTA conditions – Official

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    Yoruba council pledge to deliver two million votes for Tinubu’s re-election in 2027

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    ACPN seeks amendment to existing laws, says 50% drugs in circulation are fake

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    Offa train service to resume before end of year- NRC

    NRC will resume train services on Kano-Minna route before December-MD

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    Trending Tags

  • Infotech
    Senate approves restoration of Aniocha North II State Constituency, Delta

    Bill mandating social media platforms to have physical office, records of employees pass second reading at the Senate

    Nigeria investigated  213 privacy breaches in 2024-NDPC

    Nigeria investigated 213 privacy breaches in 2024-NDPC

    FG begins construction of emerging technologies Institute in Kano

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    MTN denies orchestrating poor network to influence FG, labour talk, apologizes for network fluctuations

    MTN shuns Labour-FG committee on tariff review, hike data tariff by 200%

    Disconnections not to frustrate ₦EndBadGovernance Protest-Telcos

    FG receives recommendation on telecoms tarrif hike

    Peter Obi donates computers to Adamawa school, canvasses increased knowledge in ICT

    Peter Obi donates computers to Adamawa school, canvasses increased knowledge in ICT

  • World conflict & diplomacy
    UK prime minister back US military strikes on Iran ‘s nuclear sites

    UK prime minister back US military strikes on Iran ‘s nuclear sites

    Israel bombs Iran’s heavy water reactor, says state television

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    Six nuclear scientists killed in Israel attack on Iran — Reports

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    Nwifuru demands arrest of killers of 13 Ebonyi indigenes in Anambra

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    Female suicide bomber kills 24, injure  scores in Borno community

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    Obi calls for immediate end to violence against Benue communities

    Obi calls for immediate end to violence against Benue communities

    Police extend deadline for tinted glass permit to August 12

    Police extend deadline for tinted glass permit to August 12

    Tinubu govt assures farmers of security support against bandits, killer herdsmen

    Tinubu govt assures farmers of security support against bandits, killer herdsmen

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Home Corruption

SERAP sues CBN over missing N100 billion dirty notes, others

Daily Intel Newspaper by Daily Intel Newspaper
July 28, 2024
SERAP sues CBN over missing N100 billion dirty notes, others

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The Socio-Economic Rights and Accountability Project ,SERAP, has dragged the Central Bank of Nigeria to a federal high court in Lagos for failing to account for N100 billion ‘dirty and bad notes’ and ‘other large sum of cash awaiting examination’ which are kept in various branches of the CBN.”

In a suit number FHC/L/MSC/441/2024 filed last week at the Federal High Court, Lagos, SERAP is asking the court to “direct and compel the CBN to explain the whereabouts of the over N100 billion dirty and bad notes kept in various branches of the Central Bank of Nigeria (CBN) since 2017.”

SERAP is also asking the court to “direct and compel the CBN to explain the whereabouts of the N7.2bn meant for the construction of the CBN Dutse branch building in 2010 and the N4.8bn meant for the renovation of the CBN Abeokuta branch in 2009 and to publish the names of contractors who collected the money.”

SERAP is asking the court to “direct and compel the CBN to explain the whereabouts of the allegedly missing outstanding loan of N1.2bn granted to the Enugu State government in 2015 and the outstanding loan of N1.9bn granted to the Anambra state government between 2015 and 2016.”

In the suit, SERAP argues thus: “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.

“These grim allegations by the Auditor-General of the Federation suggest grave violations of the public trust, the provisions of the Nigerian Constitution, the CBN Act, and national and international anticorruption obligations.

“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 anti-corruption standards.”

The suit filed on behalf of SERAP by its lawyers Kolawole Oluwadare and Mrs Adelanke Aremo, read in part: “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 ‘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.”

No date has been fixed for the hearing of the suit.

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