The 2020 Audited report of government finances by the Office of the Auditor General for the Federation (OAuGF) has shed light on significant gaps in the record-keeping of recovered funds by the Economic and Financial Crimes Commission (EFCC) at the Central Bank of Nigeria (CBN) between 2016 and 2019.<\/p>\n
According to the report, submitted to both chambers of the National Assembly through the Clerk on November 30, 2023, the CBN has no records of inflows of recovered funds into the federation accounts during this period, despite the requirement to do so. The last recorded inflow of recovered funds was in December 2015.<\/p>\n
Furthermore, the report highlights a lack of documentation justifying the non-recognition of recovered funds between 2016 and 2019, prompting the Public Account Committees of the Senate and House to request the CBN governor to provide clarification.<\/p>\n
The report also raises concerns over a decrease in foreign reserves between 2017 and 2019, as well as a decrease in foreign exchange earnings in 2019, totaling about $2.6 billion.<\/p>\n
Additionally, the report accuses the CBN of questionable practices, including making deposit placements with First Bank of Nigeria (FBN) United Kingdom (UK) Ltd, London, amounting to US$134,507,155.20 in 2020, allegedly to circumvent guidelines. The CBN denies any wrongdoing, stating that the placements were within approved limits.<\/p>\n
Moreover, the report alleges that the CBN violated International Monetary Fund (IMF) conditions and diverted IMF rapid financing instrument funds of about $3.4 billion. It claims that the CBN moved a significant portion of the funds to investments without proper approval or documentation, potentially depriving the Federal Government of interest earnings.<\/p>\n","protected":false},"excerpt":{"rendered":"
The 2020 Audited report of government finances by the Office of the Auditor General for the Federation (OAuGF) has shed light on significant gaps in the record-keeping of recovered funds by the Economic and Financial Crimes Commission (EFCC) at the Central Bank of Nigeria (CBN) between 2016 and 2019. According to the report, submitted to […]<\/p>\n","protected":false},"author":16,"featured_media":19675,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[177],"tags":[246,223,59],"class_list":["post-19674","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-abuja-reports","tag-cbn","tag-efcc","tag-featured"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/19674","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/16"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=19674"}],"version-history":[{"count":4,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/19674\/revisions"}],"predecessor-version":[{"id":19697,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/19674\/revisions\/19697"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/19675"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=19674"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=19674"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=19674"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}