A former governor of the Central Bank of Nigeria, Chukwuma Soludo, hit back Saturday after a senior Nigerian lawyer, Femi Falana, accused him of unlawfully “doling” $7 billion of Nigeria’s reserves to banks as loan.
Mr. Falana said the amount was never recovered.
The former CBN chief dismissed the allegation as “ignorant” and “blatant lies”, and demanded evidence or an apology.
“I largely ignore such ignorant commentaries,” he said in a statement. “However, Femi Falana is one of the Nigerians I deeply respect, and I am sure many Nigerians also hold him in very high esteem. I was therefore shocked beyond belief that someone like him could fabricate and peddle blatant lies.”
Mr. Falana had urged the Economic and Financial Crimes Commission, EFCC, to investigate alleged “criminal diversion or withholding” of government funds by the CBN, under Mr. Soludo and his successor, Lamido Sanusi.
The lawyer said Mr. Sanusi, who is the Emir of Kano now, gave another unrecovered N600 billion as bailout to the same banks.
He also accused Mr. Sanusi of illegally paying N2.5 trillion instead of N245 billion to fuel marketers as subsidy. Mr. Sanusi denied the allegation and said he was ready to face investigations.
Mr. Soludo, who left the CBN in 2009, said throughout my tenure, Nigeria never lost one penny of the reserves.
“From the above quotation, Falana alleged that I “removed” $7 billion from Nigeria’s external reserves and gave same as a “loan” to 14 Nigerian banks in 2006, and apparently such a “loan” has not been recovered. This is a blatant lie and I challenge Falana to publish the details of such a “loan” which remains unpaid or as a person with honour, publish a retraction and unreserved apology immediately,” Mr. Soludo said.
Mr. Soludo said one of the legacies of his tenure as CBN Governor was the highest rate of reserve accumulation in Nigeria’s history as well as its effective and efficient management.
“On assumption of office, I met exactly $10 billion in foreign reserves. With average monthly oil price of $59 during my tenure, we accumulated reserves to all time high of over $62 billion. Even after paying off Nigeria’s external debt with $12 billion and facing unprecedented global financial and economic crisis, I still left $45 billion upon leaving office in 2009,” he said.
“Throughout my tenure, Nigeria never lost one penny of the reserves. It is particularly important to note that even during the global financial crisis of 2008/2009 when major international banks collapsed and some countries lost some of their reserves, our prudent management ensured that Nigeria never lost a penny but earned returns on the reserves. Given the powerful interests that I fought during the consolidation of banks and even since I left office, one can only imagine the international headlines that would have been made if just one penny of the reserves was unaccounted for.
“That under the provisions of the CBN Act as well as the guidelines for the management of foreign reserves, it is impossible for anyone to ‘remove’ any sum of money from the reserves and give out as “loan” to commercial banks in Nigeria. To qualify as ‘foreign reserves’ such reserves are held in foreign currency abroad as deposits with banks or in sovereign instruments such as the US treasury bills,” he said.
Mr. Soludo said he would be at any time to respond to any questions regarding his stewardship at the CBN.
“I have come to terms with the fact that part of the burden one bears for having held public office in Nigeria is that one has to endure all kinds of uninformed and sometimes mischievous attempts to malign one’s character,” he said.

http://www.premiumtimesng.com/news/headlines/211162-soludo-hits-back-says-falanas-allegation-diverted-7-billion-blatant-lies.html?utm_source=&utm_medium=twitter

naija

Tired of hearing all these stolen Billions.

He Diverted more than that....



My Dad will always say the worst thing that happened to CBN was appointing Soludo as the CBN governor, CBN staff worship Lamido Sanusi that guy tripled thier welfare packages

Na only accuse this man sabi do. Nothing else. E-warrior

The way they talk about Billions here and there ehn.

This Falana sef, if na old age

Falz ti take over

Charge and bail..

falz hold ur fada oo...
but in every suspicious ,there is an element of truth in it

Effc oya fud don land

On assumption of office, I met exactly $10 billion in foreign reserves. With average monthly oil price of $59 during my tenure, we accumulated reserves to all time high of over $62 billion. Even after paying off Nigeria’s external debt with $12 billion and facing unprecedented global financial and economic crisis, [/b]I still left $45 billion upon leaving office in 2009[b],” he said.

Ladies and Gentlemen as you can see Jonathan Administration didn't inherit any $63 billion. It was just a pure unadulterated lie spread by satanists and believed by the gullible

NOI said that they inherited $43 billion when they (she took over as FM) took over.

As for Soludo, you rip what you sow.

Oga Charles Chukwuma soludo, you are too refined and exposed to condescend to Falana's level of macabre dance and rabble rousing.

it's obvious that the poor, hungry and charge and bail lawyer is embittered on his non-inclussion in Buhari's cabinet hence the perpetual bleating in many quarters aimed at currying sympathy from the president.

Falana should sue himself to court for losing his sense of reasoning ....only this will earn him a place in Buhari's cabinet probably as PA to the minister of transport on motor park levies.... since he's in dire need of job

The point to note here is that are 59 dollars a barrel Saluda of and Co were able to shore up our reserves from 10 billion dollars to 40 something billion USD amidst a global economic meltdown ..Buhari has a lot to learn from this team