No Nigerian linked to $10m Polymer bribe
Headlines Oct 26, 2009 By Omoh Gabriel, Business Editor
LAGOS — GOVERNOR of the Central Bank, CBN, Mr. Lamido Sanusi, has said that no Nigerian has been mentioned in relation to the $10 million polymer bribery scandal.


He said when the money is eventually traced to Nigeria or to a Nigerian, he would expect the Economic and Financial Crimes Commission EFCC, to swing into action.

Sanusi added that many media houses and other Nigerians have called to ask for CBN’s position, wanting him to confirm that the said scam took place.


He said at this time when some people are seeking political office, some are looking for what to use against their opponents.

The CBN Governor said no Nigerian has so far been named or accused of taking the said bribe, stressing that no official reaction has come either from CBN or the Federal Government.

Sanusi declared this at a session with Vanguard Editors, in Lagos last Thursday.

According to him, investigations are ongoing and that until names are mentioned, there is nothing any government official can do about it.

He dispelled speculations by some international and local media reports that he has asked the Australian Central Bank to investigate the company that supplied Nigeria the polymer notes and disclose the names of Nigerians that were allegedly bribed by the company.

According to him: “Concerning the polymer issue, I cannot add anything to what I have said about the issue.
”There is a story that says that there is an investigation being carried out on an Australian company, that gave $10 million bribe in connection with the contract for printing polymer notes in Nigeria.

”None of the people mentioned so far, among the recipients of the bribe, are Nigerians. Nobody has said that the bribe was given to somebody in CBN. It said it was given to some top government and political officials in Nigeria.

“As far as I am concerned, at this level, I place them on the same level of accusation that the Governor of the CBN is pursuing a Northern agenda. When they begin to give names, when they trace the money to Nigeria or to a Nigerian, I would expect EFCC to swing into action.

“As I speak to you, to the best of my knowledge, not a single Nigerian has been named in the issue. Is it a true story? I do not know. I think that as they continue tracing the money, they would end up finding where it went.”

The immediate past Governor of the apex bank, Professor Chukwuma Soludo, had in an interview with Vanguard in 2006, when CBN was planning to introduce the polymer notes, said: “We are planning or not planning is not the word. The whole issue of this currency policy is evolving include the clean note policy.

”That is part of the master-plan that we are planning. It links also to the design, to the restructure that we mean. The polymer technology is new, and is not being used widely around the world.

”People who advocated the idea do think that is the best thing that has happened while those against it think it is the most horrible thing.

”We, at CBN, are open to examine our actions, but will be guided by what is in the best interest of Nigerians.
”For example, I want to get down to what you said about security features.


Mr. Lamido Sanusi, Governor Central Bank has said that no Nigerian has been mentioned in relation to the $10 million polymer bribery scandal
”Most people think that the polymer is more difficult to counterfeit than the paper, and that the major reason people are moving to the polymer is because of the security.

”In Chile, they launched it last week, and was the major argument that they had.

”People say the marks can washout because they are plastic. We are open. We are going to have presentations from the various groups.

”If we have any cause to change one side or the other, we will also subject it to serious scrutinising in terms of technology and compatibility with the master-plan that we are developing for the mint.

”The cost-benefit analysis will also be considered. The major reason people call for the polymer is that it is durable, it is plastic and it can last for an average of three to nine years or more. It is also more expensive to print.

”For us, it is going to be another cost-benefit analysis and also given the technology that we have.
”It will cost us a lot of money to begin to redo them. We have spent quite a lot of money to do it better. In short, we are open to proposals but we have to make the best decision for Nigeria.”.

Media reports had it that a Reserve Bank of Australia company is under Federal Police investigation for allegedly bribing Nigerian officials to win a bank-note deal in the most serious development yet in the cash-for-contracts scandal.

Does anyone here know what Sanusi does not know? Please bring it up or shut up for life.

sjeezy8:

all you anti Aloy

What the hell is the big deal here? Is it not you people who accuse EVERY Notherner of stealing funds even when they havent been convicted of any charges? Arent you people the same ones who accuse EVERY PDP person of being a crook? So now because its soludo that doesnt apply abi?

hypocrites

as for you, it must always end with tribalism.

Now listen:
1. it is not only non igbos that accuse soludo of stealing. Infact most of his enemies lies among igbos.

2. 'every PDP member' does not imply non igbo, igbos are in PDP too.

3. if anyone accuse any unconvicted northerner of stealing, put that person in order, dont use Soludo to get back at the person.

NOW STOP HIDING BEHIND ALOY.

He is not a tribalist  unlike you.

onye_ngbu:

as for you, it must always end with tribalism.

Now listen:
1. it is not only non igbos that accuse soludo of stealing. Infact most of his enemies lies among igbos.

2. 'every PDP member' does not imply non igbo, igbos are in PDP too.

3. if anyone accuse any unconvicted northerner of stealing, put that person in order, dont use Soludo to get back at the person.

NOW STOP HIDING BEHIND ALOY.

He is not a tribalist unlike you.

now where in my statement did you say any tribes? use your eyes and brain ode

Depilot:

Any Nigerian that held any government position during Obasanjo's 8 yr term stole, period!
But only the greedy ones will be prosecuted, but do not fool yourselves, every one of these people (Igbo, Yoruba or Hausa) stole during this period.
Defending any of these people will be nothing but fooling yourselves.

I agree with your points.
For all the brilliance that was attributed to Soludo's tenure, we know now that he either wasn't competent or he just allowed himself to be used. With current events concerning his candidacy for the governorship of Anambra, it is obvious he turned a blind eye to the goings on in the banking sector.

As for Lamido, I think he is doing the right thing but he is out of his depth. He does not seem to understand simple economics. Lamido's actions have damaged the economy but he has had to clean up the mess created by Soludo. If only, Lamido were a competent economist.

sjeezy8:

now where in my statement did you say any tribes? use your eyes and brain ode

come again please

There is no state governor in Nigeria, present or past, had half of the Curriculum Vitae of Chukuwma Soludo and yet nobody ever asked them where their gubernatorial expenditures were sourced.

Dede1:

There is no state governor in Nigeria, present or past, had half of the Curriculum Vitae of Chukuwma Soludo and yet nobody ever asked them where their gubernatorial expenditures were sourced.

That is the absurdity about Nigerians. Very shady characters become Governors everyday. People we've never heard of.
For the first time, a man with a sound reputation, a man with an excellent record and a resume that would intimidate Barack Obama.
This calibre of man wants to become a state Governor and people are screaming crucify him crucify him.
What a nation.

PapaBrowne:

That is the absurdity about Nigerians. Very shady characters become Governors everyday. People we've never heard of.
For the first time, a man with a sound reputation, a man with an excellent record and a resume that would intimidate Barack Obama.
This calibre of man wants to become a state Governor and people are screaming crucify him crucify him.
What a nation.

Dede1:

There is no state governor in Nigeria, present or past, had half of the Curriculum Vitae of Chukuwma Soludo and yet nobody ever asked them where their gubernatorial expenditures were sourced.

Granted that Soludo may more educated than most other thieving governors but with all his education, what did he do with the CBN? He left the banking industry in a mess either through incompetence or corporate greed. He should have used all his education and experience while he was CBN governor. What is the point of education if it does not bear on your job?

I was visiting Associate Professor at Swarthmore College, USA, and promoted Professor of Economics at the age of 38 (University of Nigeria, Nsukka). I lived and worked in Ethiopia, U.K., and the USA and travelled to 45 other countries before joining Government in 2003. As consultant to 18 international organizations (including the World Bank, IMF, OECD Paris, European Union, African Union, USAID, UK-DFID, ADB, IBM Consulting, USA; IDRC Canada; Chemonics International, USA;  United Nations, UNIDO, ECOWAS, COMESA, CODESRIA, UNCTAD; AERC Nairobi) I garnered wide ranging experiences and knowledge. I was also the founding Executive Director of the African Institute for Applied Economics, Enugu. I have to my credit over 80 scholarly publications, 15 books, and over 250 monographs, conference papers and public lectures.

Any person who has read the above portions of Chukwuma Soludo’s curriculum vitae and still has the audacity to question the source of Soludo’s gubernatorial expenditures is a bona fide dullard 

The mere consultation fees of the four companies or organizations list above are enough for Soludo to run for presidency of Nigeria talk less of governorship

Dede1:

Any person who has read the above portions of Chukwuma Soludo’s curriculum vitae and still has the audacity to question the source of Soludo’s gubernatorial expenditures is a bona fide dullard 

The mere consultation fees of the four companies or organizations list above are enough for Soludo to run for presidency of Nigeria talk less of governorship

Why is this so hard for people to see. Soludo can afford everything the press has accused him of spending on. Even the ones that are obviously lies.

Katsumoto:

Granted that Soludo may more educated than most other thieving governors but with all his education, what did he do with the CBN? He left the banking industry in a mess either through incompetence or corporate greed. He should have used all his education and experience while he was CBN governor. What is the point of education if it does not bear on your job?

The question should be what has he not done with our banking industry.
If Soludo had not done what he did before the meltdown hit the world, there wouldnt have been anything like banking industry by now in Nigeria not to talk of a messed up one.

onye_ngbu:

Why is this so hard for people to see. Soludo can afford everything the press has accused him of spending on. Even the ones that are obviously lies.

The question should be what has he not done with our banking industry.
If Soludo had not done what he did before the meltdown hit the world, there wouldnt have been anything like banking industry by now in Nigeria not to talk of a messed up one.

I understand your argument but a competent manager would have noticed what was going on in the banking industry. The question is ' was he aware of what was going on and got a piece of the pie or it was just beyond him?

I actually like the idea of Soludo in 2015 (if we follow the political zoning). He would be better qualified than the other looters that we have had. But still, there are questions unanswered ,

[size=16pt]“By doubting we come to question, and by questioning, we perceive the truth.” (Peter Abelard, 1079-1142)[/size]

Dede1:

I was visiting Associate Professor at Swarthmore College, USA, and promoted Professor of Economics at the age of 38 (University of Nigeria, Nsukka). I lived and worked in Ethiopia, U.K., and the USA and travelled to 45 other countries before joining Government in 2003. As consultant to 18 international organizations (including the World Bank, IMF, OECD Paris, European Union, African Union, USAID, UK-DFID, ADB, IBM Consulting, USA; IDRC Canada; Chemonics International, USA;  United Nations, UNIDO, ECOWAS, COMESA, CODESRIA, UNCTAD; AERC Nairobi) I garnered wide ranging experiences and knowledge. I was also the founding Executive Director of the African Institute for Applied Economics, Enugu. I have to my credit over 80 scholarly publications, 15 books, and over 250 monographs, conference papers and public lectures.

Any person who has read the above portions of Chukwuma Soludo’s curriculum vitae and still has the audacity to question the source of Soludo’s gubernatorial expenditures is a bona fide dullard 

The mere consultation fees of the four companies or organizations list above are enough for Soludo to run for presidency of Nigeria talk less of governorship

You can not substitute real life competency, sound judgment and credible managerial skills with education.

Dude was shamefully lousy and negligent managing a common government agency and you're advocating placing the lives of millions of people in his hands.


Can't help but question your own sense of judgment and rationality.

Aloy~Emeka:

[size=16pt]“By doubting we come to question, and by questioning, we perceive the truth.” (Peter Abelard, 1079-1142)[/size]

I see you've been reading the Story of my Calamities. Of all the philosophers, I wonder why anybody would waste time with Abelard; no wander you reasoning is screwed up just like his.

Aloy~Emeka:

[size=16pt]“By doubting we come to question, and by questioning, we perceive the truth.” (Peter Abelard, 1079-1142)[/size]

Good one @AloyEmeka!


So, so very true!

babapupa:

You can not substitute real life competency, sound judgment and credible managerial skills with education.

Dude was shamefully lousy and negligent managing a common government agency and you're advocating placing the lives of millions of people in his hands.
Can't help but question your own sense of judgment and rationality.

Apart from Sanusi's public relation campaign to show his own relevance and different understanding of what a CBN governor ought to be doing, do you have any other evidence to support this stupidly shameful allegation?
If he was negligent, don't you think Sanusi and EFCC would have been on his case a long time ago? Propaganda and daily newspaper interviews don't convict people, so please wait until you or someone proves him negligent.

The audit that exposed all the ills in the industry was iniated by soludo himself. Sanusi only finished the job.
One thing i like about soludo's attitude to all the trash is that none of all the press campaign of calumny bothers him.
Why would it when the people (EFCC & sanusi) who are conducting the probes never mentioned his name.

naijaking1:

Apart from Sanusi's public relation campaign to show his own relevance and different understanding of what a CBN governor ought to be doing, do you have any other evidence to support this stupidly shameful allegation?

What you labeled Sanusi's public relation campaign to show his own relevance exposed Soludo's incompetencies, ineffectiveness, gross neglect and total abdicated the duties. He basically presided over rot and concerted fleecing of the country's banking establishments.

He was in charge and the buck stops with him.

If he was negligent, don't you think Sanusi and EFCC would have been on his case a long time ago?

Unfortunately, they hardly charge and put people in jail for negligence, they fire them instead, just like they fired his weak, incompetent and negligent ass.

Propaganda and daily newspaper interviews don't convict people, so please wait until you or someone proves him negligent.

The obvious mess he left, the thieving bankers, rotten banks, and people losing their savings happens to be real life situation, not
propaganda my friend. People got hurt and the country's financial future and stability was jeopardized.

,

onye_ngbu:

The audit that exposed all the ills in the industry was iniated by soludo himself. Sanusi only finished the job.
One thing i like about soludo's attitude to all the trash is that none of all the press campaign of calumny bothers him.
Why would it when the people (EFCC & sanusi) who are conducting the probes never mentioned his name.

Why not just go ahead and share with us any credible and available documentation to back that up? Must you guys just talk and insult people's intelligence needlessly.

I would love any criminal in Nigerian be tried and sentence life improsonment. Yet there is one thing we need to be cleared here. Suludo was never a politicians, yet to be. There is also this tiny disease that has been in Nigeria for a long time now. It has become obvious that even BCC has discovered it.
It so funny that after reading this article on BBC, i bursted into a topic like this. What to say?

http://news.bbc.co.uk/2/hi/africa/8389020.stm

Lies, politics and Nigeria's great rumour mill

There are localised rumours - in small communities, in social clubs, in religious organisations.

They come with such authority that hardly anyone doubts them.



Gen Ibrahim Babangida - the rumour mill killed off his wife prematurely.
Who will question the veracity of a story that an old or sick person has died? Or that a person whose source of wealth is unknown is indeed a drug baron? Or that a curvaceous Nollywood star is mistress to several adulterous men?

The mill in Nigeria is so powerful that it has permeated the conventional media.

Many newspapers and magazines publish products of the rumour mill as authentic news.

The less dishonourable of them publish retractions in obscure corners several days later.

The one factor binding all rumours is that they are fabricated to injure individuals or organisations.

They damage reputations and cause disaffection among people.

Dede1:

There is no state governor in Nigeria, present or past, had half of the Curriculum Vitae of Chukuwma Soludo and yet nobody ever asked them where their gubernatorial expenditures were sourced.

an educated thief is still a thief

babapupa:

You can not substitute real life competency, sound judgment and credible managerial skills with education.

Dude was shamefully lousy and negligent managing a common government agency and you're advocating placing the lives of millions of people in his hands.


Can't help but question your own sense of judgment and rationality.

Thank you, I agree completely.
The dude you are responding to is known for his one sided vision.

mbulela:

an educated thief is still a thief

, And what did he steal from you pathetic ingrates? . . I guess it is because he rendered his services to you as a Nigerian or simply because his competency and CV are quite intimidating for you anti-podals to challenge. . . .May be I should believe that you are flowing with the collective amnesia most imbecilic literate Nigerian suffer nowadays: a condition in which they rank all public officials as corrupt ones while they the citizens are the holy ones or the ones fit to occupy the post.
If Soludo is not attacked today, Oby Ezekwesili would be attacked tommorrow, next day would be Dora Akunyili or Okonjo Iweala. To add salt to the injury, all these incessant public malice are based on false inuendos and unsubstantiated gotcha journalism reports.
However, there is no doubt in my mind that you underground jobbers are nothing but mere little demons attempting to touch the holy water.

mbulela:

[size=15pt]an educated thief is still a thief[/size]

Best retort so far for all the rubbish against INVESTIGATING a man who supposedly amassed billions in [size=14pt]5[/size] years. There are so many others, more educated and experienced than he who cannot boast of having as much. 

I cannot understand how these same Nigerians, arguing AGAINST INVESTIGATING THE MAN TO BE SURE OF HIS SOURCES, can convince themselves they want any kind of change at the end of the day. We see them here push for the status quo to remain mostly on the grounds that Soludo is "ONE OF US", but you pick up someone who is NOT in that group and these same poeple will SWITCH over to spew venom and demand all sorts be done in addition to INVESTIGATING em. It is amazing how so many of us still think!

Calling Soludo A thief is Premature,

Definitely!! It is PREMATURE to label him a thief but we are speaking of Nigeria where many of our politicians are condemned even before (if ever) investigated.

It is also just as ludicrous to claim Soludo ( since this is about him) is INNOCENT of all charges, without having documentation of this somewhere, or even before any investigation has been carried out to prove this to be the case. Even more upsetting is the assertion that Soludo’s education precludes the existence of guilt in his case.

kosovo:

Calling Soludo A thief is Premature,
   

i agree with you here,  because no court of law don convict de poor ex governor, of any crime.

no mind these dishonest nigerians, na so dem call ibori, alams wonder boy, obj, ibb, almost all ex governors,  directors general,  thieves. even bode george wey dey appeal conviction, dem call am thief prematurely.

how unfair, no court don find these people guilty of any crime, yet nigerians dey call dem thieves. dem no believe in de rule of law.  

[i]
(with tongue in chee[/i]k)

Kobojunkie:

Definitely!! It is PREMATURE to label him a thief but we are speaking of Nigeria where many of our politicians are condemned even before (if ever) investigated. It is also just as ludicrous to claim he is INNOCENT of all charges, without having documentation of this somewhere or even before any investigation has been carried out to prove this to be the case. Even more upsetting is the assertion that Soludo’s education precludes the existence of guilt in his case.

Kobo, it baffles me how u are goin about this Soludo issue. Has Soludo been accused of any act of embezzlement or corrupt enrichment as you are insinuating or it is just a figment of your sole imagination and that of your co travellers? What wealth are you talking about? Is there any allegation of financial recklessness against him? Pleast tell me. Maybe there is one that I am not aware of!

Sunny_bobo:

Kobo, it baffles me how u are goin about this Soludo issue. Has Soludo been accused of any act of embezzlement or corrupt enrichment as you are insinuating or it is just a figment of your sole imagination and that of your co travellers? What wealth are you talking about? Is there any allegation of financial recklessness against him? Pleast tell me. Maybe there is one that I am not aware of!

Please start using your HEAD and THINK before you POST more oftten than not! It will help, not just you, but your family and generations of your people to come!!!  This is not meant to be an insult but cry to all, that we wake up from all this silly nonsense.

Soludo held office for 5 years -- there are allegations, which are not new that he amassed millions from unknown sources during that time. There is ABSOLUTELY nothing evil in calling for an investigation. You watch in other developed country where an INVESTIGATION is carried out in most every area, but we SELECTIVELY resist COMMON sense when it comes to those we are UNSURE OF but are willing to turn a blind eye to, why? What are you trying to make sure stays hidden? Is it that you do not trust him at all or something? Don't the people of Anambra at least DESERVE the truth before going to the polls next march?

Are you afraid that Soludo may be discovered guilty? Are you afraid that some sources he may want hidden may be exposed? If you trust him so much, why not WELCOME an investigation to proof your LORD AND MASTER innocent in the eyes of the world?

Kobojunkie:

Definitely!! It is PREMATURE to label him a thief but we are speaking of Nigeria where many of our politicians are condemned even before (if ever) investigated. It is also just as ludicrous to claim he is INNOCENT of all charges, without having documentation of this somewhere or even before any investigation has been carried out to prove this to be the case. Even more upsetting is the assertion that Soludo’s education precludes the existence of guilt in his case.

Find out those who condemned untried politicians and correct them but PLEASE dont condemn another man because you believe that same thing are applied to others.
It is ludicrous to claim that he is innocent but YET that is not enough to condemn him. The law says one is innocent until proven otherwise. He is still innocent until he is tried.

Kobojunkie:

Best retort so far for all the rubbish against INVESTIGATING a man who supposedly amassed billions in [size=14pt]5[/size] years. There are so many others, more educated and experienced than he who cannot boast of having as much. 

Your source of information on his billions comes from the same source that is currently fighting him. Did you know all about his assets BEFORE he started working for the government and even now that he is no longer working.  Even now, you cannot be sure how much he REALLY have, all you work with is what sahara reporters have told you.

Kobojunkie:

Soludo held office for 5 years -- there are allegations, which are not new that he amassed millions from unknown sources during that time. There is ABSOLUTELY nothing evil in calling for an investigation. You watch in other developed country where an INVESTIGATION is carried out in most every area, but we SELECTIVELY resist COMMON sense when it comes to those we are UNSURE OF but are willing to turn a blind eye to, why?

You make it appear as if the whole nigeria is calling for Soludo's investigation.

That is not true. It is only some people like you who have subscribed to the rumor mill that that has been spreading falsehood about the man. CBN or EFCC will not conduct investigation against soludo because few uninformed individuals like you wants him to be investigated. They will do so if they see any need to do so but as of now they have not done it. Even if they had done or is doing right now, they wont tell you.
So stop your useless call for investigation which will lead you no where.