A huge chunk of the $7bn reserves which the Central Bank of Nigeria under a former Governor Charles Soludo gave to 14 banks had yet to be repaid 13 years after it was collected.
The CBN had in 2006 apportioned $7bn out of the nation’s external reserves, which stood at $38.07bn then to 14 global asset managers and their 14 Nigerian banks local partners, to manage.
The CBN gave each of the 14 banks asset manager $500m of the external reserves to manage.
But the global financial crisis of 2008 and the capital market meltdown of 2009 affected some of the banks, and they could not pay.
Now, there are indications that the entire $7bn may never be recovered, Nigerians have paid the price. We took the heat of over N5tn because of the recklessness of few people and some of them are political actors.”
The circumstance surrounding the management of the $7bn is currently being investigated by the Economic and Financial Crimes Commission