Ex-CBN Governor dares anti-graft agencies to probe him

chika ebuzor

September 26, 2016 5:28 PM

Femi Falana had earlier called on the EFCC to probe Sanusi.

Emir Muhammad Sanusi II

Former

Sanusi, who is also Emir of Kano, said this in reaction to Femi Falana’s call for the Economic and Financial Crimes Commission (EFCC) to probe the former CBN Governor.

Responding to Falana, Sanusi said “The Central Bank does not pay and has never paid subsidy to marketers and the only circumstance this would happen is the Central Bank acting as banker to government and carrying out instructions to make payments from government accounts.

“There is absolutely no circumstance under which the CBN would have disbursed its own money for payment of subsidy or disbursed money on behalf of government without authorization.”

Adding that “The money was not given to bank shareholders and management but was provided to ensure that ordinary Nigerians and other depositors who kept their money in banks did not lose their savings as a result of the mismanagement of these banks and bad loans.

“The money remains a loan to those banks and is to be repaid from a combination of sources over the years. These include sale of collateral backing non-performing loans held by AMCON, recovery of those loans, sale of share of the banks held by AMCON and a sinking fund into which all banks are to make annual contributions. “This will continue no matter how long it takes until the banking industry repays all amounts due to AMCON and the bondholders are repaid.

“All of this is in line with the law setting up AMCON and the purpose of setting it up in the first place. “The resolution of the Nigerian banking crisis and the AMCON model are actually being held up as an example of how to deal with severe and systemic banking crisis. Not a single depositor in any Nigerian bank lost a single kobo due precisely to these arrangements.”

Femi Falana (SAN) also said President Muhammadu Buhari’s administration has begun to cover up corruption cases like former president Goodluck Jonathan's government.

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