July 22, 2008
Saharareporters, New York
The investigation committee probing the activities of Africa Finance Corporation (AFC) has submitted its report to the Attorney General, Michael Aondoakaa.The committee was set up to probe the role the Central Bank of Nigeria (CBN) and its governor, Charles Soludo played in moving monies in the controversial AFC deal.
The committee chaired by the current Director of Operations of the Economic and Financial Crimes Commission (EFCC), Tunde Ogunsakin while submitting its findings to the AGF said they recovered $18 million USD from entities involved in the bungled investments in the AFC.
Ogunshakin also told the AGF that the amount of money invested in the AFC by the Central Bank of Nigeria was $462 million as opposed to $480 million reported in the media.
"We have recovered this amount which is now in the custody of JP Morgan Chase Bank, New York, in an interest-yielding account, pending a final determination by the Federal Government of Nigeria's continued participation in the AFC project "
Ogunsakin also said that the committee has made several findings regarding the role of the Central Bank of Nigeria, its functionaries, as well as other persons and institutions in the setting up and funding of the AFC.
"We have made necessary recommendations, arising from our findings, in order to ensure that the mistakes we have identified are not repeated. Some of the mistakes we have located in the process of our assignment, related to statutory and procedural issues which we believe the Federal Government will determine how best to handle within the context of the totality of our report."
He stressed that the committee also apportioned blame to individuals for their actions and inaction that led to what the committee considered certain avoidable steps in the formation and funding of the AFC.
Even though the full content of the committee report was not yet made public, Saharareporters gathered from sources at the presidency that the committee recommended that the CBN Governor, Charles Soludo, face further probe and possible prosecution for certain indiscretions that was interpreted as self-enrichment by the committee. The source told us the report had earlier been turned in last week Monday while Yar'adua was visiting the United Kingdom.
It was not clear if the committee made any recommendations regarding three major banks -Oceanic, United Bank for Africa (UBA) and Zenith bank- who were said to be implicated by a key document provided by Soludo to members of the committee after he initially resisted providing documentary evidence to the panel.
The submission of the committee report may not sound an immediate death knell for Soludo, if earlier indications that he finally succeeded in getting a hefty bribe of $4 million to Turai Yar'adua the wife of the president, prove to be true.
Saharareporters was told that apart from the bribery of key presidency officials and the Inspector General of Police(IGP), Mike Okiro, Mr. Soludo is also getting solid support from the current chair of the Governors Forum, Bukola Saraki.
Soludo is working hard to help the Saraki family resuscitate their family bank, the defunct Societe Generale Bank of Nigeria (SGBN) that went under in 2002/2003 due to massive looting of the bank that was perpetrated by the top management of bank including Bukola, who was an executive director of the bank.
Also last week, Saharareporters reliably gathered that Soludo sent a "power delegation" composed of the managing director of UBA, Tony Elumelu and Andy Uba to meet with the Attorney General, Michael Andoakaa and discuss how the report could be toned down to spare Soludo.
We could not tell if the meetings and possible exchange of monetary bribes may have led to a significant alteration of the earlier report which out rightly recommended Soludo for criminal prosecution.
The investigation committee probing the activities of Africa Finance Corporation (AFC) has submitted its report to the Attorney General, Michael Aondoakaa.The committee was set up to probe the role the Central Bank of Nigeria (CBN) and its governor, Charles Soludo played in moving monies in the controversial AFC deal.
The committee chaired by the current Director of Operations of the Economic and Financial Crimes Commission (EFCC), Tunde Ogunsakin while submitting its findings to the AGF said they recovered $18 million USD from entities involved in the bungled investments in the AFC.
Ogunshakin also told the AGF that the amount of money invested in the AFC by the Central Bank of Nigeria was $462 million as opposed to $480 million reported in the media.
"We have recovered this amount which is now in the custody of JP Morgan Chase Bank, New York, in an interest-yielding account, pending a final determination by the Federal Government of Nigeria's continued participation in the AFC project "
Ogunsakin also said that the committee has made several findings regarding the role of the Central Bank of Nigeria, its functionaries, as well as other persons and institutions in the setting up and funding of the AFC.
"We have made necessary recommendations, arising from our findings, in order to ensure that the mistakes we have identified are not repeated. Some of the mistakes we have located in the process of our assignment, related to statutory and procedural issues which we believe the Federal Government will determine how best to handle within the context of the totality of our report."
He stressed that the committee also apportioned blame to individuals for their actions and inaction that led to what the committee considered certain avoidable steps in the formation and funding of the AFC.
Even though the full content of the committee report was not yet made public, Saharareporters gathered from sources at the presidency that the committee recommended that the CBN Governor, Charles Soludo, face further probe and possible prosecution for certain indiscretions that was interpreted as self-enrichment by the committee. The source told us the report had earlier been turned in last week Monday while Yar'adua was visiting the United Kingdom.
It was not clear if the committee made any recommendations regarding three major banks -Oceanic, United Bank for Africa (UBA) and Zenith bank- who were said to be implicated by a key document provided by Soludo to members of the committee after he initially resisted providing documentary evidence to the panel.
The submission of the committee report may not sound an immediate death knell for Soludo, if earlier indications that he finally succeeded in getting a hefty bribe of $4 million to Turai Yar'adua the wife of the president, prove to be true.
Saharareporters was told that apart from the bribery of key presidency officials and the Inspector General of Police(IGP), Mike Okiro, Mr. Soludo is also getting solid support from the current chair of the Governors Forum, Bukola Saraki.
Soludo is working hard to help the Saraki family resuscitate their family bank, the defunct Societe Generale Bank of Nigeria (SGBN) that went under in 2002/2003 due to massive looting of the bank that was perpetrated by the top management of bank including Bukola, who was an executive director of the bank.
Also last week, Saharareporters reliably gathered that Soludo sent a "power delegation" composed of the managing director of UBA, Tony Elumelu and Andy Uba to meet with the Attorney General, Michael Andoakaa and discuss how the report could be toned down to spare Soludo.
We could not tell if the meetings and possible exchange of monetary bribes may have led to a significant alteration of the earlier report which out rightly recommended Soludo for criminal prosecution.
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