Facts have emerged on how the top management of Consolidated Discount Limited (CDL) kept the alleged malpractices in its accounts away from the prying eyes of regulators for years.
An anonymous source from the Central Bank of Nigeria (CBN) reliably informed The Nation that the management of CDL maintained three different books – one for the auditors, one for the CBN and another for the public. The source said the top management of CDL were aware of the mismanagement in the company but did nothing about it.
The source said the CBN had moved into the CDL with the intention of rescuing it, thinking that its problem was based on illiquidity, until it discovered the level of abuse perpetrated by the management. The CBN also called a meeting of the banks that controlled majority shares in CDL, and was at the verge of resolving the financial crisis, before it discovered the true state of their accounts.
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