The Central Bank of Nigeria (CBN) is examining ways it can assist the Federal Government to recover billions of dollars allegedly looted from the treasury by past government officials and stashed in foreign banks.
CBN Governor, Mr. Godwin Emefiele, told the Financial Times of London in an interview published yesterday that the Central Bank would play a vital role in the avowed determination by President Muhammadu Buhari to recover the looted funds.
He said: “At this time it’s (recovery of looted funds) is still being looked at and we will be happy to play a role once we find the opportunity. Naturally, as the Central Bank, we will also assist in drilling them once we get to that stage, and we will be happy to have that money back because it will improve our reserves.”
Emefiele said already, the reserves were benefitting from the steps taken by the new administration to block revenue leakages. He said: “The Treasury Single Account is a policy that was being pursued even before President Buhari came on, but this is being pursued more vigorously at this time, and what does that mean?
It means that all revenuegenerating agencies are compelled that once they receive the revenues, the revenues must come to the centre, and that means those revenues will come to the Central Bank of Nigeria. We had instances where some of those revenues were trapped outside the Central Bank
The president came on and he insisted that all revenues come to the centre and that’s what we are saying, and it’s the reason why you are seeing some improvements in the reserves’ position.”