CBN, orders banks to give key fact statement
The CBN Governor, Godwin Emefiele

Some financial and economic experts have asked the Central Bank of Nigeria (CBN) to ready itself for an independent audit.

Reason for the audit: The demand is coming in the backdrop of the alleged N500 billion fraud against the CBN Governor, Godwin Emefiele, and some other top officials of the apex bank.

The need for a probe: The Director-General of the Nigeria Employers’ Consultative Association, Mr Timothy Olawale, wants government security and anti-graft agencies to look into the matter just to clarify to Nigerians what actually happened.

He explained that even though the CBN has assured Nigerians that there was no missing fund, there is still a need to properly investigate and get to the root of the case.

“Despite the denial of the CBN, there is still a need for due diligence to be followed in unravelling the controversy surrounding the alleged missing of N500bn. This is necessary in order to allay the fears of Nigerians on the issue.

“The relevant security and anti-graft agencies like Criminal Investigation Department and the Economic and Financial Crimes Commission must be brought in to unravel whatever gave rise to such an allegation. It is only then that Nigerians will know what is really happening.”

Meanwhile, the Registrar, Institute of Finance and Control of Nigeria, Mr Godwin Eohoi, said the following;

“This is vital to clear the air for a better Nigeria. Someone can be investigated and not found culpable. If the tape is not to blackmail the CBN governor, then it should be investigated.

“The government should set up an audit panel to check what actually transpired at the CBN. The volume of money involved is huge and should not be swept under the carpet.”

What is an independent audit? An independent audit is an examination of the financial records, accounts, business transactions, accounting practices, and internal controls of an organisation. This is usually carried out by an independent auditor.

Coronation Research


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