OrderPaperToday – The House of Representatives has mandated its Committee on Banking and Currency to investigate the Central Bank of Nigeria over failure of 14 Nigerian banks to repay 7 billion US dollars disbursed to them by the agency 13 years later.
The probe will also determine the terms and conditions of the disbursement and repayment of the fund.
The resolution followed a motion sponsored by Mr Abubakar Yunusa Ahmad (APC, Gombe) during plenary on Thursday.
Raising the motion, Mr Ahmad revealed that sometime in 2006, the Central Bank of Nigeria (CBN) disbursed 7 billion USD out of Nigeria’s 38.07 billion USD foreign reserves to 14 global asset managers and their 14 Nigerian banks local partners to manage.
According to the lawmaker, the 14 global asset managers and their Nigerian counter parts are Black Rock and Union Bank Nigeria Plc; J.P. Morgan Chase and Zenith Bank Plc; H.S.B.C. and First Bank of Nigeria Plc; BNP Paribas and Intercontinental Bank Plc; USB and United Bank for Africa; Credit Suisse and IBTC Chartered Bank Plc; Morgan Stanley and GTB Plc; Fortis and Bank PHB Plc; Cominvest and Oceanic Bank Plc; ING and Ecobank Plc; Bank of the New York and Stanbic Bank Plc and Crown Agents and Diamond Bank Plc.
He explained, “The Central Bank of Nigeria (CBN) gave each asset manager and its Nigerian bank counterpart $500 million USD from the nation’s foreign reserves to manage
“Of the 14 Nigerian banks that received the said funds, about six of them namely Oceanic Bank, Intercontinental Bank, Bank PHB, FIN Bank, AfriBank, and very recently, Diamond Bank Plc were merged/acquired by other banks under the oversight of the Central Bank of Nigeria (CBN).
“The assets and liabilities of the six merged/acquired banks have been legally acquired as part of the legacies of the defunct banks.”
He further expressed worry that after13 years, Nigeria’s hard earned 7 Billion USD foreign reserves has not been repaid to the Central Bank of Nigeria and there is no action put in place to ensure repayment of the funds.
The House, therefore, adopted the motion without debate through a voice vote called by the presiding officer, Deputy Speaker Ahmed Wase and referred it to its committee on Banking and Currency for further legislative action.
The committee is expected to report its findings within eight (8) weeks for further legislative action.



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