The Financial Reporting Council of Nigeria (FRCN) has blamed the Central Bank of Nigeria (CBN) and other financial regulatory agencies for the $13.9billion alleged capital repatriation by MTN Nigeria in collusion with some commercial banks and individuals.
The FRCN also put the blame for the depletion of the nation’s foreign reserves squarely on the apex bank which it said has failed to submit financial statements of activities in the last four years.
Executive Secretary of the Council, Jim Obazee disclosed these at a public hearing by the Senate Committee on Banking, Insurance and other Financial Institutions which is investigating the alleged repatriation of $13.9 billion by MTN.
MTN which Thursday denied the allegations was said to have been assisted in the offence by Diamond Bank, Stanbic IBTC and Standard Chartered Bank alongside some individuals including the Minister of Trade and Investment, Okechukwu Enelamah.
But shedding light on the matter, Obazee said poor accountability by regulatory agencies was responsible for the alleged repatriation of $13.9 billion by MTN and other infractions of economic nature.
According to him, “the regulatory agencies are not working but if they are working definitely a lot of these infractions will not occur. You cannot have the security personnel at your gate who has suddenly left the gate opened and then you said somebody stole your assets and you can’t find them.
“The regulatory agencies after all their submissions will definitely find their role in all of them because there are laws that they are supposed to protect. If you are not protecting them then definitely some openings like this where you see this depletion.
“The regulatory agencies themselves will need to check their own financial statement especially those who are supposed to account for our external reserves. If we continue to see a drop year in year out, there is supposed to be full explanation to the National Assembly or the government why our external reserves is dropping while there are inflows that are not adequately matched with outflows.”
On the issue of annual financial statements by CBN and others, the FRCN boss said: “You will be surprised that a number of government entities for the past four years could not prepare financial statements. These entities should not be entitled to budgetary funds because you have not accounted for the money that was given to you before why are you asking for new one.”
At the hearing, the banks denied any wrongdoing in the funds transfer. ORDERPAPERNG.COM
