Reps to probe alleged non-repayment of $7bn Foreign Reserves

The House of Representatives says it will investigate the alleged non-repayment of seven billion dollars from the country’s foreign reserves, disbursed to 14 global asset managers and 14 banks by the Central Bank of Nigeria since 2006.

The move followed the unanimous adoption at the plenary on Thursday of a motion titled ‘Need to Investigate the Non-Repayment of $7bn from Nigeria’s Foreign Reserves Disbursed to 14 Global Asset Managers and 14 Nigerian Banks by the Central Bank of Nigeria Since 2006.’

A member, Mr Abubakar Ahmad, who moved the motion recalled that sometime in 2006, the CBN disbursed $7bn of Nigeria’s $38.07bn foreign reserves to 14 Global Asset Managers and their 14 Nigerian banks local partners to manage.

According to the motion, the CBN gave each asset manager and its Nigerian bank counterpart a sum of $500 million dollars from the nation’s foreign reserves to manage.

The lawmakers are worried that after 13 years, the $7 billion foreign reserves has not been repaid to the CBN.