FG Probes N7bn Bailout Funds to Banks in 2006

Alex Enumah in Abuja

The presidency wednesday disclosed that it is investigating the bailout funds granted to commercial banks in the country in 2006.

A Senior Presidential Assistant and Chairman of the Special Panel on Recovery of Public Properties, Okoi Obono-Obla, disclosed this at a press conference in Abuja.

However, when contacted on the development last night, the Director, Corporate Communications, CBN, Mr. Isaac Okorafor, told THISDAY during a telephone chat that he was not aware of the matter.

Continuing, Obono-Obla, expressed shock that the funds, apart from the fact that they were yet to be refunded was misconceived to be a “dash” to the banks.

“If you recall that in 2006 the Central Bank of Nigeria (CBN) gave out bailout funds to commercial banks to the tune of $7billion. “When we got to the CBN to update us whether these funds have been paid back, the bank said that in 2006 its Board of Directors met and pass a resolution dashing $7 billion to these commercial banks.

“You can imagine dashing public money; we are going to recover that money because the commercial banks do not belong to the Nigerian people but to private individuals”, the presidential assistant stated.