From: Olu Ojedokun Sent: Saturday, February 22, 2014 2:43 PM Subject: Re: [edo-nationality] Re: [Naijaintellects] Re: Mallam Sanusi Lamido |
A Close analysis of FRC’s Dossier
I suggest a closer look is warranted of the many allegations of financial malpractices and corruption during Mallam Sanusi’s Tenure.
It said there is a provision for “Facility Management of N7.034 billion in 2012; N5.751 billion in 2011. A breakdown of these figures reveals that this is just an expense head where the leadership of the CBN dumps what ordinarily should have been accounted for as their Benefit-in-Kind for tax purposes. A closer look at the breakdown shows that it is just an expense heads used for fraudulent activities such as “Profit from sale of Diesel” indicating that the CBN at some point operates in downstream sector of Petroleum industry.
My Comments: The report makes statements as above implying fraud has been committed but provides no evidence of the fraud actually committed. Secondly it appears to indict the entire leadership of CBN and not Mallam Sanusi in particular suggesting the deputy Governors and Executive Directors are all culpable. Is it not strange that only the Governor is suspended by the President? Is this a witch-hunt?
“There are also breakdown such as “Currency issue Expense” of N1.58 billion and Sundry Currency charges of N1.678 billion under “CURRENCY ISSUE EXPENSES.” As they are in 2011 so are similar expenses in 2012. These are difficult to understand."
My Comments: All these do not indicate fraud but warrant further explanation, what is corruption here?
The CBN accounts revealed it paid Nigerian Security Printing and Minting Plc. N38,233 billion in 2011 for “Printing of Banknotes” whereas the entire Turnover of NSPM Plc. Group is N29,370 billion, the report noted.
My Comments: There is a need for clarification on the part of the Minting Company, if it received the said amount from CBN and is not reflected but how does that immediately translate to fraud and corruption on the Mallam’s part? Nothing of substance yet indicates that in those comments.
“It also therein claimed that it paid Air Charter, such as Emirate Airline N0.511 billion; Wing Airline, N0.425 billion and Associated Airline N1.025 billion to distribute currency by air nationwide. Emirate Airline does not fly local charter in Nigeria. Wing Airline is not registered with Nigeria Civil Aviation Authority and Associated Airline does not have a billion turn-over for 2011 because upon inquiry, the management claimed they have no financial statements and have not had any significant operations for the past two years, that will warrant preparation of financial statements.”
My Comments: I am puzzled as to how this translated to fraud and corruption on the Mallam’s part, where is the evidence? It is conjecture and assumptions based on non registration and non reporting by the airline. Again no prima facie evidence of criminality but definitely worth investigating further or awaiting the Mallam’s response.
Other areas of fraudulent activities include:
The FRC report further said “Within the “Administrative expenses” is an item they referred to as “Loan write-off.” This accounts for loans supposedly given to staff and written off thereafter. It came to a total of N3.855 billion in 2012. There is the need to review the Board approval for this loan write-off if any.
My Comments: So was board approval obtained? It does not say, so how does this amount to a crime? When nothing so far is proved?
Olu Ojedokun, Ph.D
-----Original Message-----
From: Ohima Oliha <obatopaye@yahoo.com>
To: Segun Dawodu <stdawodu@gmail.com>; edo-nationality <edo-nationality@yahoogroups.com>; naijaintellects <naijaintellects@googlegroups.com>; Naija Forum 1 <naijapolitics@yahoogroups.com>; Naija Forum2 <edo-ciao@yahoogroups.com>
Cc: Ezeana Achusim <pachusim@yahoo.com>; Ikenna Okonkwo <biokonkwo1@gmail.com>; aauwnycpres <aauwnycpres@aol.com>; Bar. Obla <okoi_advocate@yahoo.com>; okonkwonetworks <okonkwonetworks@googlegroups.com>; Olu Ojedokun <employlawone@aol.com>; Umu Nnakwe <umunnakwe1@gmail.com>
Sent: Sat, Feb 22, 2014 8:18 pm
Subject: Re: [edo-nationality] Re: [Naijaintellects] Re: Mallam Sanusi Lamido
Segun
From: Ohima Oliha <obatopaye@yahoo.com>
To: Segun Dawodu <stdawodu@gmail.com>; edo-nationality <edo-nationality@yahoogroups.com>; naijaintellects <naijaintellects@googlegroups.com>; Naija Forum 1 <naijapolitics@yahoogroups.com>; Naija Forum2 <edo-ciao@yahoogroups.com>
Cc: Ezeana Achusim <pachusim@yahoo.com>; Ikenna Okonkwo <biokonkwo1@gmail.com>; aauwnycpres <aauwnycpres@aol.com>; Bar. Obla <okoi_advocate@yahoo.com>; okonkwonetworks <okonkwonetworks@googlegroups.com>; Olu Ojedokun <employlawone@aol.com>; Umu Nnakwe <umunnakwe1@gmail.com>
Sent: Sat, Feb 22, 2014 8:18 pm
Subject: Re: [edo-nationality] Re: [Naijaintellects] Re: Mallam Sanusi Lamido
The allegations against the suspended Governor are by far the most serious of all known banking violations.
On Saturday, February 22, 2014 2:04 PM, Segun Dawodu <stdawodu@gmail.com> wrote:
No. Same standards or better ie if we even know what "standard" is.
If you meant regulatory standard, then my questions become very relevant and we need to revisit past experiences and our current expectations.
If you mean ethical standard, you will be shocked on what Naija ethical standards are but can be better put as based on "one eye man leading the blind".
The truth is that as human (super intelligent being) , we are meant to learn from our mistakes, from interactions with our environment and neighbors but it is the opposite in Nigeria.
My hope is that this will be a learning process for us all ie if greed and selfishness do not take over.
Segun
From: Ohima Oliha Sent: Saturday, February 22, 2014 1:47 PM To: edo-nationality@yahoogroups.com; naijaintellects@googlegroups.com; Naija Forum 1; Naija Forum2; stdawodu@gmail.com Reply To: Ohima Oliha Cc: Ezeana Achusim; Ikenna Okonkwo; aauwnycpres@aol.com; "Bar." Obla" <okoi_advocate@yahoo.com>, "okonkwonetworks@googlegroups.com; okonkwonetworks@googlegroups.com; Olu Ojedokun; Umu Nnakwe Subject: Re: [edo-nationality] Re: [Naijaintellects] Re: Mallam Sanusi Lamido |
Are we asking for different standards?
On Saturday, February 22, 2014 12:10 PM, Segun T. Dawodu <stdawodu@gmail.com> wrote:
On what Sanusi did in terms of donations and building infrastructures, the questions to be asked are if there are precedents of the CBN doing similar charity work in the past and if there are statutory provisions that allows CBN to do such things.
In exigencies and emergencies, sometimes there may be need to dig into past experiences or unorthodox methods to resolve issues.
There are facts that I knew existed before SLS took over in CBN which included the fact that the Nigerian financial market was at the verge of total collapse due to recklessness and lack of regulatory control of the banks and financial market under Soludo. Those of us who saw this took some of our assets out of Nigeria quickly. SLS' actions stopped the leakage and the ordinary man may not appreciate the danger that was descending in the Nigerian economy before SLS came in.
I think he should move on and my bet is that the hawks who almost destroyed the economy are returning to take us back ante. The consequence is the flight of capital out of Nigeria which has been said to be more than $2B in the last 2 days with Naira value dropping.
Ngozi's threat to resign (even though her resignation was denied) is a pointer to the precarious situation that the Nigerian economy is finding itself at this point.
My bet is that we will be seeing a free fall until the next election which in finance is a long time in the stability of a financial market.
Time will tell on what SLS did in helping the Nigerian economy. SLS has his own eccentricities just like El-Rufai and many others who have shown skills in project implementations. We may need to separate the good they have done from their eccentric behavior in order to fully understand their impact in the development of the country.
Segun
I will take no side in this matter Odi Isaa.EUO--
From: Ezeana Achusim <pachusim@yahoo.com>;
To: Ikenna Okonkwo <biokonkwo1@gmail.com>;
Cc:aauwnycpres@aol.com<aauwnycpres@aol.com>; Bar. Obla <okoi_advocate@yahoo.com>; okonkwonetworks@googlegroups.com<okonkwonetworks@googlegroups.com>; Olu Ojedokun <employlawone@aol.com>; Umu Nnakwe <umunnakwe1@gmail.com>; Ikenna Okonkwo <biokonkwo1@gmail.com>;
Subject: Re: Mallam Sanusi Lamido
Sent: Sat, Feb 22, 2014 3:23:45 PM
There is only one standard. The problem lies in discriminatory application.
"All animals are equal, but some are more equal than others." - Animal Farm.
Remain blessed
Best
NkechiSent via BlackBerry by AT&TFrom: "Bar. Obla" <okoi_advocate@yahoo.com>Sender: okonkwonetworks@googlegroups.comDate: Sat, 22 Feb 2014 04:29:08 +0100To: <africanworldforum@googlegroups.com>; Olu Ojedokun<employlawone@aol.com>; Umu Nnakwe<umunnakwe1@gmail.com>; <okonkwonetworks@googlegroups.com>; NWF<nigerianworldforum@yahoogroups.com>Cc: African GM<africanworldforum@googlegroups.com>Subject: Re: [africanworldforum] RE:Mallam Sanusi LamidoTHERE CANNOT BE TWO STANDARDS FOR DEALING WITH ERRING OFFICIALS. THE MINISTER OF PETROLEUM, DIEZANI MADUEKE ADMITTED THAT SHE SPENT N3.5 BILLION ON KEROSENE SUBSIDY WITHOUT APPROPRIATION!Sent from my BlackBerry 10 smartphone.
Yes. That is what due process is all about.
Cool Breeze
Subject: Re: [NIgerianWorldForum] FW: Mallam Sanusi Lamido
To: umunnakwe1@gmail.com; okonkwonetworks@googlegroups.com; NIgerianWorldForum@yahoogroups.com
CC: africanworldforum@googlegroups.com
From: employlawone@aol.com
Date: Sat, 22 Feb 2014 02:45:57 +0000
Of course we need to receive Sanusi's response to all these then make some judgement.
With Regards
Olu/Sent from my BlackBerry® wireless handheld from Glo Mobile.From: Umu Nnakwe <umunnakwe1@gmail.com>Sender: okonkwonetworks@googlegroups.comDate: Fri, 21 Feb 2014 21:33:12 -0500Cc: africanworldforum@googlegroups.com<africanworldforum@googlegroups.com>; okonkwonetworks@googlegroups.com<okonkwonetworks@googlegroups.com>Subject: Re: [NIgerianWorldForum] FW: Mallam Sanusi Lamido1. The governor claimed that CBN paid a total of N38.233 billion to the Nigeria Security Printing and Minting Company (NSPMC) in 2011. In the same 2011 NSPMC reported a total turnover of 29.370 billion Naira for all its transactions with all clients including CBN.-That was false Sanusi lied2. CBN in 2010, acquired 7% shares of International Islamic Liquidity Management Corporation of Malaysia to the tune of N0.743 billion without the consent and approval of President Jonathan. This transaction was not within his mandate as CBN governor and was in clear violation of CBN Act of 2007. - That was false Sanusi lied3. CBN which is not in competition with any agency in Nigeria, spent N3.086 billion in promotional activities in 2012-That was false Sanusi lied4. CBN Spent in 2012 N1.257 billion for private guards and lunch for policemen- That was false Sanusi lied5. CBN's questionable write-off of N40 billion bank loans without the approval of CBN Board of Trustees.-That was false Sanusi lied6. CBN claimed it paid Emirate air N0.511 billion in 2012 to distribute currency nationwide, while Emirate Airline does not operate local charter flights in Nigeria.-That was false Sanusi lied7. CBN claimed it paid Associated Airline N1.025 billion in 2011 for local distribution of currency. Upon inquiry, it was determined that Associated Airline does not have a billion Naira turnover in 2011.-That was false Sanusi lied8. CBN "staff loan write-off" in the tune of N3.855 billion in 2012.-That was false Sanusi lied
Sanusi came to rob Nigeria in the broad daylight.On Fri, Feb 21, 2014 at 8:39 PM, Vin Otuonye <vincentotuonye@msn.com> wrote:So much for those defending Sanusi. Please read the attachment below
Cool Breeze
To: ORAUSA@yahoogroups.com; akah_forum@yahoogroups.com; njabasouth@yahoogroups.com; orluatlanta@yahoogroups.com
From: ccnwachukwu@yahoo.com
Date: Fri, 21 Feb 2014 12:11:29 -0800
Subject: [ORAUSA] Mallam Sanusi Lamido [1 Attachment]
[Attachment(s) from Christian Nwachukwu included below]Dear Simon,Please stop defending the former governor of Central Bank of Nigeria, Mallam Sanusi Lamido. He is nothing but a thief. Please take time to read the attached 13 pages damaging report issued by the Financial Reporting Council of Nigeria. As governor of Central Bank of Nigeria, he acted as if the bank was his personal property. Take note that President Jonathan issued a query to the former central bank governor in April 2013, before his revelation of none remittance of $20 billion by the Nigeria National Petroleum Corporation. Please pay close attention to the following facts:1. The governor claimed that CBN paid a total of N38.233 billion to the Nigeria Security Printing and Minting Company (NSPMC) in 2011. In the same 2011 NSPMC reported a total turnover of 29.370 billion Naira for all its transactions with all clients including CBN;2. CBN in 2010, acquired 7% shares of International Islamic Liquidity Management Corporation of Malaysia to the tune of N0.743 billion without the consent and approval of President Jonathan. This transaction was not within his mandate as CBN governor and was in clear violation of CBN Act of 2007;3. CBN which is not in competition with any agency in Nigeria, spent N3.086 billion in promotional activities in 2012;4. CBN Spent in 2012 N1.257 billion for private guards and lunch for policemen;5. CBN's questionable write-off of N40 billion bank loans without the approval of CBN Board of Trustees;6. CBN claimed it paid Emirate air N0.511 billion in 2012 to distribute currency nationwide, while Emirate Airline does not operate local charter flights in Nigeria;7. CBN claimed it paid Associated Airline N1.025 billion in 2011 for local distribution of currency. Upon inquiry, it was determined that Associated Airline does not have a billion Naira turnover in 2011; and8. CBN "staff loan write-off" in the tune of N3.855 billion in 2012.Chris Chima NwachukwuOn Friday, February 21, 2014 1:51 PM, 122269 C.Nwachukwu <ccnwachukwu@yahoo.com> wrote:This E-mail was sent from "RNPB93DB3" (Aficio MP C4500).
Scan Date: 02.21.2014 13:50:41 (-0500)
Queries to: Atlanta.Riverwood@regus.com
--
OkonkwoNetworks..........Building NIGERIA of our DREAM
---
You received this message because you are subscribed to the Google Groups "OkonkwoNetworks" group.
To unsubscribe from this group and stop receiving emails from it, send an email to okonkwonetworks+unsubscribe@googlegroups.com.
For more options, visit https://groups.google.com/groups/opt_out.
--
OkonkwoNetworks..........Building NIGERIA of our DREAM
---
You received this message because you are subscribed to the Google Groups "OkonkwoNetworks" group.
To unsubscribe from this group and stop receiving emails from it, send an email to okonkwonetworks+unsubscribe@googlegroups.com.
For more options, visit https://groups.google.com/groups/opt_out.
You received this message because you are subscribed to the Google Groups "AfricanWorldForum" group.
To unsubscribe from this group and stop receiving emails from it, send an email to africanworldforum+unsubscribe@googlegroups.com.
To post to this group, send email to africanworldforum@googlegroups.com.
Visit this group at http://groups.google.com/group/africanworldforum.
To view this discussion on the web visit https://groups.google.com/d/msgid/africanworldforum/BAY176-W3D41BC5057509D90FC076DB840%40phx.gbl.
For more options, visit https://groups.google.com/groups/opt_out.
OkonkwoNetworks..........Building NIGERIA of our DREAM
---
You received this message because you are subscribed to the Google Groups "OkonkwoNetworks" group.
To unsubscribe from this group and stop receiving emails from it, send an email to okonkwonetworks+unsubscribe@googlegroups.com.
For more options, visit https://groups.google.com/groups/opt_out.
--
OkonkwoNetworks..........Building NIGERIA of our DREAM
---
You received this message because you are subscribed to the Google Groups "OkonkwoNetworks" group.
To unsubscribe from this group and stop receiving emails from it, send an email to okonkwonetworks+unsubscribe@googlegroups.com.
For more options, visit https://groups.google.com/groups/opt_out.
OkonkwoNetworks..........Building NIGERIA of our DREAM
---
You received this message because you are subscribed to the Google Groups "OkonkwoNetworks" group.
To unsubscribe from this group and stop receiving emails from it, send an email to okonkwonetworks+unsubscribe@googlegroups.com.
For more options, visit https://groups.google.com/groups/opt_out.
You received this message because you are subscribed to the Google Groups "naijaintellects" group.
To unsubscribe from this group and stop receiving emails from it, send an email to naijaintellects+unsubscribe@googlegroups.com.
To post to this group, send email to naijaintellects@googlegroups.com.
Visit this group at http://groups.google.com/group/naijaintellects.
For more options, visit https://groups.google.com/groups/opt_out.
__._,_.___
| Reply via web post | Reply to sender | Reply to group | Start a New Topic | Messages in this topic (1) |
visit our website:
http://www.edo-nation.net
You can also get a free email service from http://www.edo-nation.net.
This is the first Nigerian website to offer free emails and the only still offering it free.
"Each generation must, out of relative obscurity, discover its mission, fulfill it or betray it." - Frantz Fanon
Please visit our web site:-
www.edo-nation.net
http://www.edo-nation.net
You can also get a free email service from http://www.edo-nation.net.
This is the first Nigerian website to offer free emails and the only still offering it free.
"Each generation must, out of relative obscurity, discover its mission, fulfill it or betray it." - Frantz Fanon
Please visit our web site:-
www.edo-nation.net
.
__,_._,___
You received this message because you are subscribed to the "USA-Africa Dialogue Series" moderated by Toyin Falola, University of Texas at Austin.
For current archives, visit http://groups.google.com/group/USAAfricaDialogue
For previous archives, visit http://www.utexas.edu/conferences/africa/ads/index.html
To post to this group, send an email to USAAfricaDialogue@googlegroups.com
To unsubscribe from this group, send an email to USAAfricaDialogue-
unsubscribe@googlegroups.com
---
You received this message because you are subscribed to the Google Groups "USA Africa Dialogue Series" group.
To unsubscribe from this group and stop receiving emails from it, send an email to usaafricadialogue+unsubscribe@googlegroups.com.
For more options, visit https://groups.google.com/groups/opt_out.