The
Central Bank Of Nigeria (CBN) and the Federal Ministry of Finance might
be in serious trouble following allegations of unpaid capital shares.
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The House of Representatives says it will investigate the Central
Bank Of Nigeria (CBN) and the Federal Ministry of Finance over unpaid
capital shares to the Bank of Agriculture (BoA).
This was sequel to a unanimous adoption of a motion by Rep. Femi Fayeke (Osun-APC) at the plenary in Abuja on Wednesday.
Fayeke had in the motion said that the CBN and the Finance
Ministry, as major shareholders of BoA, were yet to remit N20 billion
and N30 billion, respectively, for the effective running of the bank.
According to him, the CBN and the Federal Ministry of Finance had
only paid N4 billion and N27 billion on their respective stakes in the
bank, adding that CBN had an outstanding of N15.9 billion and Federal
Ministry of Finance, N2.2 billion to remit.
He said that successive management of BoA had tried to recover the
outstanding amounts over the years to enable the bank to fulfil its
mandate but could not.
The lawmaker said that the bank recorded losses of N2.2 billion in
2014 and N4.8 billion in 2015, adding that the bank faced dwindling
fortunes in the immediate future if nothing was urgently done to support
it.
He said that the agriculture sector remained the only realistic
option to stabilise the economy, increase export activities and
strengthen the Naira.
In his contribution, Rep. Jones Onyereri (Imo-PDP) called for
investigation of BoA to determine what it did with the N31billion it
received.
According to him, to whom much is given, much is expected; the bank should be made to account for the amount collected so far.
In his ruling, the Speaker of House, Mr Yakubu Dogara, mandated the
Committee on Agricultural Production and Services to investigate and
report back within four weeks.
-NAN
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