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Banking crisis: Investigate Obasanjo, CNPP asks EFCC

By Chris Ochayi
ABUJA—In order to get to the root of scams currently being unveiled by the Central Bank of Nigeria (CBN), the Conference of Nigeria Political Parties (CNPP) yesterday asked the Economic and Financial Crime Commission (EFCC) to thoroughly investigate former President Olusegun Obasanjo, whose economic policy it said, allowed individuals to borrow depositors’ funds to buy State Owned Enterprises.

The CNPP, which made the remarks in a statement by its National Publicity Secretary, Mr. Osita Okechukwu in Abuja, blamed the rot in the banking sector on the erstwhile president Obasanjo who authorised individuals to use our money to buy our commonwealth, in this instance without collateral.

Besides, the CNPP called on the Governor of CBN, Mallam Sanusi Lamido to disregard and discountenance all those who impute Northern Agenda motive, in the ongoing efforts to sanitize the banking industry.

The umbrella of the opposition parties noted that, “every honest effort to return Nigeria to the path of sanity is always negatively labelled by those who benefit from the impunity going on in the land.”

The statement reads, “Conference of Nigeria Political Parties (CNPP) after a review of the on-going Bank Scam, once more commends the Central Bank of Nigeria (CBN) Governor, Sanusi Lamido Sanusi and Economic and Financial Crimes Commission (EFCC) Chairman, Mrs Farida Waziri for their patriotic zeal to sanitize the banking sector and by extension the financial sector.”

“The synergy between the two organisations in the recovery of non-performing loans from debtors is highly commendable; as the stench of revelations coming out from the banking sector, is mind boggling and inconceivable.”

“On this score, CNPP calls the Governor of CBN to disregard and discountenance all those who impute Northern Agenda motive, as every honest effort to return Nigeria to the path of sanity is always negatively labelled by those who benefit from the impunity going on in the land.”

“The law of averages shows that Southerners head majority of the 24 banks and therefore if there is progress or distress in the banking sector, the tendency is that Southerners will definitely emerge victorious or losers”.

“On the EFCC debt chase, CNPP is of the candid view that EFCC should get to the root of the Bank Scam, by thoroughly investigating Chief Olusegun Obasanjo, who as a president presided over an economic policy that allowed individuals to borrow depositors’ funds to buy State Owned Enterprises, in other words, using our money to buy our commonwealth, in this instance without collateral”.

“For the avoidance of doubt, EFCC should establish the conflict of interest linkage between ex-president, Chief Olusegun Obasanjo, and the privatisation programme as evidenced by Transcorp that borrowed to buy NITEL and HILTON HOTEL, Global Fleets that borrowed to buy NICON INSURANCE, NOTORE Chemicals Industries that borrowed to buy NAFCON ONNE etc”.

“And how much of the borrowed funds were used to fund the Obasanjo Library or the 2003 and 2007 presidential campaigns by Corporate Nigeria? It should be noted that much of the money laundering that took place in this country happened between the year 2000 and 2007, when Chief Olusegun Obasanjo was in charge of the country”.

“In conclusion it is good that since that EFCC had woken up from deep slumber it should go the extra-mile to dig up the scam that bedevilled the privatisation programme”.


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