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Why I won’t apologise to Soludo – Falana

Femi Falana, a Senior Advocate of Nigeria has described as a joke the demand for an apology by former governor of the Central Bank of Nigeria, Charles Chukwuma Soludo, over his questioning of the management of the country’s foreign reserves during his tenure at the apex bank.

He again questioned the management of Nigeria’s foreign reserves by the Central Bank of Nigeria, CBN, under the leadership of Soludo.

Mr. Falana had petitioned the Economic and Financial Crimes Commission (EFCC) on allegations of diversion of public funds from the Federation Account and the nation’s Foreign Reserves.

Femi Falana, a Senior Advocate of Nigeria and former  Central Bank of Nigeria, Charles Chukwuma Soludo,
Femi Falana, a Senior Advocate of Nigeria and former Central Bank of Nigeria, Charles Chukwuma Soludo,

He also accused the CBN under Mr. Soludo of illegally transferring $7 billion to 14 commercial banks in 2006, an allegation the former CBN chief denied and described as laughable.

In denying the allegation, Mr. Soludo said Mr. Falana’s outburst was based on ignorance of how the bank was run. The former CBN chief also demanded an apology.

But in another statement on Wednesday, Falana said the statement issued by the CBN management on the subject matter buttressed his point.

“For the avoidance of doubt, I wish to reiterate that it was the management of the CBN which claimed to have given out its own “share” of 7 billion dollars from the foreign reserves estimated at 38 billion dollars at the material time.

“Is Professor Soludo insisting that CBN under his management was entitled to any ‘share’ of the nation’s foreign reserves?

“In any case, whether it was a deposit or its own share of the foreign reserves, did the CBN ever announce that the deposit had been paid back to the foreign reserves which belong to the three tiers of government?

“If there is nothing to hide, why did the CBN ignore the request of the Civil Society Network Against Corruption for information on the ‘deposit’ of 7 billion dollars?

“As far as Soludo is concerned, these allegations are laughable and betray a lack of knowledge of how a bank such as CBN works.

“Has AMCON not been set up to recover those loans and deposits running to several trillions of Naira? For goodness sake, how does a CBN work outside the ambit of the Constitution and the Central Bank Act, 2007?,”Falana asked.

“Frankly speaking, I am of the view that Professor Soludo’s  demand for an apology is a joke since it was the CBN management under him that claimed to have given its own ‘share’ of $7 billion to the 14 banks.”


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