Africa Business News

The Central Bank of Nigeria under the previous administration split the transfer of $134m to the United Kingdom branch of Nigerian bank to avoid violating its guidelines regarding offshore deposit placement. The audit report was published two years later than it was expected by law. CBN under its immediate past Governor, Godwin Emefiele, had been accused of several malpractices. However, Emefiele has since denied many of the allegations. The report partly states that, CBN deposited $134m to First Bank of Nigeria (UK) London (these deposits were split into $59m and $75m) to circumvent the provisions of the CBN guidelines on offshore deposits. The audit report says the apex bank did not provide further information at the time of the audit to enable the auditor to verify the average monthly deposit of FBN UK LTD. London, over one year, to establish if it is qualified for such exposure.