![](\"http:\/\/arewa.ng\/wp-content\/uploads\/2019\/05\/CBN-speaks-on-missing-N500bn-discussed-in-Emefieles-leaked-audio.jpg\")
<\/p>\nOkoroafor said this in a statement on Sunday while reacting to a recent article and audio clips in which the CBN Governor, Godwin Emefiele, and other senior officials were heard discussing discrepancies in the bank\u2019s accounts.<\/p>\n
Okoroafor said that the audio was distorted in a manner which creates a different impression of the matter being discussed, which was to proffer solutions to a misunderstanding that affected the Bank\u2019s balance sheet.<\/p>\n
\u201cAs publicly known the CBN was approached in 2015 by the National Economic Management Team and the National Economic Council chaired by the Vice President, to assist State Governments with Conditional Budget Support.<\/p>\n
\u201cThis happened in the aftermath of the significant nose-dive in global oil prices and associated FAAC allocations.<\/p>\n
\u201cIn order to ensure that ordinary Nigerian workers got their salaries, pensions and gratuities, and that the economy continued to recover from recession, the Bank provided about N650 billion in loans at 9 per cent with a two-year grace period to 35 States of the Federation.<\/p>\n
\u201cThese monies were distributed to the states monthly with documented approval of the Federal Ministry of Finance and the Presidency.<\/p>\n
\u201cIn closing the Bank\u2019s 2018 accounts, external auditors in their Draft Account, erroneously classified about N150 billion of these loans as bad, which negatively affected the Bank\u2019s Balance Sheet and shareholders fund.<\/p>\n
\u201cThe selective conversation being circulated was simply a discussion to ascertain why the auditors took that position and next steps to resolving it.<\/p>\n
\u201cObviously, it soon became clear that a State Government loan cannot be classified as \u201cbad\u201d or \u201cirrecoverable\u201d when the State still exists and getting FAAC allocations.<\/p>\n
\u201cThe Bank then reached out to the Federal Ministry of Finance and they jointly gave comfort to the auditors who accepted in writing that these monies would be repaid.<\/p>\n
\u201cOn this basis, the auditors reversed the negative entry and the certified that the CBN\u2019s 2018 accounts were a true reflection of the State of Affairs,\u201d he said.<\/p>\n
Okoroafor urged Nigerians to disregard the audio and continue to trust that the Bank is doing everything it could to represent their interests in the best possible way.<\/p>\n
\u201cUnder the leadership of Governor Emefiele, the CBN has always stood for, and vigorously pursued transparency in its stewardship of public resources and policies.<\/p>\n
\u201cThe integrity of the CBN Governor remains unassailable. He has no account in Dubai or anywhere in the world and would never convert the funds of CBN for personal use. Not in the past, not now and not ever.<\/p>\n
\u201cThe use of selective wiretapped conversations of the Bank\u2019s Management, to malign his character and integrity will never stand.<\/p>\n
\u201cThe Bank will pursue every legal means to bring the perpetrators to justice,\u201d he said.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"
The Director, Corporate Communications, Central Bank of Nigeria (CBN) Mr Isaac Okoroafor has said that no money is missing or stolen from the bank\u2019s coffers as reported in some section of the media. Okoroafor said this in a statement on Sunday while reacting to a recent article and audio clips in which the CBN Governor, […]<\/p>\n","protected":false},"author":1,"featured_media":116641,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[3],"tags":[2197,6405],"class_list":["post-116640","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-cbn","tag-godwin-emiefele"],"jetpack_publicize_connections":[],"_links":{"self":[{"href":"https:\/\/arewa.ng\/index.php?rest_route=\/wp\/v2\/posts\/116640","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/arewa.ng\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/arewa.ng\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/arewa.ng\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/arewa.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=116640"}],"version-history":[{"count":0,"href":"https:\/\/arewa.ng\/index.php?rest_route=\/wp\/v2\/posts\/116640\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/arewa.ng\/index.php?rest_route=\/wp\/v2\/media\/116641"}],"wp:attachment":[{"href":"https:\/\/arewa.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=116640"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/arewa.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=116640"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/arewa.ng\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=116640"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}