CBN loans: Falana threatens to sue EFCC over failure to investigate ex-governors

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Worried by the suspicion that some loans running into trillions of naira ‎given out to some banks by the past governors of the Central Bank of Nigeria (CBN) were not remitted to the federal treasury, a Human Rights lawyer, Femi Falana (SAN), has threatened to apply for an order of Mandamus to compel the Economic and Financial Crimes Commission (EFCC) to commence investigation into it for possible prosecution of anybody found culpable.


According to Falana, who spoke Sunday at the dinner organised by the Executives of Senior Staff Club of University of Ibadan in honour of her members recently appointed by the federal government,‎ “it is important to know whether the money has been paid back to the treasury or not since the federal government claims the country is broke”.

Falana, who disclosed that he has already written a petition to the EFCC but has not been attended to, said the country could not be claiming to be broke when monies given out as loan or deposit to banks were not accounted for. He stressed that the EFCC must probe, recover the funds and prosecute anybody found culpable.

‎Shedding light on the alleged disbursement of the past loans, Falana said that “a former CBN governor gave out $7billion to 14 banks in 2006 without going through the parliament and another CBN governor, allegedly gave out $5billion, and in 2011 reportedly paid N2.5trillion to economic saboteurs while all that was appropriated by the parliament was N24.5billion”.

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Following the refusal of the EFCC to respond to his petition, Falana threatened that he would soon approach a court to seek an order compelling the anti-graft body to investigate his allegations and prosecute accordingly.

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