DSS Move to Interrogate Bank CEOs Over Foreign Exchange Allocations Dating Back to 2017
- The Department of State Security Services has begun investigating banks and their CEOs over forex allocations
- The CEOs would be asked by the DSS to provide forex allocations from 2017 to date
- They are also to give the secret police the names of individuals and corporate bodies that benefitted from forex allocations
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Nigeria’s secret Police, the Department of State Security Services (DSS) has begun an investigations into the forex received by and allocations to bank customers by each bank in the country and the involvement of the Central Bank of Nigeria (CBN).
The move comes at a time of heightened searchlight on the governor of CBN, Godwin Emefiele who reportedly resumed work on Monday, January 16, 2022, after reports that he will be arraested on allegations of fraud and terrorism financing.
Bank CEOs get a deadline
BusinessDay report said the bank CEOs have been given the deadline of Wednesday, January 18, 2023, to come up with detailed information about the privileged individuals and entities that have got foreign exchange allocations since 2017 to date.
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CBN’s Director of Communication, Osita Nwanisiobi did not respond to WhatsApp and text messages sent to his mobile line by Legit.ng seeking clarity on the development.
However, reports say the bank bosses are to provide a schedule of the Investors and Export window foreign exchange allocated to the banks from 2017 to date.
The schedule would allegedly be broken into the amount given to the bank, the name of the individual customer/or beneficiary and the reason/criteria for the allocation.
They must also provide the name of the authorized persons who carried out the allocation whether it is the CBN or the bank itself.
DSS requests names of forex beneficiaries
Specifically, they are to give the summary of the top 50 customers who received the highest forex allocation and the order of importance.
The latest development by DSS has been seen as a move to have sufficient grounds to nail the CBN governor, Godwin Emefiele.
Analysts say the DSS is looking for all avenues to establish grounds for Emefiele’s arrest having failed to obtain a court order for the same.
Ugochi Mgboji, a financial expert and journalist with Daily Independent told Legit.ng that the power brokers in Nigeria are bent on bringing Emefiele to book over some of the allegations the secret police have raised about him.
“I don’t believe the DSS have sufficient proof against Emefiele yet. All these moves are to have enough evidence to bring him to justice.
“They have accused him of all sorts and yet have not been able to arrest him or issue a warrant of arrest for him. It goes to show that their evidence is not tight enough.”
CBN threatens to penalise commercial banks that Fail to load new notes in ATMs
Legit.ng reported that Nigeria’s apex bank, the Central Bank of Nigeria has issued a warning to commercial banks which fail to comply with its directive to load new naira notes on ATMs.
The bank said it will penalise erring banks around the country for not complying with its directive on the new notes.
CBN’s Director of Currency Operations, Ahmed Umar disclosed this in Abuja on Monday, January 9, 2023, at a training session for state directors of the National Orientation Agency (NOA).