Rejection Of Loan Request Is A challenge, Falana Tells FG

Rejection Of Loan Request Is A challenge, Falana Tells FG 

The Federal Government should take the rejection of the $30 billon loan request by the Senate as a challenge to review the recovery of the looted wealth of the nation and the criminal diversion of billions of dollars from the Federation Account.

A few months ago, I  had urged the Minister of Finance to embark on an aggressive recovery policy. Apart from acknowledging the letter and assuring me that the letter was receiving attention no measure has been put in place to recover the looted wealth of the nation.

In frustration I was compelled to submit a petition to the Economic and Financial Crimes Commission to recover the fund and prosecute the well the indicted individuals and corporate organisations.

Following the submission of the petition a former governor of the Central Bank of Nigeria demanded apology from me for saying that he gave out a loan of $7 billion to 14 banks sometime in 2006.

Since he admitted that the money was a "deposit" and not a loan I rejected his demand for apology. More so that the $7 billion and the bailout of  $4 billion given to the same banks in 2008 have  not been refunded. Curiously, the Asset Management Corporation of Nigeria has not demanded the repayment of the said sum of $11 billion from the banks.

I have also just confirmed that one of telecommunication companies operating in the country recently engaged in money laundering and successfully but illegally  transferred the sum of over $25 billion out of Nigeria.

Since the Money Laundering Act, 2011 as amended  requires that the entire proceed of the crime be forfeited to the  Federal Government it is hoped that the highly placed public individuals involved in the criminal enterprise will not compromise the interests of the nation this time around!

If official efforts are intensified  to recover the billions of dollars which have been looted or diverted from the Federation Account by economic saboteurs the Federal Government does not need to plunge the nation into another  toxic debt.