Former CBN Director Raises Questions on Abandoned CBN Branch Project


Monday, February 27, 2017 02.16PM / News

Chief Samuel Bandele Falegan, a former Director of the Central Bank Of Nigeria and former Managing Director of the Federal Mortgage Bank, on Friday, February 17, 2017 became one of the latest whistle blowers on financial transactions in Nigeria’s public institutions when he raised eight-pointed concerns with regards to a yet-to-be-disclosed central bank branch project (he did not mention the specific branch project under reference).  

In his open challenge to the former Central Bank Governor and current Emir of Kano, HRH Sanusi Lamido Sanusi, Chief Falegan sought answers/enquired on the following questions: 

1.     Was it a Lebanese or Indian company that was awarded the contract to build the Central Bank's branch office?

2.      What was the amount of the contract?

3.      Why did the contractor abandon the site after the former governor exit from office?

4.      What was the amount involved?

5.      What amount was paid to the contractor and what is the amount outstanding/remaining?

6.      Has the “contractor” refunded money since abandoning the site? 

The rest of the write-up/claim(s), as part of the whistleblowing, focused on concerns about possible round-tripping, money laundering and institutional connivance.  

It is trite knowledge that in the current clime, allegations have to be investigated and resolved to enhance the credibility of the whistleblowing program/initiative i.e. encourage others to come forth and discourage a season of unsubstantiated allegations by persons seeking to settle a score. The allegations above however are of a more specific nature and thus qualify or further interrogation. 

Given the entities and institution involved, it was fit and proper that we showed an interest and desire to see it properly addressed and determined by those entrusted to do so. 

The CBN has lately come under a lot of (more than usual) commentary that does little to enhance its pre-eminent position in the economy and market. Definitely issues like this and others in and around matters related to proprietary conduct deserves an appropriate level of interest, scrutiny and resolution. 

We hope this will be done. 

We have since written to the appropriate agencies and entities involved and have yet to receive any response.


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