Nigerian govt vows to recover $7bn cash bailout to banks

Nov 28, 2018
The Presidency has vowed to recover the $7 billion cash bailout given to commercial banks in the country in 2006 by the Central Bank of Nigeria, CBN.
This was disclosed on Wednesday by the Chairman of the Presidential Committee on the Recovery of Public Property, Okoi Obono-Obla in Abuja on Wednesday, vowing that the committee will take all necessary steps to recover the money.
Obono-Obla stated this at a public event organized by some civil society groups on the controversial Oil Prospecting Lease 245 in Abuja.
Obla-Obono also disclosed that the federal government was also investigating an unnamed top politician for running 20 companies in a European tax haven so as to evade tax payment to Nigeria.
He also added, that a leading oil firm that has withheld $1.9 billion oil revenue payment to Nigeria was being investigated and would be sanctioned for economic sabotage.
Source: The Ripples
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