Sanusi defends N100 million donations to bomb blast victims Reviewed by Momizat on . The governor of the Central Bank of Nigeria (CBN), Sanusi Lamido Sanusi on Monday said that the apex bank did not violate any section of the Nigerian constituti The governor of the Central Bank of Nigeria (CBN), Sanusi Lamido Sanusi on Monday said that the apex bank did not violate any section of the Nigerian constituti Rating:
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Sanusi defends N100 million donations to bomb blast victims

The governor of the Central Bank of Nigeria (CBN), Sanusi Lamido Sanusi on Monday said that the apex bank did not violate any section of the Nigerian constitution by donating money to bomb blast victims in Niger and Kano.

Mr Sanusi said this at an investigative hearing on the expenditure of public fund by the CBN and the Asset Management Corporation of Nigeria (AMCON) without approval by the National Assembly.

The House of Representatives had mandated its Committee on Banking and Currency to investigate the CBN governor’s N100 million donations to bomb blast victims in Kano.

Mr Sanusi said that the CBN had always intervened in the economic development of Nigeria.

“The legal basis for CBN intervention in certain sectors of the economy is contained in Section 31 of the CBN Act 2007,” he said.

The Speaker of the House of Representatives, Aminu Tambuwal, who was represented by Samson Osagie, said the hearing was to ensure accountability and fiscal discipline among institutions.

The CBN governor had been variously criticised for donating money to Madalla in Niger state and Kano bomb last victims leaving other victims out of the bank’s generosity.

Mr Sanusi also told the committee that the N620 billion intervention fund made available to some commercial banks was a loan that is within the banks powers to give.

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  • Maureen6mosaku

    Committee on this,committee on that,is this what these corrupt law makers will be doing till the end of their tenure?What of kind of law makers are all these people?Which way nageria,pls I sincerely want to know.

    • Maureen6mosaku

      I meant,what kind of law makers and Nigeria,pls typographical errors.

  • Rtewogbola

    The law chamber are now turn to law court, with corrupt law makers  [committee on this, committee on that].

  • INHH

    Nigeria is heading to DOOM:
    Developmental Function of CBN is not humanitarian Function, More so what right the CBN Governor has to disburse Nigerian money without the approval by the so called Law makers.Nigeria is finishedOOOOOOOOOOOOCentral bank of Nigeria act 2007: Section
    31  Developmental Function

    31.     The Bank
    may subscribe to, hold and sell shares of any Corporation or

    company or debentures thereof set up with the approval of
    or under the

    authority of the Federal Government for the purpose of
    promoting the

    development of money or capital markets in Nigeria or of
    stimulating financial

    or economic development so however that in any such case,
    the total value of

    the holdings of shares or, as the case may be, debentures
    to which this

    section applies shall not at any time exceed ten times
    the aggregate of the

    Bank’s paid up capital and the general reserve fund of
    the Bank.

  • Muhdlawal07

    It is important to start by congratulating Adams the comrade Govornor, because He is one of the good people We have in Nigeria .Because for one to be a Governor in Nigeria under another party not PDP and the only accusation from the PDP is that He the Governor built a house then that Governor must be a saint.

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