On Monday, 5th of January, the CBN Governor, Dr Olayemi Cardoso said during the interview with the Arise News that about $2.4 billion of the $7 billion foreign exchange blocklog he met when he got into the office were from Non existing entities requests without import documents among other infractions.
He said, “Approximately, $7bn was what we were told that the obligations were, and we looked at this and commenced the process of paying with the meagre resources as we had them. Settling some which believed were valid and due for payment. This wasn’t something we could just do in one shot. It had to take a bit of time.”
He also added, “As we went along, we had reasons to believe that we needed to take a harder look at these obligations. So, we contracted Deloitte management consultants to do a forensic of all these obligations and actually tell us what was valid and what was not. Of course, we are committed to paying all valid transactions.”
The result of the forensic audit shows that over 2.4 billion had issues. It indicate that the 2.4 billion is not supposed to be there.
Asked what the apex bank was going to do about those contentious transactions, Cardoso simply said, “We are not paying, if you don’t qualify. “
