The Governor of Nigeria’s Central Bank (CBN), Mr. Sanusi Lamido Sanusi, on Tuesday in Abuja disclosed that the Apex Bank uncovered massive fraud in the account books of Consolidated Discount House Ltd.
The CBN governor explained that CBN auditors were still investigating the books in order to determine the extent of the fraud, adding that within the next few weeks, appropriate action would be taken by the CBN.
“We discovered in books of Consolidated Discount House what appeared to be a massive fraud and misrepresentation of account. We have taken action.”
The company was incorporated on November 16, 1995 as a limited liability company, and was licensed by the CBN on August 14, 1996 to carry out the functions of a discount house.
CDL is owned by a consortium of five Nigerian Banks with an authorised Share Capital of N4bn, which is fully paid by its shareholders namely First Bank, Mainstreet, Union Bank, Skye Bank and CDL Cooperative.
Mr. Lamido Sanusi who spoke with journalists shortly after CBN’s Monetary Policy Committee meeting insisted that the Apex Bank will not devalue the Naira.
According to the CBN governor, “The Central Bank has always has always said that we are committed to the stability of the currency. We are not looking for a stronger currency neither are we looking for a weaker one, all we want to say is that we are committed to the stability of the exchange rate and we will not allow the Naira to weaken.”
At the end of the meeting, the Monetary Policy rate was retained at 12.0 per cent with the symmetric corridor of 200 basis points. Also, the 50.0 per cent Cash Reserve Requirement (CRR) on public sector funds was retained at 50.0 percent and 12.0 per cent CRR on private sector deposits.
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