CBN Reacts To Funding Boko Haram

The Central Bank of Nigeria has debunked report that it is funding the activities of the dreaded Boko Haram sect.

Some months back, there had been reports that there are people using the apex Bank to fund the activities of Boko Haram.

In a letter by O.A. Ogundana on behalf of the Director, Legal Services Department of the Bank, dated October 16, 2014 and addressed to Socio-Economic Rights and Accountability Project, with reference LSD/ACL/GEN/SRP/02/090, the bank had investigated various departments and could find nothing, Punch reports.



The letter reads in part: “In your letter you had requested from the CBN information about persons or office involved in alleged money laundering activities of the Boko Haram through the CBN; and information on the exact nature and duration of any such transactions.
“We wish to inform you that after investigating the allegations across various Departments at the Bank that deal with payments, the Bank could not find any information pertaining to persons involved in money laundering through the CBN to fund the activities of Boko Haram.

"The CBN as Banker to the Federal Government only maintains accounts for and on behalf of the Government, its Ministries, Departments and Agencies; Deposit Money banks and other financial institutions in Nigeria and can only make payments on their behalf based on authorized mandates.
“Consequently, the CBN does not maintain or operate any accounts for individuals, officers or offices within the Bank. In conclusion, your organization may wish to note that the Bank maintains a robust Anti-Money Laundering/Combating the Financing of Terrorism framework to prevent the use of its platform for financial crimes. Please, accept the assurances of the Governor, Central Bank of Nigeria.”


Recall that Australian Stephen Davis, who spent 4 months in Nigeria negotiating for the abducted Chibok girls release had claimed that a senior CBN official, whose name was not provided for legal reasons, helped passing Boko Haram funds through “legal channel”.

When the CBN did not respond to the allegation, SERAP issued a 14-day ultimatum for the apex bank to respond or face its law suit.