CBN: We don’t launder funds for Boko Haram

The Central Bank of Nigeria (CBN) is denying allegations levelled against a member of its staff by Stephen Davis, an Australian negotiator, who tried to negotiate the release of the abducted Chibok schoolgirls.

In an interview with TheCable, Davis had said that some commanders of the sect confided in him that an official of CBN was helping to fund the sect by making those transactions look legitimate.

However, the Socio-Economic Rights and Accountability Project (SERAP), challenged CBN to reveal the identity of the staff, giving the bank an ultimatum of 14 days.

At the expiration of the ultimatum, the group filed a legal action against CBN, criticising the bank for not making any comment on the issue.

The bank subsequently wrote a letter to SERAP, maintaining that none of its staff had used the bank to launder money for the sect.

CBN said the alleged act was impossible as it does not operate account for any member of its staff.

“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,” read the letter, which was signed by O.A. Ogundana on behalf of the bank’s director of legal services.

“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 authorised mandates.

“Consequently, the CBN does not maintain or operate any accounts for individuals, officers or offices within the bank.”

CBN urged SERAP to note that it maintains a robust anti-money laundering/combating the financing of terrorism framework to prevent the use of its platform for financial crimes.