Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, disclosed on Monday that forensic audit by Deloitte Management Consultant has shown that about $2.4 billion foreign exchange backlog out of the reported $7 billion FX liabilities of the Federal government is not valid for settlement.
He disclosed that the audit’s findings show various infractions, including non-existent entities and unauthorized FX allocations, making these liabilities invalid.
Cardoso made the revelations during an interview with Arise Television on Monday.
“We contracted Deloitte Management Consultant to do a forensic of all these obligations and to tell us what was valid and what was not. Of course, we were committed to ensuring that we would pay all valid transactions.
“The result that came out of this was startling in a great respect; it was quite startling. We discovered that of the roughly $7 billion, about $2.4 had issues, which we believed had no business being there – and the infractions from that range from so many things.
For example, not having valid import documents and in some cases, even entities that did not exist and in some cases, beneficiaries and account parties that asked for FX and got more than they asked for. And those who didn’t even ask for any and got. So, there was a whole load of infractions there, which I said amounted to about $2.4 billion out of the $7 billion headline figure.”
