Why CBN paid $462m to AFC - Soludo

Chris Agbambu and Bola Badmus, Abuja - 01.05.2008

CENTRAL Bank Governor, Professor Chukwuma Soludo, on Wednesday justified the payment of $462 million to the African Financial Corporation (AFC) for investment.

Soludo, who was quizzed for over four hours by the Independent Corrupt Practices and Other Related Offences Commission (ICPC), told his interrogators that the CBN Board approved the payment. Soludo, who came with his retinue of staff, arrived the ICPC about 10:00 a.m and left at about 2.30 p.m.

Informed sources at the commission told the Nigerian Tribune that the CBN governor said he could not have paid such amount without approval.

According to him, all the transactions were well documented as the guidelines for such investment were duly followed. Following his request to tender some documents, the ICPC directed him to report back on Friday.

Also, Soludo, when he appeared before the House of Representatives Committee on Banking and Currency probing the transaction in the AFC, said the total amount the country invested in AFC was $462.923 million and not $482 million as reported.