Reps to investigate non-payment of $7bn by asset managers

The House of Representatives has resolved to investigate the failure to repay $7 billion disbursed by the Central Bank of Nigeria (CBN) to 14 global asset managers and their Nigerian counterparts.

This is sequel to a unanimous adoption of a motion by Abubakar Ahmad (APC-Gombe) at the plenary on Thursday.

Moving the motion earlier, Mr Ahmad said that sometime in 2006, the CBN disbursed seven billion dollars to 14 global asset managers and 14 Nigerian banks that were local partners to manage.

He said that the asset managers and their Nigerian counterparts included Black Rock and Union Bank Nigeria Plc, J.P. Morgan Chase and Zenith Bank Plc.

Others are First Bank of Nigeria Plc; BNP Paribas and Intercontinental Bank Plc; USB and United Bank for Africa; Credit Suisse and IBTC Chartered Bank Plc; Morgan Stanley and GTB Plc; Fortis and Bank PHB Plc among others.

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