//Rep sets to investigate non repayment of 7 billion dollars foreign reserves

Rep sets to investigate non repayment of 7 billion dollars foreign reserves

The House of Representatives says it will investigate the alleged non-repayment of seven billion dollars from the country’s foreign reserves, disbursed to 14 global asset managers and 14 banks by the Central Bank of Nigeria since 2006.

This comes after a motion was sponsored by representative Abubakar Ahmad.

According to the motion, the CBN gave each asset manager and its Nigerian bank counterpart a sum of $500 million dollars from the nation’s foreign reserves to manage.

Meanwhile the house says it has resolved to investigate since the 7 billion dollars foreign reserves has not been repaid to the CBN since the past 13 years.