Call for Public Accounting of Alleged $7 Billion CBN Investment From 2006

A call has been made for a public accounting of an alleged US$7 billion placement from Nigeria’s foreign reserves in 2006. The funds were reportedly managed through international asset managers and Nigerian banking partners during the Obasanjo administration. The House of Representatives ordered an investigation into the matter in 2019. The outcome of that probe, the amount repaid and any outstanding liabilities should be made public. The Federal Government, CBN, Attorney-General and relevant anti-corruption agencies should review available records and establish whether any public funds remain recoverable. Any findings should be based on verifiable evidence and due process.

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