Gowon Says Verified Igbo Bank Deposits Were Repaid With Interest After Civil War

Former Head of State Yakubu Gowon says the Federal Government compensated Igbo depositors who could prove they held funds in Nigerian banks before the end of the civil war. In his memoir, Gowon defended the post-war policy often linked to Obafemi Awolowo. He said verified Nigerian-bank deposits were repaid in Nigerian currency with accrued interest. Gowon said the separate policy that granted a flat £20 payment to adults returning from Biafra was adopted because Biafran currency was not recognised as legal tender and exchanging it fully could have damaged the economy. The claim is likely to renew debate over the economic impact of the civil war and post-war reconciliation.

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