CBN to Go Hard on Banks Involved in Pension Fraud

The Governor of the Central Bank of Nigeria, Lamido Sanusi, disclosed to journalists yesterday that the apex bank would penalize any banks found to be culpable in the Pension scam currently being investigated by the Senate.

Speaking to journalists in Lagos yesterday, after the Monetary Policy Committee (MPC) meeting, Mr. Sanusi stated that CBN would ensure “appropriate sanctions” are meted out to banks found to be in violation of banking rules.

He said, “As far as the pension fraud is concerned, we are waiting for the report and we will certainly send in examiners and any bank that we found involved in these things will be dealt with. So far, we have not received a formal report and we have asked for it.

“I have had discussions with the Finance Minister and I have told her that if at the time she completes her report, there is any bank that was involved in this, we will like to take it up and we will because we will send in our examiners.”

The CBN governor also disclosed that the resolution of the MPC meeting was to retain the key lending rate at 12%, the cash reserve ratio at 8% and the minimum liquidity ratio at 30%.