House of Reps To Investigate Alleged Non-Repayment Of $7bn Foreign Reserves

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.

The House on Thursday resolved to investigate the matter, after a motion 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.

The lawmakers are worried that after 13 years, the $7 billion foreign reserves has not been repaid to the CBN.