CBN Denies Involvement with Boko Haram Funding

The Central Bank of Nigeria was alleged by some individuals to be involved indirectly in sponsoring the Boko Haram insurgency in the country – but one of its top staff, has come out to deny the allegation.

In a letter dated 16th October, 2014 and addressed to Socio-Economic Rights and Accountability Project, SERAP, the apex bank has denied that it was being used by anybody to channel funds to the Boko Haram sects.
As SERAP wrote to the bank asking it to provide information about the allegation, therefore the letter with reference LSD/ACL/GEN/SRP/02/090, signed by O.A. Ogundana on behalf of the Director, Legal Services Department of the Bank reads:

“We write to acknowledge the receipt of your letter dated 15th September 2014 on the subject captioned: request to provide information about alleged money laundering to Boko Haram through the Bank.
“In your letter you had requested from the CBN information about persons or office involved in alleged money laundering activities of the Boko Haram through the CBN; and information on the exact nature and duration of any such transactions.
“We wish to inform you that after investigating the allegations across various Departments at the Bank that deal with payments, the Bank could not find any information pertaining to persons involved in money laundering through the CBN to fund the activities of Boko Haram.
“The CBN as Banker to the Federal Government only maintains accounts for and on behalf of the Government, its Ministries, Departments and Agencies; Deposit Money banks and other financial institutions in Nigeria and can only make payments on their behalf based on authorized mandates.
“Consequently, the CBN does not maintain or operate any accounts for individuals, officers or offices within the Bank. In conclusion, your organization may wish to note that the Bank maintains a robust Anti-Money Laundering/Combating the Financing of Terrorism framework to prevent the use of its platform for financial crimes. Please, accept the assurances of the Governor, Central Bank of Nigeria.”

Do you agree with the letter or could there be more to this allegation?