The Governor, Central Bank of Nigeria, Mr. Lamido Sanusi, has said that the bank is conducting a holistic investigation on Deposit Money Banks to determine their level of involvement in the pension scam.
Sanusi said at the Spring Meetings of the World Bank and International Monetary Fund on Sunday in Washington DC that the investigation was still ongoing, adding that the results would be released soon.
“We have asked our banking supervision department to start investigation. The investigation will have to identify what banks were involved, what level they were involved in, and what was the nature of their involvement, what rules were broken in terms of guidelines. It will be a complete investigation,” he said.
The Chairman of the joint committee, Senator Aloysious Etok, disclosed recently that the committee had discovered fresh N4.6bn missing from the funds under the old pension scheme.
Sanusi also spoke on growth, saying, “We already have fiscal consolidation of macroeconomic stability. What is left is to make progress with the power and agricultural reforms. Once we are able to make that progress with the reforms, our target of eight per cent will be achievable and we may even surpass it. It is the structural reforms that will determine the pace of growth; the foundation is there in terms of stability.”
He, however, said, that the country needed to save at the time when oil prices were high.
“We need to save when prices are over $100 because if this cloud translates into fall in oil prices, we are going to have major problems,” he added.
The Minister of Finance, Dr. Ngozi Okonjo-Iweala, said that the country must continue the diversification of the economy.
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