The Civil Society Network Against Corruption (CSNAC) has written to President Muhammadu Buhari, asking him to probe the $7 billion out of the nation’s external reserves, which stood at $38.07 billion, as at the end of July 2006, given to 14 global asset managers and their 14 Nigerian banks local partners, to manage.

“The amount reportedly bequeathed to the asset managers represented 18.39 per cent of the total external reserves and was hitherto kept with foreign banks,” CSNAC said in the letter dated July 15, 2015 and signed by its Chairman Olanrewaju Suraju.

It identified the 14 global asset managers and their local counterparts as Black Rock and Union Bank of Nigeria Plc; J.P. Morgan Chase and Zenith Bank Plc; H.S.B.C and; First Bank of Nigeria Plc; BNP Paribas and Intercontinental Bank Plc; UBS and United Bank for Africa Plc; Credit Suisse and IBTC Chartered Bank Plc; Morgan Stanley and Guaranty Trust Bank Plc; Fortis and Bank PHB Plc; Investec and Fidelity Bank Plc; ABN Amro and Access Bank Plc; Cominvest and Oceanic Bank Plc; ING and EcobankPlc; Bank of New York and Stanbic Bank Plc and; Crown Agents and Diamond Bank Plc.

“According to the reports, CBN gave each asset manager, $500m of the external reserves to manage. Almost nine years after this pronouncement, no public report or account has been rendered by CBN on these the $500 million given to each of the banks. Also realising that three of the banks (Intercontinental Bank, Bank PHB and Oceanic) were bought over by other banks and or liquidated between 2006 and now,” CSNAC said.

It regretted that, contrary to the Freedom of Information Act, CBN Governor Godwin Emefiele failed to respond to its letter on the issue dated June 17, 2015 and sent through IFEX Express Limited Postal Service, with their assurance that the letter got to destination on June 25.

“The Bank’s non-response reeks of deceit and lack of transparency. Perhaps, those involved assume Nigerians suffers collective amnesia and will not remember. We do remember and we are asking questions without answers,” CSNAC said.

The group requested that “the Presidency probes this matter and informs Nigerians exactly what is going on or has gone wrong with the $7 billion soft loans.”

Continuing, CSNAC said: “You investigation might unofficial commence as you proceed on this official trip to the United States. The CBN Governor is listed to be in your delegation, and some of the affected global assets managers; J P Morgan Chase and Bank of New York are U.S.-based. Obviously, the CBN Governor and many others in government are yet to imbibe or prepared to school in the culture of transparency and accountability as was promised in your covenant with Nigerians.

"The Vice President, Prof. Yemi Osinbajo, recently reiterated this position, while addressing the world in Addis Ababa. He also assured the international community of your government's commitment to sanctions of government officials in the act of refusing to respect the FoIA with regards to provision of information.

“Mr. President, without appropriate sanctions and consequences, accountability from public office holders and respect for the provisions of FoI act is not likely to be achieved. The CBN governor must therefore be directed to respect the law by urgently responding to our request, while your office commences thorough investigation into the circumstances surrounding the loan in question.”

•Photo shows Emefiele.

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