CBN Branch Renovation Costs N2.8b

The Central Bank of Nigeria, CBN yesterday clarified that the N2.8bn being queried upon by the PAC was used for the reconstruction of a new office complex for its Port Harcourt branch and not for the renovation of the old complex, as earlier claimed

The Deputy Governor of the CBN in Charge of Corporate Services, Mr. Suleiman Barau who made the clarification before the Committee on Monday supported his claims with relevant documents including the photographs showing the old and the new building side by side.

Consequently, the committee cleared the CBN on the query but insisted that its members would still visit the Port Harcourt for on the spot assessment of the old and the new building while the bank should also be ready to provide additional information on the contract where necessary.

On the query raised on the N844m property purchased for the National Planning Commission by the CBN, the Committee stepped it down and requested for additional documents from both parties to enable them get to the root of the transaction.

However, the Committee condemned the sale of the official residence of the governor of the bank built on an acre of land at a prime location in Abuja at a giveaway price of N160m to a private company and directed the bank to proceed to the Corporate Affairs Commission, CAC by today to find out the owner of the company and its directors