Status
Reported
Assembly
Senate
Opened
By 15 May 2000 (earliest dated report)
Assembly term
4th National Assembly (1999–2003)
Committee
Committee on Local and Foreign Debts
Sum at issue
US$6 billion
Subject
Loans and public debt
Without a report for
Not applicable
The Senate began investigating claims by the former footballer John Fashanu that about US$6 billion was looted through a debt buy-back arrangement during the Babangida administration, and asked the CBN to examine the allegations. The Senate Committee on Local and Foreign Debts reported that the 1988–1993 buy-back, handled through the CBN, had reduced Nigeria's debt by about US$5 billion and was not fraudulent, but faulted the 1996 Ajaokuta debt buy-back handled by the Ministry of Finance.
CBN
What the record shows
- 15 May 2000Earliest dated press report of the probe.
- 2 July 2000The committee report, reviewing debt buy-back transactions since 1983, was published. It cleared the 1988–1993 buy-back and faulted the 1996 Ajaokuta buy-back.
A committee report was presented or adopted. What became of its recommendations is shown where the record shows it. Know of a report, hearing or outcome missing here? Send a correction.