Unrecovered US$7 billion of foreign reserves placed with asset managers and banks

The House of Representatives Committee on Banking and Currency, mandated by a resolution in November 2019, commenced an investigation into the non-repayment of US$7 billion from Nigeria's foreign reserves disbursed by the CBN to 14 global asset managers and 14 Nigerian banks in 2006. Following a motion by Abubakar Ahmad, the probe scrutinized why the funds had not been repaid after 13 years, especially given that six of the beneficiary banks had since merged or been acquired.