Why I won’t apologise to Soludo – Falana

Femi Falana
Photo credits: Newsbreakers
Femi Falana Photo credits: Newsbreakers

Femi Falana, a Nigerian lawyer, has again questioned the management of Nigeria’s foreign reserves by the Central Bank of Nigeria (CBN) under the leadership of Chukwuma Soludo.

Mr. Falana had petitioned the Economic and Financial Crimes Commission (EFCC) on allegations of criminal diversion of public funds from the Federation Account and the nation’s Foreign Reserves.

He also accused the CBN under Mr. Soludo of illegally transferring $7 billion to 14 commercial banks in 2006, an allegation the former CBN chief denied and described as laughable.

In denying the allegation, Mr. Soludo said Mr. Falana’s outburst was based on ignorance of how the bank was run. The former CBN chief also demanded an apology.

But in another statement Wednesday, Mr. Falana said the statement issued by the CBN management on the subject matter buttressed his point.

“For the avoidance of doubt, I wish to reiterate that it was the management of the CBN which claimed to have given out its own “share” of 7 billion dollars from the foreign reserves estimated at 38 billion dollars at the material time.

“Is Professor Soludo insisting that CBN under his management was entitled to any ‘share’ of the nation’s foreign reserves?

“In any case, whether it was a deposit or its own share of the foreign reserves, did the CBN ever announce that the deposit had been paid back to the foreign reserves which belong to the three tiers of Government?

“If there is nothing to hide why did the CBN ignore the request of the Civil Society Network Against Corruption for information on the ‘deposit’ of 7 billion dollars?” he said.

“As far as Soludo is concerned, these allegations are laughable and betray a lack of knowledge of how a bank such as CBN works.

“Has AMCON not been set up to recover those loans and deposits running to several trillions of Naira? For goodness sake, how does a CBN work outside the ambit of the Constitution and the Central Bank Act, 2007?,”Falana asked.

“Frankly speaking, I am of the strong view that the demand for an apology by Professor Soludo is a joke since it was the CBN management under him that claimed to have given its own ‘share’ of $7 billion to the 14 banks.”


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  • Amir

    Dr Chief Barrister SAN Falana please swallow your pride and apologise. You goofed on this one big time. Soludo is not CBN and could not have taken the repayment home. Ask CBN before you further expose your ignorance in banking.
    1. A deposit must not be a loan
    2. It’s CBN’s money not Soludo’s
    3. The last time I checked CBN is still operating so ask the current managers.

    • Tayo Patriot

      Soludo should rather clarify the issue of $ 7b deposit or loan to the 14 banks by CBN under his watch .

      • Aremu Mathew Okikiolu

        Sensible thing to do as Emir Sanusi has done. There is no room for any underhand dealings anymore.

      • AlBsure23

        You’re ignoramus. No offense please.

    • Ikechukwu_67

      Did you read it? “CBN’s share of our foreign reserves”, what does that mean?

      • Aremu Mathew Okikiolu

        The country’s foreign reserves is shared already? What is the process of getting such a colossal amount of money out of the Federation account? What is the share of the populace? Let the EFCC carry out the investigation. If it was a transparent deal, has any of the banks paid part or any of their own share of the loan? No wonder the Naira is plummeting everyday, because “CBN’s share of our foreign reserves” is under siege!

    • Aremu Mathew Okikiolu

      If a crime was committed at the material time, they should arrest the current managers? Listen to yourself bro.

    • Aremu Mathew Okikiolu

      Why are you a meddlesome interloper. Let Soludo go to court. Period.

  • Jaspa Matanga

    Mr. Falana is over flogging this issue because he had made a brilliant reposit to Soludo which was enough. But he has now started making a nuisance of himself as usual.

    • Aremu Mathew Okikiolu

      How is he over flogging the issue? He has a right to refuse anything.

  • Realitytalk

    If soludo has a case, he should go to court