We don’t know sponsors of Boko Haram, CBN replies SERAP

Central Bank of Nigeria

The management of the Central Bank of Nigeria, CBN, has responded to a request by a request by the Socio-Economic Rights and Accountability Project, SERAP, for the identities of bank customers laundering money through the banking system to fund the extremist Boko Haram sect.‎

Following recent revelations by Australian negotiator, Stephen Davis, that sponsors of Boko Haram insurgent activities were known patrons of the country’s banking system, SERAP, on September 15, wrote to the CBN Governor, Godwin Emefiele, demanding the identities of such persons.

In the letter, SERAP requested the CBN to provide it with information about persons or offices involved in alleged money laundering activities for Boko Haram through the CBN, including information on the exact nature and duration of any such transactions.

After waiting for a month without any response to its request, SERAP followed up with a legal application at the Federal High Court, Lagos seeking the order of the court to compel the CBN to respond to its request.

The executive director of SERAP, Adetokunbo Mumuni, said its suit sought, among other things, for the court to determine whether, by virtue of the provision of Section 4(a) of the Freedom of Information (FOI) Act 2011, the CBN was under any obligation to provide it with the requested information.

However, the CBN in its reply to SERAP conveyed in a letter dated October 16, 2014, denied knowledge of the identities of any of the alleged sponsors, distancing itself from allegations that it was being used to finance Boko Haram insurgent activities.

The CBN’s response came after SERAP had already gone to court.

The response, with reference, LSD/ACL/GEN/SRP/02/090, and signed by O.A. Ogundana, on behalf of the Director, Legal Services Department, called SERAP’s attention to the bank’s framework for combating money laundering and financing of terrorism.

Mr. Ogundana stated that the CBN did not maintain or operate accounts for individuals, officers or offices. He said after a thorough investigation across its departments dealing with payments, it “could not find any information pertaining to persons involved in money laundering through the CBN to fund the activities of Boko Haram.”

As the banker to the Federal Government, the CBN pointed out, its only responsibility was to maintain accounts for and on behalf of the government, its ministries, departments and agencies as well as deposit money banks and other financial institutions in the country.

The CBN said it can only make payments on behalf of these institutions and government agencies based on authorised mandates.

Hearing on SERAP’s court application has not been fixed.


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  • amazing2012

    SERAP God bless and protect you. Now or later truth will always come out !

  • Wähala

    It’s folly to expect the CBN to come out with name/s of their staff under investigation for funding Boko Haram…
    Nobel Laureate, Prof. Wole Soyinka, said he knows the man via his “contacts with a foreign embassy” equally investigating the same CBN middle-manager for money laundering to BH charges. Autralia’s Dr. Stephen Davis said the man’s sons are under investigation for the Nyanya Park bombings… that the CBN man is still on the job! So, piece it together with the US freezing the accounts of Boko Haram sponsors and placing “travel ban” on them… and the CBN still has a case to answer! Who was banned, who is the Kanuri man based in Egypt and operating out of Saudi accused of being the “money bag” of Boko Haram? This administration is too silent… silence is their answer to every scandal. This BH-insurgency is war from within aimed at scuttling next year’s elections on the spurious excuse that Nigeria is at war! But it will not fly. Biko… #BringBackOurGirls !!!

  • Dr. Kay

    This people never cease to amaze . It took them over a month to professed a rebuttal . After they have shredded and burned all paper trails linking the sponsors within CBN to Bokoharam , they can now come out and lie with kororo eyes. Chei me I dey laff oh.

  • tundemash

    We don’t know sponsors of Boko Haram, CBN replies SERAP”

    But we know the one in Aso Rock having daily meeting with Modu Sherrif .

  • God dey

    Excellent work, SERAP! But I don’t think the CBN is truthful. I agree truth will come out sooner rather than later. Let the court judge them

  • Dapostle007


  • Naija united

    Thank you my learned SAN, please continue to put pressure on this heartless crooks untill they are brought to face justice. There shall be no rest, peace or even breathing space for the criminals. We shall hound them untill they either return the loot or they die in Jail!