The Senate on Thursday began its investigative hearing on the alleged transfer of $13.9bn by MTN Nigeria out of the country illegally.
The Financial Reporting Council of Nigeria, in its presentation, blamed the regulator, the Central Bank of Nigeria, for any irregularities in the matter.
The Executive Secretary, FRCN, Mr. Jim Obaze, blamed the CBN for the continuous depletion of the nation’s foreign reserves.
Nigeria foreign reserves, which stood rose to $30.2bn in July 2015 from $29.9bn it was in May 2015, is now $24.2bn, according to the CBN’s financial report of last month.
Blaming the apex bank for the continued drop, Obaze stated that the problem was caused by poor and weak accountability by the regulator.
According to him, as long as cash inflow and outflow are not matched by the regulator, problem of foreign reserves depletion will always occur.
He noted that the regulator had a critical role to play in checking the excesses of all operators.
The FRCN boss called for a review of the law regulating financial institutions and multinational companies operating in the country, which, he said, would make the FRCN to discharge its responsibilities more efficiently and effectively.
Obaze said, “The short answer to it is very poor weak accountability and regulatory practice in Nigeria. The regulatory agencies are not working but if they are working definitely a lot of these infractions will not occur.
“You cannot have the security personnel at your gate who has suddenly left the gate opened and then you said somebody stole your assets and you can’t find them.”
“The regulatory agencies after all their submissions will definitely find their role in all of them because there are laws that they are supposed to protect.”
“If you are not protecting them, then definitely some openings like this where you see this depletion,” he added.
