Peoples Daily Newspaper, Thursday, May 03, 2012

Page 1

Vol. 8 No. 29

Thursday, May 3, 2012

Jimadal Akhir 12, 1433 AH

N150

CBN accepts blame for capital market collapse By Lawrence Olaoye

T

he Central Bank of Nigeria (CBN) yesterday accepted institutional responsibility for the near collapse of the nation’s

capital market. Deputy Governor in charge of Financial System Stability, Dr. Kingsley Moghalu, admitted this before the House of Representatives ad hoc committee

investigating the market’s dismissal performance in recent years. “CBN accepts blame as an institution”, he told the lawmakers. Moghalu, however, said that

the N620 billion stabilization fund given to some banks was justifiable, explaining that the money has been returned to government coffers. The CBN deputy governor

admitted that manipulation took place in the market which breached the Investments and Security Act, adding that there was the possibility that the Contd on Page 2

Subsidy scam

Presidency dismisses House report as shallow By Abdulrahman Abdulraheem

T

he Presidency, under tremendous pressure to implement the report of the House of Representatives ad

hoc Committee on the subsidy fund scam that indicted several public officers, may not have received it after all, Peoples Daily learnt yesterday. Even so, it has dismissed the

report as shallow and selective. Since the House adopted the report a fortnight ago, pressure has been mounting on President Goodluck Jonathan to act on it to demonstrate his sincerity about

the war on corruption. However, Special Presidential Adviser on Political Affairs, Alhaji Ahmed Gulak, told newsmen yesterday in Abuja that contrary to reports that the president was

reluctant to act on the report’s recommendations, he was yet to get any report from the National Assembly. He lamented that some Contd on Page 2

L-R: Director General, Debt Management Office, Dr. Abraham Nwankwo, Managing Director, Nigeria Deposit Insurance Corporation (NDIC), Alhaji Umar Ibrahim, and CBN Deputy Governor, Financial System Stability (FSS), Dr. Kingsley Moghalu, when they appear before the House ad hoc Committee investigating the collapse of the Nigerian Capital Market, at the National Assembly, yesterday in Abuja. Photo: Mahmud Isa

Pilot escapes as Air Force Man attempts drowning jet crashes in Kaduna 8-year-old stepdaughter >> PAGE 2

>> PAGE 4

Bomb detectors flood Kaduna fair

Nigeria’s total debt now N6.88 trillion, says DMO

>> PAGE 5

>> PAGE 19

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