ABUJA – Financial Reporting Council of Nigeria has accused the Central Bank of Nigeria and other financial regulatory agencies of depleting Nigeria foreign reserves.

The council also blamed the poor accountability of regulatory agencies for alleged repatriation of $13.9 billion by MTN and other other economic infractions.

Executive Secretary of the Council, Jim Obazee, disclosed this during a public hearing by the Senate Committee on Banking, Insurance and other Financial Institutions over the alleged repatriation of $13.9 billion by MTN.

“The short answer to it is very poor and 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, there will definitely be some openings like this where you see this depletion.

The regulatory agencies themselves will need to check their own financial statement especially those who are supposed to account for our external reserves.

If we continue to see a drop year in year out, there is supposed to be full explanation to the National Assembly or the government why our external reserves is dropping while there are inflows that are not adequately matched with outflows,” he continued.

He also alleged that the regulatory agencies had not submitted their financial reports for over four years.

Obazee added that the council could contribute better to the growth of the economy if the regulatory agencies performed their jobs effectively.

He noted that such contribution to the economy would require government to mandate its entities to prepare up to date financial statement and forward them to our council for review.

You will be surprised that a number of government entities for the past four years could not prepare financial statements.

These entities should not be entitled to budgetary funds because you have not accounted for the money that was given to you before why are you asking for new one,” he added.