Don’t Dollarize Kogi economy, group urges Gov Yahaya Bello

Governor Yahaya Bello

Against the policies of government and financial regulations semblance of money laundering, kogi governor has been challenged on the deliberate plans of the government to dollarise the state economy through borrowing of 3.7 billion urging the Egalitarian mission for Africa to join the discovered allegation as an appendice to the earlier one at EFCC.

The issue according to kogi rennaisance group spokesman, Abdul nuhu said the purpoted agreement signed on behalf of the government by the governors business associate, friend and current finance commissioner, Idris Ashiru in consent to all conditions there in span for a three years term loan to be carried out by zenith Bank will be a disservice to the state commonwealth.

The body wondered how a government operates outside it’s jurisdiction by carrying out such transactions in hard currency against the monetary laws and the connivance of zenith Bank to serve as provider of the funds in a highly volatile political situation owing the risk.

He warned against the consequences of the current consortium of kogi bankers and the indiscriminate availement of facilities against the due diligence and requirements of money market to governments and individual in breach of the enabling laws The USD12.1 million loan is meant to purchase about 109 automobiles of SUV brands to the various benefactors across the country which include office of the SGF, minister of Justice, prominent Nigerian judges ,traditional rulers who were directly on indirectly involved in kogi charade.

The group urged EMA to as a matter of urgency evidenced by the memo done by the commissioner of finance kogi state include the transactions to save numerous kogites from the shylock government of yahaya Bello The singular idea of carrying out this “term”transactions from financial institutions and corporate entities is to frustrate payment to civil servants their entitlements and leave a burden of commitment to the incoming administration after the supreme court hammer

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