The Emir of Kano, Muhammadu Sanusi II says he’s ready to be probed by the Economic and Financial Crimes Commission, EFCC.
The Emir made the remark in response to Femi Falana’s call for his probe. He said he was ready to give account of his stewardship.
On the bail-out funds to ailing banks, he said, “The money was not given to bank shareholders and management but was provided to ensure that ordinary Nigerians and other depositors who kept their money in banks did not lose their savings as a result of the mismanagement of these banks and bad loans.
“The money remains a loan to those banks and is to be repaid from a combination of sources over the years. These include sale of collateral backing non-performing loans held by AMCON, recovery of those loans, sale of share of the banks held by AMCON and a sinking fund into which all banks are to make annual contributions.
“This will continue no matter how long it takes until the banking industry repays all amounts due to AMCON and the bondholders are repaid.
“All of this is in line with the law setting up AMCON and the purpose of setting it up in the first place.
“The resolution of the Nigerian banking crisis and the AMCON model are actually being held up as an example of how to deal with severe and systemic banking crisis. Not a single depositor in any Nigerian bank lost a single kobo due precisely to these arrangements.”