YMonitor Issue 022: MMM

by Eyo Emmanuel


Please who wants to get help? Lol! If you did MMM then you know what I’m talking about. The CBN in 2006 apportioned $7 billion out of the nation’s foreign external reserves. Nigerian banks that were included to manage the reserves were; Guaranty Trust Bank, Eco bank, Fidelity bank, Zenith bank to mention a few.

An undisclosed source who worked as a manger at a bank claims the global recession of 2008 hit a lot of banks and some were unable to recover fully making payments of this loan a rather herculean task. Currently the management or lack there of is being investigated by the EFCC.

What is the film trick that’s happening to explain how $7 billion can’t be accounted for? Or just like MMM is the money frozen and are we to wait for it to “thaw”?

What ever it is we need answers


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