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.... ....   Home  |  Cover Stories  |  National Newsreel  |  Politics  |  Business  |  Sports  |  World  | Contact Towards a better life for the people Search The Archives   Cover Stories National News South West Niger Delta South East North Politics Business Sports World Viewpoints Features   ..... NATIONAL NEWS CBN stops aviation ministry on N2b transfer By Kenneth Ehigiator Monday, September 13, 2004 LAGOS—THE Central Bank of Nigeria (CBN) has rebuffed attempts by Aviation Ministry parastatals to transfer N2 billion  each from the apex bank to Inland Bank Plc with a view to shoring up the bank’s capital base. Vanguard gathered that the Aviation Minister, Mallam Ifa Yuguda, recently issued a circular to the chief executive officers of  parastatals under the ministry directing them to each transfer the above amount into Inland Banks Plc, where he served as  managing director before he was apprinted a minister by the present administration. Sources told Vanguard that on each occasion the parastatals tried to get the Central Bank’s approval, they met a brickwall. “There was a ministerial directive to all parastatals asking each of them to deposit N2 billion into Inland Bank to shore up its  capital base, but the CBN queried the move. “Attempts were even made by the parastatals to break the N2 billion into bits and pieces to secure the nod of the apex bank,  but they still met the resistance of the CBN,” said sources. It was learnt that one of the parastatals has made four presentations before the CBN, all in our attempt to meet the minister’s  directives, but all to no avail. According to the sources, the problem between the minister and the sacked managing director of FAAN was heightened by the  transfer of the N2 billion released by the Federal Government for rehabilitation of runway 19R of the Murtala Mohammed  Airport, Lagos, from Inland Bank to another bank, a first generation bank. The transfer, it was learnt, was not only to prevent the money from being used for other purposes, but also to forestal a situation  where it is lost to a bank’s distress. Other parastatals of the ministry include the Nigeria Civil Aviation Authority (NCAA), Nigeria Airspace Management Agency  (NAMA), the Nigerian Meteorological Service (NIME) and Nigerian College of Aviation Technology (NCAT). Virtually all the  parastatals are self sustaining.   Home  |  Cover Stories  |  National Newsreel  |  Politics  |  Business  |  Sports  |  World  | Contact © 1998- 2004. Vanguard Media Ltd.

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