CBN SHOULD BE HELD RESPONSIBLE FOR TRILLIONS OF FAKE CURRENCIES IN CIRCULATION!

ZION B-BC   NEWSLETTER.  

(Looking at Nigeria's Political System from a Godly Perspective).

A Publication of the Zion Faith Bible-Believing Church, Kpeyegyi, Abuja Nigeria. [VOL. 6. NO 226. 10th December, 2017.} “…ONLY The Truth, Will Set You   Free! (John.8:32).

CBN SHOULD BE HELD RESPONSIBLE FOR TRILLIONS OF FAKE CURRENCIES IN CIRCULATION!

Almost all the existing Automated Teller Machines (ATMs), in Nigeria are dispensing FAKE Nigerian highest currency of ONE THOUSAND NAIRA across the nation as if they were legal tenders!
In most cases, the fake notes were undetected until they were presented in exchange for goods or services, where disputes over the source of such illegal currencies were usually dragged to police stations for arbitration! 
This brazen economic sabotage through legal and official infrastructures of ATMs, is seamlessly perpetrated by internal forgery syndicates of Commercial Banks Operation Departments who dexterously insert the offending fake notes in-between masses of genuine ones and were never detected by the machines during dispensation, contrary to official claims!

ATMs were introduced to encourage CASH - LESS culture and not CASHLESS Nigerians!
We have in our possession TWO FAKE CURRENCIES OF THE ONE THOUSAND NAIRA DENOMINATION which were dispensed to a member of the Editorial Board, through ATM transactions at FIDELITY AND SKYE BANKS, KARU, ABUJA, Federal Capital Territory in August and November 2017, respectively, as evidences to prove the authenticity of this FINANCIAL CRIME under the supervision of Governor Godwin Emefiele and his CBN management team!

In the past several years of the activities of these fraudsters, within the banking sector, TRILLIONS OF FAKE CURRENCIES, have been injected to scuttle and damage the progress of the economy, without  serious challenge or indictment of the unfaithful commercial banks by the Central Bank of Nigeria (CBN), the Economic Financial Crimes Commission (EFCC), Independent Corrupt Practices and Other Related Offences Commission (ICPC), or the Nigerian Police Force (NPF), crack detectives!

The social media is awash with sad tales of how average Nigerians who managed to keep bank accounts were daily ripped off of their meagre savings through these institutionally-backed ROBOTS which should, under normal circumstances re-position and add value to the banking sector of Nigeria's fast-growing economy instead of destroying the system!

According to available statistics, from the Nigeria Interbank Settlement System Plc. (NIBSS), Nigerians withdrew N 4.7 trillion naira through these electronic banking system in the year 2016 alone and one can best imagine how much of this huge amount of monies were FAKE!
ATM users have exceeded dispensing capacity of existing machines which informed the engagement of independent ATM Consortia, to augment the high and fast rising profile of nation-wide monthly transactions/withdrawals which stood at over 607 million within the same year!
On daily basis, millions of these dummy notes are dispensed to diligent and hard-working Nigerians by those vicious, fraudulent and heartless syndicates within the banking system without immediate/ commensurate compensations and apologies!

In some cases when ATM fake notes were dispensed during legitimate transactions, in the presence of eye witnesses, security agents were usually invited to harass innocent account holders for attempting to exchange such monies for genuine bank notes!

In spite of the fact that CBN (the Commercial Banks Sheriff), is the only regulatory body under the Constitution, saddled with the responsibility of oversight functions on financial and banking activities in all operational areas; including the issuance of licences, banknotes and coins in their different denominations, monitoring the compliance of banking regulations as stipulated by the apex bank, application of disciplinary measures to erring banks; etc, no commercial bank, to our knowledge, has been indicted, punished or convicted for dispensing fake one thousand naira currencies (or other currency denominations), from their ATM outlets, to date - though the hues and cries of aggrieved Nigerians flood the social media on daily basis!

The banking sector of Nigeria has not less than 25 private commercial banks/financial institutions across the nation following the merger of financially-unstable banks of previous years with the strong and reliable ones and also, 36 branches of the CBN in all the State Capitals with headquarters in the FCT - all established for one special goal - as the medium of exchange of monies for services and goods to facilitate, improve and increase traffic and volume of transactions in both the Public and the Real Sectors of the Economy: i.e. governments annual budgetting/appropriations for capital projects, recurrent obligations of salaries, wages, and all manner of statutory emoluments/financial entitlements of civil servants without sidelining the aggressive official efforts at diversification of the economy!

The CBN also functions as financial backbone at critical periods of recession to the education, industrial, manufacturing, textiles, agriculture, solid minerals, tourism, film/music sectors of the economy, according to the mandate of the Act of the National Assembly that established it, and remain the driving force and catalyst in that direction to keep Nigeria afloat as the topmost economic hub and industrial destination in Black Africa!

But sadly, COMMERCIAL BANKS, under the "watchful eyes" of  CBN have grown to become economic monsters, detractors and saboteurs of the government and marginalized peoples of Nigeria because most of these operators are working at cross-purpose and  opposite direction to the mission/objectives of the Change Mantra and trajectory of the present administration of President Muhammadu Buhari and his faithful Associate, the indetifagable, resilient, diligent and hard-working but silent worker, Vice President 'Yemi Osinbajo, (SAN), who are opposed to all forms of CORRUPTION, which had been the bane of past consecutive administrations of the failed Peoples Democratic Party (PDP)!

Both Progressives, since assumption of office on 29th May, 2015, had worked relentlessly to turn the table against die-hard looters of the nation's treasury through bold and articulated measures to block avenues for pilfering.
The Treasury Single Account (TSA), pioneered government's aggressive determination which ensured that all revenues were paid into that CENTRAL POOL, followed by the overhaul of the workforce to expose GHOST WORKERS and to also drastically reduce/eliminate government wastages at the higher echelon of the CIVIL SERVICE STAFF!

In addition, to the preceding measures, the EFCC, ICPC, State Security Service (SSS), Nigerian Police and other relevant security agencies in collaboration with their international counterparts were re-organized and mobilized to intensify efforts at recovering looted funds that were stashed at home or laundered abroad by past administrators of the treasury and presently, the following amounts:
(a) N 3.4 trillion as at 5th June, 2016,
(b) US $151million dollars and N8 billion naira, as at February, 2017; according to government list which is still being updated.

On 5th December, 2017, the Swiss Government announced its intention to return to the Nigerian Government, the sum of US $345 million, (over N2.2 billion naira), looted and deposited in a Swiss Bank Account, by late General Abacha, according to a bi-lateral agreement between both countries.
A comprehensive list of all recovered loots, including names of the looters would be published soon according to the Information Minister. Must these monies be exchanged with FAKE CURRRENCIES?

INTRODUCTION OF CBN'S DEVELOPMENT FINANCING!
In pursuance of its mandate of interventions for economic development programme, CBN, is collaborating with the Federal Government in the drive towards a workable transition from the mono-economic platform where crude-oil took the centre stage from the seventies as the major foreign exchange earner for budgeting and appropriation, to aggressive drive into agriculture through its Anchor  Borrowers' Programme (ABP), for Farmers and Small and Medium Enterprises - SMEs Financing, for indigenous entrepreneurship and speedy integration with large-scale industries.

Just as financial interventions of two tranches - N500 and N300 billion - respectively, were released to ABP and SME's, to boost production, a sum of N235 billion was also allotted for Manufacturing and Restructuring Facilities of Bank Loans to the MANUFACTURING SECTOR to fast-track access to credit through Bank of Industry (BOI), by manufacturers.

The INDUSTRIAL SECTOR was not left out in the programme as funds has been injected to fast-track development of Electric Power Projects - especially those identified in industrial clusters and the Aviation Sector in terms of credit facilities to Airlines and other critical sectors of the economy!
In a recent press release, the CBN claimed outstanding achievements in promoting inclusive growth and sustainable development as its intervention programmes have created over SEVEN MILLION JOBS in the country as at August, 2017! BUT CBN HAS NOT ARRESTED THE VICIOUS BANK SYNDICATES SYPHONING TRILLIONS OF NAIRA ANNUALY BY EXCHANGING THEM WITH FAKE NOTES!
And until they annihilate those unpatriotic subtle killers of the Nigerian economy, millions of dedicated workforce will find it very difficult to put any kind of food on their tables; while crimes and criminalities would flourish unabated!

It was high time CBN sought the collaboration of all security agencies to overcome this negativity of FAKE CURRENCIES IN CIRCULATION, in other to truly celebrate their recorded successes in critical interventions for economic development.

GENUINE CURRENCIES in circulation are far less than those released by the CBN to the commercial banks because their infiltration with fake notes by internal syndicate fraudsters had greatly reduced legitimate economic transactions to about 30 - 50% on daily basis due to nation-wide customers rejection of the fake notes during periods of business transactions.

ALL NIGERIAN BANK ACCOUNT HOLDERS MUST RISE IN UNISON TO PROTEST THIS INJUSTICE TO GOD AND TO GOVERNMENT! THESE UNREPENTANT SINNERS MUST BE DIVINELY AND JUDICIOUSLY PUNISHED! AMEN.
Please look forward to more divine revelation in the next edition of Zion B-BC Newsletter as you share this with friends and remain blessed in the Lord. [For weekly access, to this newsletter, log on to:  facebook.com/zionfaithbible.believingchurch or http://www.zfbbc1.blogspot.com, https://www.google.com/+zionfaithbiblebelievingchurch.
If you have not accepted the Lord Jesus Christ as your personal Lord and Saviour, don’t miss this great opportunity as you pray this prayer: Lord Jesus; I confess that I am a sinner who needs to be saved through the grace of the New Testament of your Blood, shed on the Cross at Calvary; I renounce every sin in my life and accept you as my Lord and Saviour. Please forgive me and write my name in the Book of Life. Amen. If you prayed this prayer, you have been admitted into the family of sons and daughters of God, who are born-again. Congratulations.

I am, yours sincerely, Dr. David B.A. Olufon, Resident Pastor and Editor. 08130669886, 08098194390.  08080243066. g-mail- dvdolufon@gmail.com.