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PANEL ON THE RE-ORGANISATION AND REFORM OF CENTRAL BANK OF NIGERIA (1994)

(The Okigbo Panel Report)

May 16, 2005

source: http://www.nigerianmuse.com/nigeriawatch/okigbo/

On January 15, 1994, as part of his early moves to convince the nation of a new broom of probity and accountability, General Sani Abacha (who had become military head of state November 17, 2003) empanelled a group of eminent Nigerians chaired by the late economist Dr. Pius Okigbo to probe the Gulf War period receipts. The other members of the panel were:

Mr. Pascal Dozie,

Dr. Yakubu Sankey,

Mrs. Bola Latinwo,

Chief Dotun Oyefodunrin,

Dr. Umar Muttalab, and

Obong Ufot Ekaette (Panel Secretary).

The full report, submitted 27^th September, 1994, has NEVER seen the light of day, and was declared mysteriously “missing” from government records soon thereafter.

Until now....

Terms of Reference of The Okigbo Panel:

The actual terms of reference of the Okigbo Panel were to probe the activities of the Central Bank of Nigeria (CBN) as follows:

1. To examine the legal framework guiding the operations of Central Bank with particular reference to the relationship of the bank with the Federal Government.

2. Re-appraise the structures for the co-ordination and harmonisation of fiscal and monetary policies for the purpose of achieving the objective of macro-economic policy;

3. Review the process of formulation and implementation of monetary policy with specific reference to the control of money supply, interest rates management and attainment of price stability.

4. Re-examine the design and implementation of external sector policies with particular regard to the operations of the foreign exchange market, exchange rate management, external reserve management, external debt management and the dedication account operated by the Central Bank.

5. Review the growth and management of domestic debt, especially the granting of ways and means of advances of the Federal Government and Central Bank credit to the government generally.

6. Assess the adequacy or otherwise of the regulatory framework for the financial system, with specific reference to the establishment of financial institutions, prudential requirements and the bank’s ability to deal with financial insolvency.

7. Identify the various factors, which constrain the effective conduct of monetary and banking policies and propose appropriate remedies.

8. Undertake a comprehensive review of the administrative, managerial and structural requirements for the improved performance and autonomy of the Central Bank

Contents:

(Adobe Reader Required)

Executive Summary of the Main Report: Pages 1-13
Chapter 1: Introduction - Pages 1-30....[ Pages 1 - 9 ]
Chapter 2: The Evolution of the Central Bank of Nigeria - Pages 31 - 44
Chapter 3: The Regulatory Framework - Pages 45 - 66
Chapter 4: Legal Framework - Pages 67 - 88
Chapter 5: Domestic Operations - Pages 89 - 126
Chapter 6: The Growth and Management of Domestic Debt - Pages 127 - 150
Chapter 7: External Sector Policies - Pages 151 - 224.....[Pages 151 - 152; Pages 177 - 224 ]
Chapter 8: Fiscal and Monetary Policies - Pages 225 - 256
Chapter 9: Administrative and Managerial Structure of the Bank Pages 257 - 291
Chapter 10: Information Management - Pages 292 - 311
Catalogue of Recommendations: Pages 312 - 351
Members of the Panel Secretariat - Page 352

Editor's Note: To be updated as received.

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This page was last updated on 10/27/07.