29. Non-consolidation of accounts with Subsidiaries Briefing Note Allegation 29: that the CBN did not consolidate its account with those of its subsidiaries. Response: i. The CBN does not have subsidiaries and the assumption that AMCON is a subsidiary of the CBN is wrong. The shares in AMCON are held by the Federal Government as borne out by Section 2 of the AMCON Act. Furthermore, the accounting reporting period of the CBN is statutory and does not coincide with that of AMCON.
Posted on: Sun, 16 Mar 2014 14:04:09 +0000
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