Former Military Head of State, General Yakubu Gowon, has said that people from the South-East were compensated for their losses after the Nigerian Civil War, rejecting claims that the late Chief Obafemi Awolowo unfairly handled the post-war financial policy.
Gowon, who led Nigeria during the Biafra Civil War between July 6, 1967, and January 15, 1970, stated that Igbos who had money in Nigerian banks before the war were paid their deposits with accumulated interest.
Awolowo, who served as the Federal Commissioner for Finance during the war, had been criticised by some groups over the decision that returning Biafrans received £20 after the conflict, regardless of the amount of Biafran currency they possessed.
However, Gowon, in his memoir titled “My Life of Duty and Allegiance”, explained that the policy was a decision of the Federal Government and not solely that of Awolowo.
He said the Central Bank of Nigeria established a panel to assess the implications of converting the Biafran currency after the war, but the process was complicated because the Biafran pound had not been recognised as legal tender by the Nigerian government.
According to him, the large volume of Biafran currency in circulation made it impossible for the government to exchange all of it at the same value as the Nigerian currency without creating severe economic problems.
Gowon stated that economic experts recommended a fixed payment of about £20 to every adult who returned from Biafra, regardless of the amount of Biafran money presented.
He added that the Federal Government adopted the recommendation because of the difficulties involved in determining and managing individual claims.
The former military leader further explained that those who had evidence of deposits in Nigerian banks before the war were allowed to access their full funds, including accrued interest, in Nigerian currency.
He argued that the decision was necessary to protect Nigeria’s economy after the devastating effects of the civil war.
Samuel Agada is a writer and media contributor from Olamaboro Local Government Area of Kogi State, Nigeria. He is a graduate of Biochemistry from the University of Jos and a former banker with GTBank and FCMB. A prolific writer, songwriter, educator, and Gospel preacher, he is passionate about informing, inspiring, and impacting society through his work.