Former military leader Yakubu Gowon has asserted that Igbo citizens received fair compensation for financial losses incurred during the Nigerian Civil War. In his memoir, titled My Life of Duty and Allegiance, Gowon defended the late Obafemi Awolowo against allegations that he unfairly restricted post-war payouts to 20 pounds.
The conflict, which lasted from July 1967 to January 1970, took place while Gowon served as Head of State and Awolowo functioned as the Federal Finance Commissioner. Gowon explained that the federal government faced significant economic constraints when attempting to integrate the unrecognized Biafran currency into the national system.
According to the memoir, the Central Bank determined that converting Biafran pounds at full value would destabilize the national economy. Consequently, authorities adopted a policy providing a flat payment of 20 pounds per adult. However, Gowon clarified that this restriction did not apply to funds held in Nigerian banks before the conflict. He emphasized that individuals with documented accounts received their full balances plus accrued interest once their residency was verified, arguing that this approach was a necessary measure for economic stability.
