In a revelation that sheds light on the opaque dealings of the Central Bank of Nigeria (CBN) under the recently suspended Governor Godwin Emefiele, it has been discovered that the apex bank made multiple transfers amounting to $616 million to the office of the National Security Adviser (NSA) between August 2016 and November 2018. These transfers, which were previously undisclosed, have raised questions about transparency and accountability within the CBN.
According to data obtained from the CBN’s website, the transfers to the NSA began in August 2016, approximately a year into the administration of former President Muhammadu Buhari. Prior to that, there were no such transfers recorded in the CBN’s data dating back to 2004. However, once initiated, the practice continued every month until November 2018, with the largest single transfer amounting to $139 million occurring in November 2016.
It is important to note that the CBN has not published any operational data since 2018, making it difficult to ascertain whether these payments persisted beyond that period. At the current exchange rate, the total sum of $616 million is equivalent to N426 billion, which represents approximately one-third of the defense budget allocated for 2022.
Attempts to seek comment from the CBN have been unanswered thus far. A former central bank official, who wished to remain anonymous, expressed concern over these outflows and emphasized the need for transparency in security-related expenditures. The official stated, “Anything related to security should be conducted transparently and in local currency. Even if these funds were intended for ammunition imports, such information should be public knowledge. The lack of transparency raises suspicions.”
Another source pointed out that a transfer of over half a billion dollars from the CBN to the NSA would require presidential approval, highlighting the contradiction considering the detention of Sambo Dasuki, the former NSA under President Goodluck Jonathan. Dasuki was imprisoned for more than four years after being indicted for misappropriating $2 billion meant for the procurement of arms and ammunition for the Nigerian military.
This recent revelation has led to criticism of the Buhari administration’s commitment to eradicating corruption. A source familiar with the matter stated, “The corruption that President Buhari sought to end appears to have thrived under his watch. While they criticized the previous administration for financial discrepancies, it seems they have questions to answer themselves.”
Former Vice President Yemi Osinbajo had previously alleged large-scale theft of funds, both in local and foreign currencies, by individuals affiliated with the Peoples Democratic Party administration led by former President Jonathan shortly before the 2015 general elections.
The discovery of these substantial transfers from the CBN to the office of the NSA raises concerns about transparency, accountability, and the need for a thorough investigation into the utilization of these funds. The Nigerian public awaits further information to ascertain the purpose and legitimacy of these transfers, as well as any potential consequences for those involved in the process.
Source: Bussinessday news
