Nigeria’s secret police (SSS) has probed the CBN governor for alleged financial crimes relating to the nation’s multibillion-dollar public lending programs.
According to the previously unreported affidavit, the Nigerian Secret Police filed on December 20, 2022, a state security service investigation has yielded “credible intelligence of suspicious activities by Emefiele,” including money laundering, terror financing, and misappropriation of funds.
The probe uncovered “emerging facts pointing to the alleged mismanagement” of Central Bank of Nigeria’s programs by Emefiele that financially benefited himself and other unidentified individuals, according to the SSS affidavit. The agency did not disclose when it started the investigation or expand on the intelligence it claims to have linking the governor to terrorism financing.
One of the initiatives the SSS alleges was The Anchor Borrowers Program, under which the central bank provided loans to smallholder farmers to increase agricultural output by $2.4 billion. This is one of the programs the SSS claims Emfiele mishandled.
The CBN governor’s arrest warrant was sought twice by the SSS on the grounds that the governor lacked immunity from prosecution, but both times it was denied by Justices John Tsoho and Maryam Hassan on the grounds that there was insufficient evidence to support the allegations and that the ongoing harassment was unlawful.
The Central Bank governor has not responded publicly to any of the allegations put forth against him by the Nigerian Secret Police. In response to the allegations, a non-profit organization called the Forum for Accountability and Good Leadership (FAGL) filed a suit at a state court in Abuja, arguing that Emefiele’s rights were under attack by the secret police. They also stated that self-serving politicians who are angered by the central bank policies designed to reduce the amount of cash in circulation are working to frame the governor through baseless accusations.
However, the SSS has denied probing Emefiele on the dictates or desires of any politician.
