In an alarming revelation, the Central Bank of Nigeria (CBN) has been found to have made multiple transfers amounting to $616 million (over N400 billion) to the office of the National Security Adviser (NSA) under Major-General Babagana Monguno (retd.) between August 2016 and November 2018. This unusual pattern of transactions sheds light on the opaque dealings of the CBN during the tenure of the recently suspended Governor, Godwin Emefiele.
According to data obtained from the CBN's website, these transfers to the NSA's office began in August 2016, approximately one year into former President Muhammadu Buhari's administration. Prior to that, no such transfers had been recorded in CBN data dating back to 2004. However, from August 2016 until November 2018, transfers were consistently made every month.
Unfortunately, since 2018, the CBN has not released any operational data, making it difficult to ascertain if these curious payments persisted beyond November 2018. Notably, the largest single transfer of $139 million occurred in November 2016.
Based on Nigeria's current exchange rate, the $616 million amounts to N426 billion, which is approximately one-third of the defense budget allocated for 2022.
Despite attempts to seek clarification from the CBN, no response was received at the time of reporting.
A former central bank official, who requested anonymity, expressed concerns about these outflows from the CBN to the NSA's office, questioning their purpose and lack of transparency. The official stressed that any funds intended for security should be transparently accounted for and denominated in the local currency. The source added that even if the funds were meant for ammunition importation, such information should be accessible to the public, which, in this case, it is not.
Another source highlighted the significance of presidential approval for such a substantial amount to be transferred from the CBN to the NSA's office. The source pointed out the irony that former NSA Sambo Dasuki was detained by President Buhari's administration for misappropriating funds, including $2 billion allocated for arms and ammunition for the Nigerian military.
This revelation has raised concerns about the persistence of corruption, despite President Buhari's efforts to combat it. Critics argue that corruption, which was condemned under the previous administration, appears to have thrived under Buhari's watch.
Former Vice President Yemi Osinbajo had previously accused individuals associated with the Peoples Democratic Party administration led by President Goodluck Jonathan of embezzling large sums of money, both in local and foreign currencies, shortly before the 2015 general elections.
0 Comments