Emefiele, CBN Gov

How Briquetting, And Abuse Of Intervention Funds Thrive
 

Tales of the sleaze and impunity that went on under the nose of former President Goodluck Jonathan continue to unfold. The latest is the  alleged withdrawal of  N105 billion, out of a total of N210 billion  from a special account specifically domiciled to fund the establishment of State-owned micro Finance Banks across the 36 States of the federation. The leak of the well guarded secret has placed  some top officials of the Central Bank of Nigeria in trouble with President Muhammadu Buhari's anti-graft crusade.

Investigations  reveal that, in the heat of campaigns for the re-election of former President Goodluck Jonathan, which was faced with dearth of funds, authorities of the CBN were approached by a senior Presidential aide on how the apex bank could come to the rescue, following which it was disclosed that there was unused N210 billion, in the account meant for funding the establishment of micro finance banks across the country, which could be accessed.

It was reliably learnt that accounts had even been opened with nine million naira each in ten already existing micro finance banks with a view to using same as the conduit to channel the funds, before it was abandoned when it became clear that the volume of transactions may attract attention.

 Similarly, 10 Bureau De Change Operators were also earmarked to facilitate the transfer of the funds, under the guise of forex trading, but that plan was also partially abandoned, only for the facilitators of the deal to approach two regular commercial banks, through which the funds were eventually routed, our source said.

Our investigations reveal that, although the source for  funds to facilitate former President Jonathan’s re-election was multi faceted, one of which  involved the alleged  transfer of huge volume of dollars from Dubai, which coincidentally at that time was  desperate to shed off excess dollars in circulation in the United Arab Emirates, following the redesign of the American dollar, the alleged deal in the CBN may not have gotten to the campaign purse.

A top officer of the Central Bank, who was the brain behind the deal, but was later shortchanged, spilled the beans on the illegal withdrawals, when he became aware that the transaction may have been concluded in full but he was never given his share, up to the expiration of the last administration.

According to our sources, some of the characters in the deal, which include a former Chairman of a micro finance bank, and a foreign national who stayed in Nigeria for long, have since fled the country, with one settling in Dubai, while the other operates a micro finance bank in Cameroun, ostensibly with their share of the funds.

Some of the people who were shortchanged may have written a petition to the President, alerting him of the deal, and other unwholesome transactions going on in the CBN, which unfortunately the Economic and Financial Crime s Commission, EFCC, seems handicapped to act upon.

According to our findings, trouble started when a top security aide of the former President allegedly took N30 billion out of the money for himself, which he used to purchase a filling station in Abuja, While some other officials equally helped themselves with a chunk of the money, leaving a paltry to be mobilized for the purposes for which it was intended.

Our correspondent reports that, a Lebanese company, notorious for corrupt tendencies may  have been given N4 billion to share to the less significant parties in the deal, but the money was said to have been cornered by only a few, prompting the revelations to this medium by the aggrieved parties.

The balance on the said account where the funds were withdrawn according to sources, could not be verified, but it  stands conservatively at N105 billion, and desperate attempts are being made to cover up, so as to save the necks of the officers who may have had a hand in the illegal deal.

While the apex bank is struggling to clear the dust being raised over the issue, it was learnt that the Presidency may have stumbled on yet another multi billion naira sleaze under the guise of briquetting, a terminology for the disposal of old and mutilated currencies.

 This is to the effect that, the most recent exposure in one of the branches of the Central Bank of Nigeria, on briquetting, might just have been a tip of the iceberg as the practice seems to have been officially sanctioned and goes on at a larger scale, the details of which will shock Nigerians if they know.

Investigations reveal that the reasons there are never  see fresh or clean notes in circulation could be attributed to briquetting; which has become a booming business at the CBN for long.

This issue is said to have also recently brought the Governor of Nigeria’s Central Bank, Godwin Emefele under more pressure as President Buhari beams searchlight on the apex bank over the issue, or recirculation of old notes: a practice that cut across all cadres of staff, including management staff and not restricted to the particular branch which was exposed recently.

Our findings further reveal that, while investigations may be going on by the EFCC, it may not yield any result, neither will it stop the brazen theft, as there is a working relationship between the EFCC and the CBN over the years, it is very unlikely that anybody will be indicted at the end of the day.

Sources at the CBN told us that, as a matter of fact EFCC has never brought up any criminal case of fraud in the CBN even when it is common knowledge that the CBN may be even more rotten than the NNPC. Many cases of fraud that affect CBN top hierarchy have been swept under carpet by the anti-graft agency, owing to a very curious relationship between CBN and EFCC.

The source further said, from its inception, the EFCC has been resting on a faulty premise as the CBN which it has the duty to also investigate was amongst its main funders and the CBN even seconded staff to the agency. “The EFCC could not, and will never be independent of its financier”, one of our confidants retorted.

President Muhammadu Buhari, our sources confirmed is disturbed with the alleged wanton abuse of the clause on intervention Funds of the CBN Act, as amended in 2007, where the apex bank is alleged to have abandoned its statutory role of financial regular, and assumed the role of a mini ministry of Works; embarking on projects in several communities, schools and hospitals, most of which it could not properly monitor nor even complete.

A source close to the presidency said the Presidency has very strong reservations on how it could work with agencies that seem to have compromised their duties at a time when they should be in the vanguard of the fight against corruption, and may be compelled to embark on massive sack, while others may be cajoled to resign.

A retired former Director of the CBN, who spoke to
 on conditions of anonymity, maintained that, even with the transparent leadership of the country under the leadership of President Muhammadu Buhari, which gives hopes that the economy will bounce back and even achieve much more desired economic growth, the CBN and other agencies where corruption thrives may form clog in the wheels of progress, unless reformed.

Attempts to speak with the authorities of the CBN were unsuccessful as calls and sms to the phones of the Director of Communications, Alhaji Ibrahim  Muazu and the S A on communications to the CBN Governor, Ugo Okoroaofor were neither answered nor responded to.