There are stories that break out on the social media these days that responsible Nigerians swiftly dismiss as fake or fabrications. Often, these tales are crafted to attract ‘likes and comments’ by wannabe media gurus or social media influencers. In many instances, these individuals, with their warped mindsets, edit videos to align with the propaganda they wish to spin for or against specific individuals, ethnic groups, or political parties. Given the numerous examples where practitioners of this dark art of journalism have deceived millions of Nigerians, many of us have learned to tread carefully when encountering certain stories about Nigeria, especially those likely to impugn the integrity of our nation and our collective humanity.
Even when some say there is nothing surprising about Nigerians amid the entrenchment of corruption as an unsung national ethos, a significant portion of the populace still believe that there should be limits to the mad race to empty the national treasury. Unfortunately, holding on to that belief becomes increasingly difficult with the kind of stories filtering in from the courts about how millions of dollars and billions of naira were brazenly stolen from the Central Bank of Nigeria (CBN) under the leadership of Mr. Godwin Emefiele during his nearly 10 years as governor of our once-revered apex bank.
Before delving into the humongous and sickening pillages allegedly perfected under the watch of the embattled ex-governor, let me first question the recruitment policy into that bank. In nations that prioritise corporate integrity and robust, competitive financial system, top-notch professionals and brilliant minds in education and technology sectors are lobbied to work in such places. These are countries that understand the importance of having an integrity-based and a truly independent financial institution to regulate their monetary system, not one that shamelessly serves as a conduit for financial malfeasance and bare-faced robbery! The authorities must know that the rot within the CBN began with the under-the-table recruitment policy, hiring all manner of persons into the well-paying institution.
Reports indicate that the easiest way to get a job at the CBN was through a recommendation letter from an influential senator, governor, or even the Presidency. Alternatively, one might buy one’s way in by paying huge sums to secure a future with the bankers’ bank. Let no one argue with this because it is a notorious fact confirmed by the actions and inactions of known lawmakers in Abuja. For instance, a serving senator once retorted, “Let’s say I have a ward in CBN, is there anything wrong with that? My daughter for example or my son or whatever, because I am a politically exposed person, does that take (away) the right of my ward or my relatives to work in CBN?”
The same senator had once argued that should Nigerians insist on the death penalty for looters of the economy, it must be graded so that those who looted a few millions receive lighter punishments; while those caught with billions face harsher penalties.
The problem is that they always dribble their way through the hard questions shamefacedly. He didn’t tell us how his daughter got the job at the end of his rigmarole. The fact remains that the eggheads and academic wizards with impeccable degrees and certificates hardly get the opportunity to work in Nigeria’s leading firms, where their services are most needed. Their ‘slots’ and those of many struggling others who daily crave a place in the sun are usually ‘distributed’ to candidates of lawmakers, top political aides, governors, presidents, billionaires, and chief executives. Oftentimes, government agencies write to these privileged Nigerians, pleading with them to submit names of candidates for employment. If you are lucky to ‘make the cut’ in any of these lists, your employment is guaranteed. This, in a nutshell, is how the CBN’s staff strength had been growing in leaps and bounds over the last 25 years of Nigeria’s political trajectory.
The story is no different in other government agencies, including the Bank of Industry and related government-owned financial institutions. Professionalism is the first thing that gets sacrificed, followed by lack of a deep sense of commitment. Some employees don’t even know the mandates of the agencies they work for aside the fact that they earn seven-digit salaries while their better-qualified colleagues elsewhere wallow in penury.
If an inventory of staff recruitment were to be taken at the CBN today, it will , no doubt, be filled with the names of the sons and daughters of the men and women of power in the country; that of paramours and side chicks and a sprinkling of lucky persons here and there. That is the sad tale of this country. It is the reality we have come to accept as the norm. Thousands of the unemployed in Abuja today quietly wait for the day one Senator or the other would give them a note to one chief executive or the other. Some have waited for years without any luck. Yet, they cling to hope as depression kills them silently. Pity.
To understand how badly the CBN had failed in discharging its core mandate, it is imperative to revisit its key functions as outlined in several publications. The Central Bank is mandated to promote economic growth and stability by regulating the money supply and interest rates; overseeing commercial banks, ensuring their stability, and enforcing banking laws and regulations; providing emergency loans to banks during financial crises; managing the supply and distribution of currency and coins; identifying and mitigating risks to the financial system; overseeing the infrastructure for transferring funds between banks; managing foreign exchange reserves and regulating international transactions; providing funding for development projects and initiatives; conducting economic research to inform policy decisions; and managing government accounts, collecting taxes, and issuing government securities.
No doubt, the CBN has more than enough responsibilities and, ordinarily, it shouldn’t have the time for frivolities if it were seriously devoted to its core mandates. Unfortunately, the contrary has been the case.
Truth be told, the problems didn’t start with Emefiele. There were flashes of derailment under the management of Prof. Charles Soludo and even during the tenure of the Emir of Kano, Sanusi Lamido Sanusi, when the CBN gradually became the epicentre of rent-seeking and portfolio dollar trading by close associates and insiders. The problem is that gross misconduct became glaringly apparent under Emefiele, making him the poster boy for all that is bad with the CBN. Surely, no bankers’ bank deserves such a denigrating image and culture of gross non-professionalism.
Perhaps if Emefiele had botched his ambition to succeed Buhari, he might have acted a bit responsibly in the way he handled the affairs of the bank. But it appears he was too far gone in that weird phantasmagoria and a retreat was practically impossible. That could be my unsolicited explanation for the way he was desperate to amass wealth for the presumed political battle ahead of him. Or what else could be responsible for the dollar-looting madness?
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For example, consider the revelations in the $6.2 million stolen funds case brought against him and his Personal Assistant, Odoh Eric Ocheme, by the Federal Government through the Economic and Financial Crimes Commission (EFCC). The more one reads from the court documents about how the heist was perpetrated, the more horrified one becomes. It’s not just that the money was collected in cash and shared on the pretext of funding non-existent ‘foreign election observers’ during the 2023 elections, but also that a forged letter of release of funds from the Secretary of the Federation’s office was submitted to Emefiele, and unknown individuals easily collected and shared the money so easily, with Ocheme taking the lion’s share of $3,730,000 for himself. His three other accomplices shared the remaining $2.5 million. Unbelievable!
The court document read in part: “We commenced investigation into the case and obtained copies of the withdrawal slip as well as the accompanying documents, Central Bank of Nigeria memos, dated 07/02/2023 and 31/01/2023 respectively, staff identity card of one Jibril Abubakar, letter dated 2/01/2023 purportedly written by Muhammadu Buhari to Boss Mustapha, and letter dated 20/01/2023 purportedly written by Boss Mustapha to Mr. Godwin Emefiele, which the Central Bank of Nigeria, Abuja Branch relied on in making the payment”.
“Investigation at the office of the President and the Secretary to the Government of the Federation in the State House revealed that the letters purportedly written by Muhammadu Buhari and Secretary to the Government of the Federation (SGF) Boss Mustapha did not emanate from their offices, while Jibril Abubakar, whose identity card was used to cash the money, is not a staff member of the SGF’s office. We watched the Closed-Circuit Television (CCTV) footage of 08/02/2023, the day the money was cashed, and the payee (Jibril Abubakar) could not be identified by the staff of either the CBN or the SGF’s office, where he falsely represented himself as working”.
“We visited Kuje Correctional Centre, where we interviewed Godwin Emefiele, who purportedly approved the memos authorising the payment, as the then CBN governor, and he denied seeing, let alone approving such memos. We also arrested some concerned staff of the Central Bank of Nigeria, who denied any involvement in the crime, before finally arresting Bashirudeen Maishanu, who corroborated the account of Abdulmajeed Muhammad and further confessed to being involved in the crime, which, according to him, was perpetrated by himself and the first to third defendants/respondents – Adamu Abubakar, Imam Abubakar, and Odoh Eric Ocheme. Bashiru Maishanu further confessed that he and the first and second defendants/respondents (Adamu Abubakar and Imam Abubakar) shared the sum of $2,500,000 from the stolen money, while the third defendant/respondent, Odoh Eric Ocheme), being a fellow staff member of the Central Bank of Nigeria, kept the balance of $3,730,000, claiming that he had other interests to settle in the CBN.”
It is a big shame that this happened within the premises of the CBN despite all the checks and balances put in place to prevent such scandalous activities. So, such a humongous amount was released to unknown persons in cash, and the then head of the CBN said he never saw a memo directing him to release the funds? How come then that his trusted aide picked the largest share, intending to settle some interests within the system? Who are these people? If hired hands could breeze into the CBN to pick up millions of dollars without even a bit of diligent checks, who knows how much those who connive with the officials to steal from the coffers have taken from the system over the years, especially under the leadership of conniving governors? And, with all the mandates the CBN was charged with, why does its leadership find solace in rent-seeking and round-tripping, aside from freighting dollars to powerful forces in and outside the government? Is this what central banks do elsewhere, or is our case so terribly different?
We may not know what is currently happening at the apex bank with the change of management. However, it is clear that there is an urgent need to flush out the bad elements within the system for the CBN to regain its pride of place. With proper checks and balances in place, it would have been almost impossible for all manners of crooks to saunter into the premises and cash out the way they reportedly did in this particular case. It is laughable that anyone could easily use a forged letter from The Presidency, with the connivance of CBN’s topmost insiders, to withdraw millions of dollars and share it right there.
Who would have believed such a story when it first leaked, with claims that President Muhammadu Buhari’s signature was forged and then CBN Governor, Emefiele’s aide was directly involved? Eedris Abdulkareem, in his latest song, said it was a lie. That was what I thought too until the revelations from the court papers confirmed that that was what happened. By the way, what happened to the whistleblower policy when all this was unfolding? And what does this say about the quality of staffing, commitment, and loyalty to the country? I wonder. I just wonder!
It is not enough to point fingers and bemoan the state of affairs at the CBN; concrete steps must be taken to address these systemic issues. First, the recruitment process must be overhauled to ensure that only qualified and competent professionals are hired. This will involve a transparent and merit-based recruitment system that eliminates the influence of political godfathers and other powerful figures. The culture of nepotism and favouritism must be eradicated if we are to have a truly independent and efficient Central Bank.
Furthermore, there should be stringent oversight mechanisms to monitor the activities of CBN officials. This includes regular audits and reviews by independent bodies to ensure compliance with established guidelines and regulations. Whistleblower protection should be strengthened to encourage employees to report any suspicious activities without fear of retaliation.
In addition, there must be accountability at the highest level of the CBN. Those found guilty of misconduct, regardless of their position or connection, should face the full wrath of the law. This will serve as a deterrent to others and help restore confidence in the institution.
There is also a need for a cultural shift within the CBN and other government institutions. Integrity, professionalism, and a sense of duty to the nation must be ingrained in every employee. This can be achieved through continuous training and a robust ethical framework that emphasises the importance of these values.
In conclusion, the revelations about the brazen theft and mismanagement at the CBN under Mr. Godwin Emefiele’s tenure are a stark reminder of deep-seated, scary issues within our financial institutions. However, with concerted efforts and a commitment to reform, it is possible to rebuild the CBN into an institution that truly serves the interest of Nigeria and its people. The journey to restoring the integrity of the Central Bank may be arduous, but it is a necessary one for the financial stability and overall well-being of our nation. I just hope its present Governor, Mr. Olayemi Cardoso, understands that he cannot afford to sit on his hands as there is a lot of work to be done.
Source; The Nation Newspaper
