Former Secretary to the Government of the Nigerian Federation, Boss Mustapha’s testimony during the trial of suspended Central Bank of Nigeria (CBN) Governor, Godwin Emefiele’s calls for deep introspection and urgent action. The former chief scribe of the federal government on February 13 made the startling revelation of how a member of former President Buhari’s inner circle forged the former leader’s signature and fraudulently collected $6.2million from the CBN. According to an X (former Twitter) post by the Economic and Financial Crimes Commission (EFCC), Mustapha was testifying as second prosecution witness in Emefiele’s ongoing trial before Justice Hamza Mauzu of the Federal Capital Territory High Court, Abuja.
The high-profile witness testified that neither President Muhammadu Buhari nor himself raised a memo directing the CBN to pay the sum of $6,230,000 (Six million, two hundred and thirty thousand Dollars) in cash for international election observers during the 2023 general elections. The former SGF also faulted the correspondence tendered in court on the ground that once a correspondence comes from the office of the President, it needs no reference number as the President’s seal is deemed as the authorizing symbol. Also, the former government scribe made it clear that decisions of the Federal Executive Council (FEC) are not communicated through letters, but through extracts of the Council’s sessions. Although the case is still sub-judice, the former SGF’s earth-shattering revelation is yet another sordid reminder of how Nigeria’s public officials have turned the national treasury to their personal bank account from which they can collect monies at will. That such a huge amount could be taken out of the CBN using forged documents, speaks volumes about the rot and corruption, which threatens to destroy our country.
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In normal climes, these damning revelations of massive corruption would have led to a complete shut down of both the state and society. Where there is still outrage against corruption and bad governance, the deprived people of the country will by now be on the streets calling for justice and accountability. In places where governance works in the interest of the vast majority of the people, the enforcers of the law will be knocking on the doors of all the criminals involved in this grand scale looting of the Nigerian treasury. But for a near-hopeless case like Nigeria, where grand scale corruption walks on all fours, and where the corrupt continue to arrogantly deploy their loot to evade justice, bemusement about such a heinous crime against the economy will soon give way to normalcy. And eventually, the long-suffering citizens will wait until another egregious assault on the Nigerian commonwealth happens again.
The Explainer makes no mistake about the fact that these abuses and all other forms of financial recklessness are responsible for the economic woes currently being experienced in the country. It is apparent that the criminals who got hold of those massive amounts of scarce dollars simply funneled them to the foreign currency black market to convert and fund their lavish lifestyle. Actions like these, no doubt distort the economy and put enormous pressure on the local currency. Little wonder, the Naira has been taking a serious beating in the foreign exchange market.
President Bola Ahmed Tinubu must show leadership in dealing with these instances of corruption and abuse of power, notwithstanding the fact that the crimes were perpetrated by his own party men. In the light of the incalculable damage done by the former President Buhari’s close aides, the time is now right to bring those indicted in for questioning. The purpose of such an inquest should not be to engage in an endless and distracting probe, which would yield no impact. This should a quick inquest to get those who stole blindly from the country to refund what they took illegally from the Nigerian people, while appropriate sanctions should be meted to them in line with the laws and in the spirit of accountability. The Tinubu administration will also do well not to keep distracting the public with repeated stories about how bad Buhari and his people left the economy. The President should have the courage to summon everyone involved in that administration involved in financial malfeasance, and ensure they return every Kobo they have looted. The overwhelming stories of corruption and financial malfeasance, which have emerged since the exit of the Buhari administration should serve as a clear warning to Tinubu. The current occupant of the Nigerian Presidency must understand that unless he puts in place preventive steps to deter corruption and wrongdoing his government will soon be in the same situation. Although Tinubu’s Presidency has had its fair share of corruption scandals, there is still a bit of time for redemption. The President would surely not want a narrative, which would portray his government as a cesspool of graft, corruption, and bad governance. The time to start putting in place strategies to prevent such odious possibilities is now.
