Obazee’s Report And The Need For More Probe -By Ibrahim Mustapha Pambegua

The Jim Obazee’s committee which was inaugurated on July 28th, by president Ahmed Bola Tinubu,to investigate the activities of Central Bank of Nigeria, CBN, under Emifiele has finished its work and submitted mind-boggling or shocking report. Prior to the committee’s report which unearthed how the former CBN governor abused office and misappropriated billions of naira, many Nigerians thought Emifiele was simply implementing monetary policies geared towards price stability. This has never been the case. Godwin Emifiele had served the former administration of Good luck Jonathan which came under scanty criticism from Buhari administration. One wondered how Emifiele was retained and his tenure renewed by the last government despite the fact,there were allegations of corruption that rocked the Jonathan government under his watch.

The embattled former CBN governor was released from Kuje prison on Friday last week, after he met the 300millions naira bail condition. It could be recalled, Emifiele was detained for an allegation of procurement “fraud” running into 1.5 billion. Besides, Emifiele is being accused for using proxies to buy Union, Key stone and Polaris banks. The Obazee’s committee has also discovered that the former apex bank governor operated 593 foreign accounts, abused the I & E window where some connected individuals benefited from the dollars exchange rate and above all by-passing the CBN board members in his ill-fated naira redesign policy. No wonder,the former CBN deputy governor, Kingsley mogholu, described Emifiele as the worst CBN governor Nigeria has ever produced, in an interview he granted to premium times, an online media. Emifiele has himself to blame. The laws that established CBN have made it independent.

The apex bank is supposed to operate within the ambit of laws without political interference. But for Emifiele’s CBN, high politicians could dictate or impose policies on Nigerians. For instance, what Sabiu Tunde the Buhari’s nephew had to to do with naira redesign policy?It was reported, Sabiu Tunde had to brief Emifiele on the need to recolor the 1000, 500 and 200 naira denominations, before a memo was raised to that effect. Though,Buhari approved the naira redesign policy, he directed the currencies to be printed locally. Emifiele contacted another firm from UK to print the new currencies at the cost of 61 billions in which 30 billions have been paid. His failed presidential bid has since become matters of public discuss. By laws, Emifiele should have honourably resigned his position before venturing into politics. Unfortunately, Emifiele who was supported by Villa’s cabals, did not see anything wrong throwing his hat on the ring.

With the court hearing billed to continue from 18 to 19 January, next year, Emifiele should prepare for more charges against him bordering on breach of public trust and corruption. Those who illegally enriched themselves from the Emifiele’s corruption proceeds should be made to face the laws. Amidst worsening economy challenges bedevil the country, the Tinubu administration needs to beam its searchlight into the activities of other agencies whose heads might have soiled their hands in corruption. By doing so,
Illicit funds stole and stashed into hidden accounts could be recovered, retrieved and put into uses.

Ibrahim Mustapha Pambegua, Kaduna state. 08169056963.