– The Central bank has been accused of emptying its vaults to finance 2015 general election
– CBN governor, Godwin Emefiele has been named as an accomplice in the allegation
– The election was fiercely contested between the present ruling part, All progressives Congress (APC) and the former ruling party, Peoples Democratic Party (PDP)
The Central Bank of Nigeria (CBN) has been alleged of practically emptying its vaults in financing the last presidential election in Nigeria.
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ZENITHBLOG.com learnt that sources conversant with the last administration informed TheCable of the recklessness of Nigeria’s apex bank in collusion with the leadership of the ruling party, Peoples Democratic Party (PDP).
According to TheCable, money was taken directly from the dollar reserve vaults of the central bank.
Godwin Emefiele, the CBN governor was said to have in August 2014, called a board meeting in which he asked for an approval of N60 billion to support the security services under a “special security intervention fund” he intended to create.
The Central bank has been accused of emptying its vaults to finance 2015 general election
According to reports, Mr Emefiele, who is also chairman of the board, told them that the money will be used for the military fight against Boko Haram.
He was said to have been cautioned but he rejected the advice.
According to reports, this happened shortly after he had secured approval from President Goodluck Jonathan to disburse the funds.
However, questions have been raised on how CBN created the security fund overnight to meet NSA’s requests.
“What the CBN did was to create an intervention fund, which it is empowered to do by the CBN Act. That is why we have aviation intervention fund, agriculture intervention fund, all sorts, which are now being abused to take money out of the system,” one of the sources said.
A former minister told TheCable that it is illegal for the CBN to pay raw dollars to any government agency.
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He said: “If the money was given to the NSA in naira, this would be a case of the CBN printing money for the government and adding to pressure on prices and exchange rates. I was told a lot of this happened in many
“If, on the other hand, as it is being alleged in this case, the NSA was given this money in cash forex, then a strong case can be made for criminal activity by the CBN itself. In giving so much cash, the CBN is itself involved in money laundering. And by taking it from the central bank vaults, the management of the central bank has effectively taken foreign exchange from CBN reserves and given same to the NSA with no questions asked.”
How it happened, according to CBN insiders, “was that the money was taken directly from CBN vaults without any account being credited. It effectively did not go through the due process. The accountant-general did not sign off as it is the practice.
“Money was just moved directly like it happened under Gen. Sani Abacha when large amounts were taken out of the CBN under the guise of financing ECOMOG, the West African peace-keeping force. We know where the bulk ended up.”
The source also gave an instance of money taken out of the CBN.
According to the source, in February 2015 shortly after the postponement of the presidential elections, the CBN took almost $300 million on the instructions of the National Petroleum Investment Management Services (NAPIMS) and passed it to the National Intelligence Agency (NIA).
NAPIMS is a corporate services unit in the exploration and production directorate of the NNPC charged with managing government’s investment in the upstream sector of the oil and gas industry.
NIA is Nigeria’s equivalent of the US Central Intelligence Agency (CIA), which deals with foreign intelligence.
ZENITHBLOG.com also reported that former President, Goodluck Jonathan has again been indicted in the on-going controversial ‘ghost fund’ retrieved, on Wednesday April 12 from an apartment in Ikoyi by the operatives of the Economic and Financial Crimes Commission (EFCC).
A retired employee of the NIA, Ibrahim Ibrahim on Thursday April 20 said that the N15 billion seized by EFCC was part of the monies channelled by ex-president Goodluck Jonathan through the National Intelligence Agency (NIA) for his party’s 2015 campaigns.
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