The suspension of Godwin Emefiele, the powerful and controversial governor of the Central Bank of Nigeria, CBN, in the immediate past administration of President Muhammadu Buhari by President Bola Ahmed Tinubu on Friday, and his subsequent arrest and detention by the DSS unfolds many things to come in the life of this new government.
The embattled Emefiele has chewed more he could eat. During the last administration, there was an attempt by the DSS to arrest him afer he returned from UK on the allegation of terrorism financing. However, he was able to escape the DSS hammer through a federal high court order which stopped it from arresting him.
Besides the allegations of terrorism funding, Emefiele stirred the hornet’s nest with his rumoured 2023 presidential bid which the Villa cabals drag him into. His failed attempt has since become the topic of public discourse and painted the apex bank’s reputation black.
By indicating his interest to contest the last presidential election without resigning from his position, Emefiele had contravened the laws establishing the CBN. His naira redesign policy few weeks to the 2023 general elections had also pitched him against some powerful forces, including President Tinubu, who was the candidate of the ruling APC.
While President Tinubu has said Emefiele’s suspension is to enable the government reform the financial sector, Nigerians await more explanations on the reasons behind his arrest and detention.
In an interview on AIT “Morning Show” programme, Governor Abdullahi Sule of Nasarawa state opened up the pandora box. Sule stated how the past administration spent a whopping $19 billion on our four moribund refineries without commensurate results.
The amount, he further said, was equivalent to what Dangote invested to build his Lekki new refinery. The mindboggling and shocking statement credited to Governor Sule has indirectly indicted the past administration for financial misappropriation.
The present administration of Tinubu can beam its searchlight to unearth how these funds vanished into the thin air. With $16 trillion allegedly spent on fuel subsidy in Buhari’s eight years tenure, Nigerians need more information about what happened in our petroleum industry.
Governor Sule’s bomb shell is just a tip of the iceberg of how some officials of the Buhari government frittered away huge funds budgeted for projects. For instance, at the tail end of the Buhari administration, the former Minister of Aviation, Hadi Sirika, in a laughable and dramatic manner, hurriedly unveiled Nigeria Air carrier.
Nigeria Air was later found ti have been hired from Ethiopia to impress Nigerians and cover up some shaddy deals. Why should a project like an air carrier with immense benefits be allowed to take a long time before it is unveiled? Hadi Sirika had in July 2018 said Nigeria airway logo has been designed and unveiled in the United Kingdom.
Nigerians were optimistic by the development and expected the national carrier to hit the ground running. Alas, this has never been the case, until at the twilight of the Buhari administration. Sirika’s shame and last minute rush call for an urgent probe.
The Buhari administration came to power on the promise to fight corruption. One is visibly shocked how under its watch, corruption blossomed. This reminds us of the coup by the then General Muhammad u Buhari which ousted the late Shehu Shagari’s government.
Buhari accused the Shagari administration of corruption. After he was investigated, Shagari was never found wanting. But some of his ministers were indicted for corruption. What Nigerians are currently seeing is a replica of the second republic. While the former president remains incorruptible, some of his ministers are not.
They might have exploited the trust he entrusted on them to abuse power and corruptly enriched themselves at the detriment of national development. Did they forget that power is transient? Now, they have to account for their stewardship. Buhari’s men should get ready to defend their actions or inactions while in office.
The arrest and detention of Emefiele point to more arrest in the coming days or weeks. The Tinubu administration will receive accolades if those who steal the country blind are held to account for their deeds.
Nigerians expect a paradigm shift on the fight against corruption. Nigerians want to see those who steal public funds cool their feet in jail. President Tinubu has set a good example on why past governments should be probed including his own when he exits power.
Ibrahim Mustapha,
Pambegua, Kaduna state
08169056963.
