Anti-Corruption: Go After CBN, Senate Committee Tasks EFCC

Nigerian Senate

By Andah John with agency report

The Senate has urged the Economic and Financial Crimes Commission (EFCC) to probe officials of the Central Bank of Nigeria (CBN) over allegations of  racketeering in foreign exchange transactions.

The lawmakers also want officials in the Nigerian National Petroleum Corporation (NNPC) investigated by the anti-graft agency.

Members of the Senate Committee on Anti-Corruption and Financial Crimes made the call when the Acting Chairman of EFCC, Ibrahim Magu, appeared before the committee for 2017 budget defence.

A member of the committee, Senator Isa Misau, cited the recent recovery of $9,772,000 and £74,000 from Yakubu Andrew, who was the Group Managing Director of the NNPC between 2012 and 2014.

He then said, “I can’t imagine the over $9m recovered from a former GMD (of NNPC). If somebody who left [public] office has such money stashed somewhere, then, you can just make a guess about the other people who have been on the seat.

“Therefore, today, I am giving it as a challenge to the EFCC to go and see what the NNPC or CBN or the finance ministry is doing.

“Look at [the case of] somebody, who left office about five years ago. This is an era of whistle-blowing. I am blowing my whistle: go and check CBN. That is the reason why, today, we have (this) recession. Today, dollar, at the parallel market, is N520. And there are allegations against the CBN; the way they give these dollars.

“This committee is challenging the EFCC to go and look at these records: what is our revenue in dollars? Who are the people collecting these dollars?”

The lawmaker was reported to have said that Nigerians no longer use forex for international transactions. He added that rather than use the dollar for importation, people now take advantage of the forex crisis in the country.



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