Given the frustration of the Senate on the probe of the Ways and Means through which huge money was fleeced from the treasury between 2015 and 2023, James Anietie, a civic advocate has urged the federal lawmakers to also invite Jim Obazee, President Bola Tinubu’s Special Investigator in unravelling the abysmal borrowings totaling N30 trillion.
“Obazee’s report has already exposed significant discrepancies, and he likely possesses valuable evidence that could assist in unearthing the full scale of the scandal. Leaving him out of the investigation would be a major oversight”, stated Aniete.
Aniete and others’ calls follow the lamentation of Senator Isah Jibrin, the chair of the Senate Ad hoc committee who accused the Central Bank of Nigeria (CBN) of frustrating the committee’s efforts to complete the investigation which started over a year ago.
Ways and Means provided for in Section 38 of the CBN Act 2007 are temporary advances to the federal government for temporary budget revenue deficiency at an interest. These advances are to be repaid by the end of the financial year they were granted.
The section also provides that further advances be stopped if those granted in previous years are not repaid. The CBN Act further disallows the repayment of the grants through promissory notes, securitisation, and issuance of treasury bills, etc.
Speaking further, Anietie said Nigeria has struggled with corruption and financial recklessness within its institutions for years and the Ways and Means scandal is another example of how government officials allegedly diverted public funds for personal gain.
“If the Senate is serious about uncovering the truth, it must engage with individuals who have already done extensive work on the issue”, arguing that Obazee’s involvement would lend credibility to the investigation and prevent any attempt by powerful individuals to cover up the findings.
“His expertise and access to documents could help lawmakers trace how the funds were shared and who benefited.”
“If the Senate refuses to invite someone who has already conducted a detailed probe, it raises suspicions that some lawmakers may be trying to shield key figures. Nigerians deserve the full truth about how public funds were misused, and Obazee’s participation would enhance public trust in the investigation’s outcome.”
A banker, John Okechukwu, who expressed disappointment with the frustration of the Senate panel said, “The Senate should invite the man that led the federal government panel that carried out the same assignment the lawmakers are currently doing.”
These views were also echoed by a chartered accountant, Clement Fabiyi, who urged the chairman of the Senate panel to invite Obazee for necessary information and collaboration.
However, Alex Oriabije, an economist has a different view, stating the Senate should conduct an independent investigation and leave out Obazee, whose findings are significant.
“The Senate has the power to summon individuals, access financial records, and conduct a thorough investigation without input from a special investigator hired by the Executive. If the Senate begins to depend on an external investigator, it may undermine its independence and raise concerns about executive interference in legislative processes.
“The Senate should gather its evidence and draw its conclusions based on its investigative powers rather than involving a private individual,” says Oriabije.
He argues that for the Senate to ensure fairness, it must avoid the perception that it is simply endorsing the findings of the appointee of the Executive.
President Tinubu on July 28, 2023, appointed Obazee to investigate the activities of the Central Bank of Nigeria (CBN) and related parties and also, other Government Business Entities (GBEs). The investigation which was stopped abruptly in April 2024 turned up alarming discoveries including the wastage through Ways and Means, several offshore accounts by former CBN Governor, Godwin Emefiele, and the stealing of $6.23 million under the pretext of paying foreign election observers who were involved in 2023 general elections, amongst others.
In the preliminary report submitted to Tinubu in December 2023, Obazee dwelt extensively on the abuse of the Ways and Means which he said became a huge fraudulent drainpipe for former finance minister, Zainab Ahmed, Emefiele, the four former Deputy Governors, the Permanent Secretary in the Finance Ministry, the then Accountant-General of the Federation and the former chief of staff within eight years.
“In one instance, they padded what former President Buhari approved with N198,963,162,187, approximating an approval of N801,036,937,813 to N1 trillion”, stated Obazee in the report.
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According to Obazee’s preliminary report, N17.369 trillion of the initial N26.627 trillion documented as of 8th June 2022 by Emefiele remain unaccounted while there were also no due appropriation or approvals to support the diversion of the public funds.
“Surprisingly, the erstwhile CBN Governor, Zainab Ahmed had on the same 19th December 2022 jointly signed some advice to the former president Buhari to restructure Ways and Means of N23, 719,703,774,306.90 despite presenting a different figure to the National Assembly on the same date”, noted Obazee in the report.
He went further, “The fact that the balance of Ways and Means was documented as N26. 627 trillion as of 8th June 2023 by the erstwhile CBN Governor shows an unrepentant attitude of the management of the CBN because they continued to carry the ‘Temporary Advances to the Federal Government’ as a running current account despite the obvious contravention of section 38 of the CBN act, 2007 to which they swore to uphold”.
He said this violates section 80 (2) of Nigeria’s constitution which forbids spending without the National Assembly’s appropriation while the securitisation of N22,719,703,774,306.90 by the Senate of the Ninth Assembly and later, an additional N7.3 trillion by the Senate of the 10th Assembly, bringing it to N30 trillion of money they did not appropriate also contravened section 38 of the CBN Act. The report therefore recommended that the federal government approach the Supreme Court to invalidate the securitisation approval.
Obazee’s discoveries and the illegal securitisation of additional N7.3 trillion by the end of December 2023 by the current Senate of the 10th National Assembly, thereby bringing the total amount to N30 trillion of money they did not appropriate, may have moved the federal lawmakers to adopt a face-saving measure and set up a nine-member ad hoc committee on 27 February 2024.
The committee chaired by Senator Jibrin is to look into the infractions uncovered in obtaining the N30 trillion Ways and Means loans during the administration of former President Muhammadu Buhari.
However, a year later, Jibrin and his committee are still in the same spot, accusing the CBN of refusing to provide necessary information.
Jibrin’s position was countered by a CBN representative, Hamisu Abdullahi, the Director of Banking Services who told the Senate panel that the apex bank had provided all the requested documents to assist the lawmakers in their investigation.
“None of the documents were submitted to us. We will not allow you to attend the next meeting because you have been coming here, saying the same thing”, Jubrin stated, insisting that a deputy governor of CBN will be the least official of the apex bank to attend the committee’s next meeting.
“What you are telling us is not the truth. We have not received the documents. I don’t want to deceive the public here,” he added.
“The information we have here is not different from what we have had all along. We handed over the documents to the consultants, who have submitted this interim report, which we wanted to hold onto”.
“We have now been compelled to make available this interim report to the general public so that they know where the problem is.”
“The problem is that the Central Bank of Nigeria has consistently denied us the documents that we need to complete this assignment. That is the truth,” Jibrin said.
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