‘Explosive Revelation:’ CBN and NSA Implicated In $616m Dark Dealings

Eko Hot Blog reports that The Central Bank of Nigeria (CBN) made multiple transfers totalling $616 million to the office of the National Security Adviser (NSA) between August 2016 and November 2018 in a rare practice that exposes the opaque dealings of the apex bank under the recently suspended Governor Godwin Emefiele.

Data obtained from the website of the CBN showed that the apex bank started making these transfers to the NSA in August 2016, about a year into the administration of former President Muhammadu Buhari.

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There was no such transfer made in the years leading up to that, according to CBN data going back to 2004. But since the first transfer was done, the practice continued every month until November 2018.

The CBN has not published data on its operations since 2018, and it is, therefore, unclear if the curious payments continued. The single largest transfer of $139 million was made in November 2016.

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At Nigeria’s current exchange rate, $616 million is equivalent to N426 billion, a third of the amount budgeted for defence in 2022.

A text message seeking comment from CBN was unanswered as at the time of filling this report.

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