Many CBN cash movements under Buhari didn’t have presidential approval—FG

The government of President Bola Ahmed Tinubu has claimed that the signature of previous President Muhammadu Buhari was absent from many clearances for the flow of cash within the Central Bank of Nigeria (CBN) under Godwin Emefiele.

Emefiele, who is currently battling multiple lawsuits, was in charge of the CBN throughout Buhari’s 8 year tenure.

Although former President Goodluck Jonathan appointed Emefiele after suspending Sanusi Lamido Sanusi, Tinubu suspended Emefiele weeks after assuming power and ordered his probe.

In a recent interview, President Tinubu’s spokesperson, Ajuri Ngelale said Buhari did not authorize the bulk of the expenditures from the foreign reserves, amounting to billions of dollars, under Emefiele.

He said, “President Bola Tinubu has come out several times in fairness to him (Buhari), to say, ‘Look, this is what happened under the previous administration’. I think we have to acknowledge the fact that he (Tinubu) understands more than anyone that many of the approvals within the CBN that brought us to this point has no signature to President Muhammadu Buhari and had no knowledge of President Muhammadu Buhari.”

Ngelale claimed that although Buhari made strides in other areas, such infrastructure and business accessibility, it was his disregard for the CBN’s mismanagement that led to the current state of the economy.

He stated that despite President Tinubu’s support for Buhari’s administration, he has not held back in telling Nigerians about things that occurred under his predecessor that were detrimental to the country’s economy.

“We are not hiding behind the figure on this issue, I think I have been very clear that the prior administration does have to take responsibility for the fact that Governor Emefiele was left in office even though he was inherited and he was given a second term to continue doing what he ended up doing.

“That responsibility and that decision were made by President Muhammadu Buhari irrespective of the fact that President Buhari knew what was going on in the Central Bank of Nigeria. So, there is a responsibility to be taken there, I have to be very categorical about that.

“Now, that does not however mean that you throw the baby out with the bath water. We don’t say because these thing happened in the Central Bank of Nigeria President Buhari was devoid of achievement or devoid of progressive administration.

“Having infrastructure matters, working on ease of doing business, making sure that people can register a company in 48 hours as against six months before they came into office, these things actually have impacts with the responsibility attracting investments into the country.”

Last week, a forensic document examiner, Bamaiyi Haruna, had said analysis of some documents used to release $6.2m from the CBN in February 2023 showed that the documents were forged.

Haruna, who is an official of the Economic and Financial Crimes Commission (EFCC), stated this at the resumed trial of Emefiele before the Federal Capital Territory High Court in Abuja.

The EFCC, on June 18, 2023, arraigned Emefiele on amended 20 counts, in which he was accused of impersonating the Secretary to the Government of the Federation to illegally move $6.2m from the CBN vault.

In the charges, the EFCC alleged that on February 8, 2023, Emefiele connived with one Odoh Ocheme, who is now on the run, to obtain $6.2m from the CBN, claiming that it was requested by the SGF “vide a letter dated 26th January 2023 with Ref No. SGF.43/L.01/.

The anti-graft agency also alleged that Emefiele, in January 2023, forged a signature.

At the previous hearing, the immediate-past SGF, Boss Mustapha, appeared as a witness to testify against Emefiele.

Mustapha, in his testimony, told the court that neither he nor Buhari was aware of the $6.2m, adding that Buhari’s signature was forged to move the money out.

Mustapha also told the court that the Federal Government had no business funding foreign election observers.

“In all the correspondences I have received from Buhari, it has never had ‘please accept the assurance of my highest regard’. I am his subordinate, my correspondences do not carry that.

“And lastly, looking at the signature, it is a failed attempt at reproducing Buhari’s signature. I will leave that to the experts,” Mustapha, who was the fourth prosecution witness, told the court.