The Central Bank of Nigeria (CBN) made multiple transfers totalling $616 million (over N400billion) to the office of the National Security Adviser (NSA) under Major-General Babagana Monguno (retd.) between August 2016 and November 2018 in a rare practice that exposes the opaque dealings of the CBN under 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,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.
At Nigeria’s current exchange rate, $616 million is equivalent to N426 billion, a third of the amount budgeted for defence in 2022.“Such outflows from the CBN to the office of the NSA raise a red flag and begs the question of what it was used for,” a former central bank official who did not want to be quoted said.
Another source said: “More than half a billion dollars cannot move from the CBN to the office of the NSA without the approval of the president who ironically detained Dasuki for misappropriation of funds.” “The very corruption Buhari sought to end thrived right under his nose,” another source told BusinessDay.
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