The Independent Corrupt Practices and other Related Offences Commission, (ICPC) has received a petition calling for the immediate probe of the N500 billion said to be missing in the Central Bank of Nigeria, (CBN) vaults.
Three prominent civil rights groups, Human and Environmental Development Agenda, (HEDA), Civil Society Legislative and Advocacy Centre, (CISLAC) and the Say No Campaign in a joint petition asked the ICPC Chairman, Prof Bolaji Owasanoye to take the lid off what the groups described as a potential can of worms.
The petitions were signed by HEDA Chairman, Mr Olanrewaju Suraj, Say No Campaign official Mr Ezenwa Nwagwu and CISLAC Executive Director, Auwul Musa Rafsanjani.
The petition was based on the leaked audio clip detailing a telephone conversation between the Governor, Central Bank of Nigeria, Godwin Emefiele, CBN Deputy Governor, Edward Lamtek Adamu and the Special Adviser to the Central Bank Governor, Dayo Arowosegbe.
The discussion centred on some N500 billion critics said was diverted for a failed business transaction in Dubai. It was alleged that the trio found a way out by diverting funds in the possession of the CBN by printing cash.
The CBN admitted the audio conversation through a statement signed by its Director, Corporate Communications, Isaac Okorafor where he linked the tape to discussions on Draft Account erroneously classified as bad loans. Okoroafor had said “In closing the Bank’s 2018 accounts, external auditors in their Draft Account, erroneously classified about N150 Billion of these loans as bad, which negatively affected the Bank’s Balance Sheet and shareholders fund. The selective conversation being circulated was simply a discussion to ascertain why the auditors took that position and next steps to resolving it. Obviously, it soon became clear that a State Government loan cannot be classified as “bad” or “irrecoverable” when the State still exists and getting FAAC allocations. “ The petitioners stated that explanations given by the CBN spokesperson were faulty.
But the three groups faulted the position of the CBN saying there were many issues the disclaimer failed to address. “We cannot allow this case to be swept under the carpet. The CBN is the most important financial institution in the country. The audio conversation has raised a lot of dirty dusts that cannot be swept by a mere statement that has failed to address the fundamental suspicion of fraud and suspected illicit transactions. We urge the ICPC to thoroughly investigate the case. The CBN cannot be a judge in its own case.”
The rights group said the N500billion deal has provided a window of opportunity to look into the books of the CBN. Citing Section 6(a) of the Corrupt Practices and Other Related Offences Act, 2000 the groups said the ICPC is constitutionally empowered to probe the CBN transactions.
Section 6 (a) stated “it shall be the duty of the Commission- (a) Where reasonable grounds exist for suspecting that any person has conspire to commit or has attempted to commit or has committed an offence under this Act or any other law prohibiting Corruption, to receive and investigate any report of the conspiracy to commit, attempt to commit or the Commission of such offence and, in appropriate cases, to prosecute the offenders…”
The groups noted “The 500 billion linked to fraud in CBN is a major issue that questions the credibility of the apex bank. We are aware that there has not been any major probe of the CBN for more than two decades. This is an opportunity for the government and the ICPC to rise to the occasion of opening the veil to know exactly whether the CBN is a house of fraud or not.”
The petitioners said it is important to also note that this Act also spells out in Sections 27(2) and (3) that every report, whether in writing or reduced into writing, shall be entered in the book kept at the office of the commission and there shall be appended to such entry the date and hour at which such report was made.Section 27(3) where an officer of the commission has reasons to suspect the commission of an offence under this Act, following a report made under sub-section (1) or information otherwise received by him, he shall cause investigation to be made for such purpose and may exercise all the powers of investigation provided for under this Act or any other law.
“We strongly believe that the allegations are worthy of immediate and urgent scrutiny as the provisions of the law are absolutely clear on the powers conferred on the Independent Corrupt Practices and other Related Offences Commission to investigate and if found culpable, proceed to onward prosecution. Our organization believes in the presumption of innocence and upholding of due process; hence the need for this petition in order to invoke the powers vested on the Commission”, the groups wrote
They anti-corruption campaigners said the positions occupied by the three CBN officials call for utmost integrity, accountability and responsibility. Hence, based on the above conveyed report, we believe this allegation of diversion of public funds for private business in the sum of N500 Billion is weighty and should be treated with all sense of importance.
They demanded for an immediate, urgent and extensive investigation, in collaboration with the Office of the Auditor General of the Federation, of the allegations of diversion, in order to invoke its powers according to the provisions of Section 85 of the 1999 Constitution of the Federal Republic of Nigeria (As Amended)
