Emefiele Transferred N400bn Illegally to Ex-NSA, Moguno

The suspended governor of the Central Bank of Nigeria (CBN), Godwin Emefiele has allegedly transferred N400 billion illegally to former National Security Adviser (NSA), Babagana Monguno, revealing questionable practices within the CBN.

According to recent revelations, between August 2016 and November 2018, the CBN made multiple transfers totaling over N400 billion (equivalent to 6 million US dollars) to the office of the NSA, headed by Major-General Babagana Monguno (retd).

These actions raise concerns about the transparency and legality of the CBN’s operations under the suspended CBN governor.

Information obtained from the CBN website indicates that these transactions began in August 2016, approximately one year into the previous administration of President Muhammadu Buhari.

CBN records dating back to 2004 showed no previous instances of such transfers.

However, after the initial transfer, this practice continued on a monthly basis until November 2018.

Due to the CBN’s discontinuation of publishing statistics about its operations since 2018, it remains uncertain whether these irregular payments persisted.

In November 2016, the largest single transfer amounted to $139 million.

At the current currency rate in Nigeria, $616 million is equivalent to approximately N426 billion, which represents approximately one-third of the 2022 defence budget.

A former central bank official, who preferred to remain anonymous, expressed concerns about these outflows from the CBN to the NSA, raising questions about the purpose and usage of the funds.