Jim Obazee, the special investigator appointed by Bola Ahmed Tinubu to scrutinize the Central Bank of Nigeria’s records, has alleged that Ibrahim Gambari and Zainab Ahmed collaborated with Godwin Emefiele in mismanaging more than N17 trillion in public funds.
The former chief of staff and finance minister, who worked under ex-President Muhammadu Buhari, are accused of engaging in questionable practices involving the ways and means of the CBN, leading to a lack of accountability for N17.3 trillion in the country’s finances.
“Stealing of public funds through advances to government, otherwise known as ways and means, constitutes a criminal offence,” Mr. Obazee said in a memo to Tinubu believed to have been delivered on December 20.
“The sum of N17.369 trillion remains unaccounted for, as neither due appropriation nor approvals exist to support the diversion of public funds through this medium.”
“This constitutes an offence under the penal code as applicable in the Federal Capital Territory to which actors and conspirators, in this instance, are liable,” Mr Obazee added.
On Saturday, Mr. Gambari chose not to provide comments amid the emerging public controversy.
This development follows a report by Peoples Gazette, revealing how his son, Bolaji Gambari, was gaining influence linked to his father’s appointment.
The October 2020 article angered the former chief of staff, prompting him to initiate a prolonged restriction of our website in Nigeria in January 2021. Legal proceedings regarding this matter are ongoing.
The financial accountability of both Mr. Gambari and Mrs. Ahmed, who served as the finance minister until the previous administration’s conclusion in May, has come under scrutiny.
According to Mr. Obazee, trillions of naira remain unaccounted for due to unauthorized appropriations.
He further asserted that nearly N23 trillion in suspiciously authorized illegal spending was camouflaged through the conversion of Nigerian assets by the National Assembly.
Mrs. Ahmed, like Mr. Gambari, also opted not to comment on Saturday.
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The special investigator emphasized that the exploitation of ways and means constitutes a criminal offense warranting severe punishment under the existing regulations of the central bank.
“The Supreme Court should be approached to nullify the approval that the 9th National Assembly gave to securitise the ways and means of N22.7 trillion,” Mr Obazee said, noting that it contravened Section 38 of the CBN Act, 2007.
Bola Tinubu has not issued a statement regarding the revelations presented by the special investigator.
This week’s report marks the inaugural findings from the investigator’s office since his appointment in July to investigate prolonged corruption within the central bank and other federal institutions.
Despite the significance of the probe, it has faced criticism from various quarters. Notably, former CBN deputy governor Kingsley Moghalu has expressed concern, suggesting that the public disclosure of the investigator’s activities may erode the trust of potential foreign investors in the Nigerian economy.
Conversely, supporters of the administration argue that investors should have confidence in a jurisdiction where individuals can be held accountable for corrupt practices.