The Special Adviser to President Bola Tinubu on Media and Publicity, Ajuri Ngelale on Monday disclosed that numerous approvals for fund releases within the Central Bank of Nigeria (CBN) during Godwin Emefiele’s tenure lacked the signature of former President Muhammadu Buhari.
Ngelale, in an interview on Channels Television, acknowledged President Tinubu’s fairness in acknowledging the issues that transpired under the previous administration, emphasising that many approvals leading to the current economic state had no traceable signature of President Buhari, which also means that the Central Bank of Nigeria under the former president was hugely unsupervised.
While highlighting President Buhari’s achievements in infrastructure and ease of doing business, Ngelale attributed the challenges in the CBN to a lack of oversight, suggesting that the negligence in monitoring the regulatory bank contributed to the current economic situation. Despite President Tinubu’s support for Buhari’s administration, Ngelale emphasised transparency in disclosing aspects that were detrimental to the economy.
He underscored that acknowledging these challenges doesn’t negate the positive impact in other areas, such as infrastructure development and business-friendly policies. One notable instance mentioned by Ngelale was the alleged forgery of President Buhari’s signature on the approval of $6.2 million in cash by the CBN, purportedly for foreign election observers. This revelation further underscores the gaps in oversight and control within the CBN during that period.
Emefiele, initially appointed by President Goodluck Jonathan, retained his position under Buhari’s administration, with his tenure renewed at the regulatory bank. However, he faced removal in June and is currently standing trial on multiple charges, including corrupt practices, forgery, and obtaining funds under false pretences.
Ex-SGF Boss Mustapha, testifying in court, disassociated himself from the transaction, stating that he knew nothing about the alleged forged document. The testimony raises questions about the authenticity of approvals under Emefiele’s leadership and the oversight exercised by then-President Buhari.
Ngelale’s revelations shed light on the intricacies surrounding fund approvals in the CBN during President Buhari’s tenure, emphasising the need for a comprehensive review of oversight mechanisms within key financial institutions to ensure transparency and prevent unauthorised transactions.
