The Central Bank of Nigeria (CBN) practically emptied its vaults apparently to finance the presidential campaign of the Peoples Democratic Party (PDP), sources conversant with investigations into security spending in the last administration have informed TheCable. TheCable had earlier reported the extra-budgetary disbursement of N40 billion to the office of the national security adviser and N20 billion to the Department of State Services (DSS) by the CBN, but fresh revelations indicate that the monies were released in dollar cash — contrary to all money laundering regulations. They were taken directly from the dollar reserve vaults of the central bank, TheCable understands.

Security sources disclosed that in August 2014, Godwin Emefiele, the CBN governor, called a board meeting and asked for an approval of N60 billion to support the security services under a “special security intervention fund” he intended to create. Emefiele, who is also chairman of the board, told the members that the money was needed to equip the military to fight the insurgency in the north-east following a series of onslaughts by Boko Haram. Some board members reportedly cautioned him against such an audacious move, advising instead that the expenditure should be tied to procurement, but he was said to have rejected the advice. This was shortly after he had secured approval from President Goodluck Jonathan to disburse the funds. Sambo Dasuki, retired colonel and then NSA, had twice requested for N60 billion in documents seen by TheCable — and was only successful at third attempt following Jonathan’s intervention. In the new documents seen by TheCable, the former NSA regularly wrote to Emefiele asking him to disburse the approved money in hard currency equivalent, usually in tranches of N10 billion.

Investigators have now traced some of the monies collected by the office of the NSA to the PDP presidential campaign, with Raymond Dokpesi, chairman of AIT, revealing that he collected N2.1 billion from the office to undertake media publicity for Jonathan. Dasuki has said not all the monies he received were for security, maintaining that some were for NGOs.

However, questions have been raised on how CBN created the security fund overnight to meet NSA’s requests. “What the CBN did was to create an intervention fund, which it is empowered to do by the CBN Act. That is why we have aviation intervention fund, agriculture intervention fund, all sorts, which are now being abused to take money out of the system,” one of the sources said. A former minister told TheCable that it is illegal for the CBN to pay raw dollars to any government agency.

He said: “If the money was given to the NSA in naira, this would be a case of the CBN printing money for the government and adding to pressure on prices and exchange rates. I was told a lot of this happened in many instances and did a lot of damage to the economy. “If, on the other hand, as it is being alleged in this case, the NSA was given this money in cash forex, then a strong case can be made for criminal activity by the CBN itself. In giving so much cash, the CBN is itself involved in money laundering. And by taking it from the central bank vaults, the management of the central bank has effectively taken foreign exchange from CBN reserves and given same to the NSA with no questions asked.”

The way it was done, according to CBN insiders, “was that the money was taken directly from CBN vaults without any account being credited. It effectively did not go through the due process. The accountant-general did not sign off as it is the practice. “Money was just moved directly like it happened under Gen. Sani Abacha when large amounts were taken out of the CBN under the guise of financing ECOMOG, the West African peace-keeping force. We know where the bulk ended up.”

https://www.thecable.ng/exclusive-how-emefiele-emptied-cbns-vaults-to-finance-pdps-presidential-election

I thought PDP na saint before

Over to you Olisa Metu and FFK.


NONSENSE!!!!!

Air Pee See fans, food don done


The girl above me, I hope you know that the only difference between PDP and APC is just the name of the political parties.... They are just thesame in behaviour, corruption and wah Eva..... APC is even worse than PDP in terms of PROPAGANDA

Besides, most of them have been in PDP too.....

I can't just put all these together!

In my own opinion, I think the CBN governor's appointment, including members of the CBN board should be sack, not resignation, complete termination of appointment and the EFCC should go after them.

No wonder PDP wanted Sanusi out by all means

The witch hunting continues.

benedictnsi:
Air Pee See fans, food don done

Put sentiment apart and face reality.Let's all be reasonable,join hands and fight this together.

This is Game for the Masturbators to tear apart!...

End time stories

This arms deal scandal may eventually sweep away Emefiele. He has so many questions to answer as his hands are heavily soiled in this matter. He should be officially questioned by EFCC and charged to court if found guilty.

BlackSEER:
The witch hunting continues.

May God open your eyes.

Whether we like it or not, our type of democracy will always promote the act of using State funds to finance the election of public office holders be it at the State or Federal levels. This is not suggesting that it's a good practice or the best way to go but that's the reality. Has anybody asked questions on how Tinubu, Fashola, Ameachi , Aregbesola and other APC stalwarts allegedly used their respective State Funds to finance their party when they were in opposition? Did anybody try to unravel how Buhari's electioneering campaigns were financed (pls forget the story of N50m donations from members of the public)? How about the billions of Naira APC spent on advertisements both locally and internationally? Who financed the fuelling of the many private jets Buhari used during his nationwide campaigns? What about the money spent on Buhari's Chatham House appearance? Where did the funds come from? The answer is not farfetched. These are monies from State cofers hidden under spurious, fictitious and questionable expense heads. It's as simple as that. Obviously, the N78million and N300million allegedly spent by Fashola on Website and Borehole respectively might not have gone into his private pocket but for party financing purposes.
APC and Buhari are fighting a battle that may boomerang if care is not taken and I see them burning their fingers along the line. Kettles should desist from calling the pot black.

Boss13:
In my own opinion, I think the CBN governor's appointment, including members of the CBN board should be sack, not resignation, complete termination of appointment and the EFCC should go after them.

No wonder PDP wanted Sanusi out by all means

That is just it. They knew Sanusi would never be the puppet they want him to be so they eased him off the stool using some trumped up allegations and installed a robot who could do their bidding at the push of a button- and what a fabulous job he did!

Saw wailers crate a dozen threads the other day from a story by their preferred propaganda site Thetrentonline "exposing" a "secret plot to remove Emefiele and replace him with a Northerner", and they Wailed all over the place with their usual "Buhari is a religious bigot and anti South East".

None of them appeared to think Baba doesn't need to "plot" or do anything in "secret" to remove Emefiele if he wants to, but can simply do so with the stroke of a pen.

None of them appeared to remember Jonathan did the exact same thing they are accusing Baba of "plotting" to do when he (Jo) removed Sanusi and replaced him with Emefiele.

I'm still confused as to why Baba has been retaining this guy. Get some other fella from the same region if need be and give this guy the boots already! Then have him become jolly friends with EFCC just like his buddies.

I remember Boy George promising to go on exile should Baba win the election- now, with Dasuki singing like a bird, I understand why! He and Odili should be put under surveillance so they don't bolt outta the country unnoticed.

PDP is one insatiable parasitic behemoth that dealt Nigerians a really raw deal and deserves to be wiped off the surface of this earth using every legitimate means possible.

And that big liped headress blabbermouth called NOI would want us to believe she played no part in all of this. I'm pretty sure it is but just a matter of time before one of these canaries rat her out. Her dossier would soon be laid bare for the public to scrutinise.

Oh, I thank and bless the Lord for the day we made the choice to vote Buhari. I shudder frightfully at the thought of what might have been had PDP been retained at the centre...

OLADD:
Whether we like it or not, our type of democracy will always promote the act of using State funds to finance the election of public office holders be it at the State or Federal levels. This is not suggesting that it's a good practice or the best way to go but that's the reality. Has anybody asked questions on how Tinubu, Fashola, Ameachi , Aregbesola and other APC stalwarts used their respective State Funds to finance their party when they were in opposition? Did anybody try to unravel how Buhari's electioneering campaigns were financed (pls forget the story of N50 donations from members of the public)? How about the billions of Naira APC spent on advertisements both locally and internationally? Who financed the fuelling of the many private jets Buhari used during his nationwide campaigns? What about the money spent on Buhari's Chatham House appearance? Where did the funds come from? The answer is not farfetched. These are monies from State covers under spurious, fictitious and questionable expense heads. It's as simple as that. Obviously, the N78million and N300million allegedly spent by Fashola on Website and Borehole respectively might not have gone into his private pocket but for party financing purposes.
APC and Buhari are fighting a battle that may boomerang if care is not taken and I see them burning their fingers along the line. Kettles should desist from calling the pot black.

Why don't you just petition the EFCC with your facts and evidences instead of ranting online like a battered IPOD tout

Lalasticlala please can we share this with all?? Enough of the Biafra staple.

The investigative and judicial processes being applied by this administration are laughable and a mockery of our courts. The EFCC and the FG are bungling and destroying their case, by their maligned investigation. Common sense is not common
#Benbruceisright

The news might be another lies from apc.

seunmsg:
This arms deal scandal may eventually sweep away Emefiele. He has so many questions to answer as his hands are heavily soiled in this matter. He should be officially questioned by EFCC and charged to court if found guilty.

I guess he will be removed once all the evidence of these transactions have been extracted. One thing to note is that he failed to play ball with the ONSA until he was authorised to do so by the Presidency.

Another thing to note is that the Coordinating Minister of the Economy cannot claim ignorance of all these transactions.

All eyes open
I think emeifele is still been kept there so that the tide will sweep exactly while he is still in office. I'm sure he is already under surveillance and investigated and probably he has also requested that he wants to resign while baba says "guy chill....ur time never come...I will attend to you later". This whole investigating thing is going on in a systematic phase....why do you think they removed all the DSS employees that came in via God fathers and man know man.....because they don't want moles in the system.
fortunately, this probe will eventually break PDP into pieces because....it will be all man for himself God for us all. They will end up betraying each other.
Arms deal probe will be faster than the oil probe.

aieromon:


I guess he will be removed once all the evidence of these transactions have been extracted. One thing to note is that he failed to play ball with the ONSA until he was authorised to do so by the Presidency.

Another thing to note is that the Coordinating Minister of the Economy cannot claim ignorance of all these transactions.

That woman's case is something else. A finance minister who is claiming ignorance of how $2.1billion was frittered away under her watch. Any time Oshiomole calls her out to defend herself, she always respond with insults and cheap tirades. Hopefully, the PMB administration won't shy away from investigating and prosecuting her.

omenka:
Why don't you just petition the EFCC with your facts and evidences instead of ranting online like a battered IPOD tout

My friend, stop been pretentious and cynical just like the deceitful party you support. Petitions were submitted by CACOL to the EFCC and the presidency months before Fashola and Ameachi were nominated, screened and confirmed as Ministers. Your doublemouthedness and sentiments are too inimical to the growth of Nigeria. OK?

aieromon:


I guess he will be removed once all the evidence of these transactions have been extracted. One thing to note is that he failed to play ball with the ONSA until he was authorised to do so by the Presidency.

Another thing to note is that the Coordinating Minister of the Economy cannot claim ignorance of all these transactions.

Emefiele was nominated by the President and not appointed. As CBN governor, he is autonomous and independent. He should not be a puppet to the puppeteer. His primary concern should be that of the country's welfare and not damage the very economy he is expected to protect. What will be his position when Bank's CEO squander shareholders and depositors funds? That is exactly what he has done and he should made to pay for it.

Enough of all this stories abegg, get to work and make use of the resources available now to better the lives of Nigerians...

IAMLOOSEWEIGHT

This is serious.


CHECK MY SIGNATURE BELOW FOR THE LATEST QUALITY STONE COATED ROOFING TILES PROJECTS.

Father, any one that wants to put economy of this nation into mess by his or her action , father they will not escape your wrath.

looseweight:
Hmmmm

This is serious, I hope this news they are sharing will not send GEJ to the great beyond?

Seriously serious

Hmmmm!

Breeze done blow

Hnmmmm, Hnmmmm,

Nigeria do suffer from pdp ooo.....chaiii daris god oooo

All SS and SE listen up...the rationale behind this arm saga is to eventually get to the big elephant...TO REMOVE EMEFEILE and replaced him with a northerner or a yoruba servant. MARK MY WORD!

Political cleansing of SS and SE continues!