CBN: Tinubu-Buhari clash is unavoidable – Dele Sobowale

The suspension and subsequent arrest of the Governor of the Central Bank of Nigeria, CBN, has brought President Tinubu and ex-President Buhari closer than either of them realises. Buhari, who hoped to retire peacefully in Daura or the Niger Republic, will soon discover that he murdered sleep. Short of killing Emefiele to silence him, Tinubu’s CBN probe will reveal the extent to which Buhari and his cabal, including Ministers and Advisers, privatised the bank.

Because this is a short article, and it is not my intention to reveal all the facts of Constitutional violations, it is intended to warn Tinubu that if he truly wants to fight corruption, he could not have started in a better place. As a result, the first question is whether Tinubu has the courage to step on everyone’s toes, regardless of the consequences. We’ll find out soon enough.

CONSCIENCELESS LIAR GOVERNMENT

“Every government is led by liars, and nothing they say should be taken seriously.” – I F Stone, a journalist in the United States from 1907 to 1929.

Stone, a great American journalist, opened my eyes to the corruption of government officials all over the world. Writing these columns for over thirty years has shown me how completely untrustworthy Nigerian government officials at all levels can be. But, of the seven Nigerian governments I’ve covered, Buhari’s administration is the only one that has made lying a central part of its policy. They lie when it is unnecessary and the deception is obvious to all.

Tinubu’s appointees will invariably come across horrible deceptions foisted on Nigerians as they go through the handing over notes left behind by Buhari’s people. They will be shocked that Honourable Ministers, Senior Special Advisers, and even the President can be so dishonourable. A recent example exemplifies the point being made here. The country is experiencing unprecedented cash scarcity as a result of currency changes. A court of law ruled that old notes could be used again. The CBN ignored the order, and the President initially supported the bank until civil unrest threatened. Nigerians’ money was trapped in banks for several weeks. Only when the CBN faced contempt charges did the situation improve. According to one Buhari spokesman, his administration has always followed court orders. He conveniently forgot that Buhari had repeatedly broken the law by taking loans from the CBN on Ways and Means. For eight years, the Federal Government used the CBN as its own ATM machine. More on this later… Money is a litmus test for honesty; power is a litmus test for integrity. Any country’s president is put to the test in both ways. Buhari utterly failed in both.

CBN IS ONE OF TWO MAJOR PROBLEMS.

“You’ve come to the right place if you’re looking for trouble.”

In the days of the Wild, Wild West, a sign in front of a pub in Kansas City, US.

Nigerians are well aware that the Buhari administration received N23.7 trillion in loans from the CBN without seeking approval from the National Assembly, NASS, which was packed with spineless and unpatriotic people, in flagrant violation of Nigerian laws and the Constitution. It wasn’t just a matter of Ways and Means. Other documented cases of presidential lawlessness included instances in which money earmarked for a more beneficial purpose was taken out and spent without any record of the expenditure. Here’s an illustration:

WHEAT LEVY RAID

“ISSUE 14: REPEATED WITHDRAWALS FROM PUBLIC FUNDS (N60,832,040,370.72)”

Section 80(4) of the Federal Republic of Nigeria’s Constitution (as amended) states, “No money shall be withdrawn from the Consolidated Revenue Fund or any other public fund of the Federation except in the manner prescribed by the National Assembly.” Also stated in Financial Regulation paragraph 417: Expenditure shall be strictly classified in accordance with the estimates, and votes shall be applied only to the purpose for which the money is provided. Any expenditure that is incorrectly charged to a vote will be disallowed.

“A total of N13,775,687,264.39 was withdrawn from the Consolidated Revenue Pool Account, while N47,056,353,106.33 was withdrawn from the 15% Wheat Grain Levy…for purposes other than those for which the respective funds were established, in violation of the provisions of the Constitution and Financial Regulation.”

Despite his lack of formal education, Buhari is expected to understand basic constitutional and financial regulatory provisions. In any case, his Vice President is a Senior Advocate and a Law Professor; he also has an Attorney General and a Minister of Justice, both of whom are, sadly, SANs. Furthermore, at least three SANs are part of his underperforming cabinet. So, Buhari cannot claim ignorance when he directed the Governor of the Central Bank of Nigeria to release funds from the Wheat Levy Pool Account to pay for “the payment of earned allowance to non-teaching staff of Nigerian Universities (N8,000,000,000); “to finance 2019 recruitment of Police Officers approved by Mr President (N9,056,353,106.33); and “funds borrowed from special account for eventual release to MOD [Ministry of Defence] procurement of Military Equipment (N30,000,000,000).” AUDITOR-GENERAL FOR THE FEDERATION’S ANNUAL REPORT ON THE FEDERAL GOVERNMENT OF NIGERIA CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2019).

I’ve gone to great lengths to show how, because a fish rots from the head, the massive corruption in the Federal Government from 2015 to 2023 stemmed from the President’s office. Buhari, contrary to what his spokespeople claimed, was an unrepentant serial lawbreaker. The Wheat Levy was enacted to promote wheat self-sufficiency and to reduce our food import bill. Buhari illegally forced the CBN to release funds from that account for other purposes, as we have seen with evidence beyond reasonable doubt. Abuse of authority. He made the request without the NASS’s permission. Financial regulation violation. And he purposefully kept all transactions hidden from the NASS, which did not question him. Nobody knows how the N30 billion released to the MOD was spent.

CBN Governor Emefiele was granted immunity to cover up this and thousands of other shady conspiracies between Buhari and the CBN. The Auditor General’s inquiries were ignored. The NASS summons were met with well-deserved contempt; NASS leaders were trained to “see no evil, hear no evil, speak no evil” about Buhari – despite the unpleasant stench of monstrous corruption.

PUSHING THEM TO TEMPTATION

“And do not lead us into temptation, but deliver us from evil…”

I don’t know Emefiele well enough to know if he said the Lord’s Prayer during his morning devotions, or if he prayed at all. I am certain he is desperate to be free of the evil that has befallen him. I sincerely pray for him. He was lured into temptation very early in the Buhari administration. In the absence of a cabinet, Emefiele allowed himself to be enticed into fiscal policy formulation when the FG established the Economic Management Team, EMT, with Vice President Osinbajo as Chairman. The Anchor Borrowers Programme, or ABP, emerged from that association as one of the first fraudulent schemes. For the first time in history, the CBN funded a fiscal policy initiative directly, which quickly became politicised and corrupted. After falling into the ABP trap, the CBN Governor was granted presidential immunity. He was free to do whatever he wanted. He was eventually drawn into gross violations of Ways and Means, resulting in an unbelievable N23.7 trillion debt. According to the Buhari cabal, he is now alone with the problem.

Probing Emefiele, who is a victim of his own ambitions and departure from the roles of a central bank Governor, will be more difficult than Tinubu believes. Buhari gave the orders, and Emefiele carried them out. The probe ordered will, sooner or later, reveal Buhari’s long hand in the majority of the infractions.

Wheat Levy is just a taste of what’s to come. Anyone expecting Emefiele to die alone is in for a surprise. He is not alone in his knowledge.

AT LAST, EL-RUFAI IN HIS TRUE COLOURS

“You don’t always get paid for being intelligent; you pay dearly for stupidity.”

“El-Rufai’s utterances constitute a slap in the face for Christians who voted for him,” one northern Christian leader said.
I respectfully disagree. Anyone who voted for El-Rufai deserves what happens to him and his family, including kidnapping and murder. I warned Christians about him in three articles. Those who have deafened their ears should not complain…