A probe of the Central Bank of Nigeria (CBN) from 2007 to 2014 may be underway if the push by some forces within the government sails through, sources close to the administration have said.
The probe, if the authorities finally put a seal on it, would investigate the printing of naira notes under the watch of Professor Chukwumah Soludo and the management of CBN’s “surplus” finances under the watch of the incumbent Emir of Kano, Alhaji Muhammadu Sanusi.
The duo had managed the CBN at relative periods of boom but forces in government said that the policies they instituted did not appear to help in the fight against corruption in those eras.
Sources close to the administration stated at the weekend that the administration of President Muhammadu Buhari would not close its eye to any perceived unwholesome practices in government notwithstanding the length of time.
“We believe that questions that have not been completely answered must be brought forward and clarified as a way of ensuring that the nation’s institutions do the right thing at all times.
The duo of Sanusi and Soludo had spoken against the drift in the economy last week, asking the administration to take immediate steps.
But a source said that the planned probe did not have anything to do with the current postures of the former apex bank bosses.
“If certain questions are left hanging by the past administrations, this should be the time to clear such issues since this administration is determined to fight corruption and corrupt tendencies. The move would also help any of the past officials to clear their names of any perceived wrongdoing,” the source said.
While Soludo’s tenure is to come under searchlight for the process of printing new naira notes, the tenure of Sanusi is to come under the searchlight over the distribution of forex earnings to bureau de change operators as well as the report of the Financial Reporting Council of Nigeria (FRCN) which raised several allegations against Sanusi.
The 13-page report of the FRCN which was relied upon by the Federal Government to suspend Sanusi from office in 2013 had alleged that the former CBN governor spent N1.257 billion on lunch for policemen and private guards in 2012.
The council also alleged that Sanusi as CBN governor made huge payments to airlines for currency distribution, while also allegedly holding an account balance of N1.423 billion for an unidentified customer since 2008.