Investigations showed that the former CBN governor, Godwin Emefiele and those who worked with him could not produce evidence of “Ways and Means,” which now stands at N26.627trillion.
It was found out that there were instances of arbitrariness where there was no presidential approval, but billions of Naira were taken out from the nation’s Consolidated Revenue Fund (CRF) account.
Some of the findings were as follows: “The CBN officers and even the then Acting CBN Governor could not produce the presidential approval of most of the expenses described as “Ways and Means”.
“When confronted to provide the breakdown of the supposed N22,719,703,774,306.90 that was presented to the 9th National Assembly to illegally securitise as “Ways and Means” financing, they were only able to partially explain a total of N9,063,286,720,318.92 or N9,258,040,720,318.92 (depending on which official you are considering his submission) and an unreasonable attribution of non-negotiated/unadvised interest element of N6,678,874,321,541.97.
“This shows the point where the officers of the immediate past administration as well the erstwhile CBN governor and others connived, defrauded and stole from the common wealth of the country with the aid of civil servants.
“The true position of the “Ways and Means” as documented from the reconciliation between the CBN and the Ministry of Finance at the time is N4, 449, 149, 411. 584.54. This may have been the main reason the past administration hurriedly sought that the advances of N22,719,703,774,306.90 be securitised by the 9th National Assembly on the 19th December 2022; which they also hurriedly did despite the fact that it contravenes Section 38 of the CBN Act, 2007.”
“The probe showed that the CBN Governor on the 19th December 2022 “ signed an advice to the former President Muhammadu Buhari to restructure “Ways and Means” of N23,719,703,774,306.90, despite presenting a different figure to the National Assembly on the same date.”
