By Clems Ukechia

The Central Bank of Nigeria (CBN) Governor Dr. Yemi Cardoso and his team of Deputy CBN Governors have a herculean task to restore professionalism in the apex bank.This stemmed from about seven years of derailment from the core functions of the CBN following years of sustained abuse.

There was also poor adherence to best practices. Discoveries from the president enabled special investigators into CBN dealings sent Nigerians in awe as to the level of corporate governance abuses perpetrated at the CBN. Recall that President Bola Tinubu had appointed Mr. Jim Obazee, the former Chief Executive Officer of the Financial Reporting Council of Nigeria (FRC), on July 28, 2023 to investigate the CBN during Mr. Godwin Emefiele’s tenure under President Mohammadu Buhari’s government. The committee on April 5th submitted its final report to the president.The preliminary findings released by the investigator alleged that under CBN Ex-Governor, Mr. Godwin Emefiele’s leadership, they consented to the “unlawful removal” of about $6.23 million from the vault of the CBN’s Abuja office.It has emerged from top sources within the apex bank that some staff found to have engaged in fraud are already returning stolen funds. Already, $1 million has been recovered and counting.The investigators further revealed that under Emefiele, there were “indiscriminate” and “fraudulent” use of ways and means advances (printing of naira notes) to the federal government by the CBN amounting to over N22 trillion.Just recently, Mr. Emefiele was rearranged by the EFCC at the Ikeja High Court over alleged abuse of office and allocation of billions of dollars.The charge read that Mr. Emefiele “directed to be done in abuse of the authority of your office, as the Governor, Central Bank of Nigeria, an arbitrary act, to wit: allocating foreign exchange in the aggregate sum of $2,136,391,737.33 without bids, which act is prejudicial to the rights of Nigerians.”Emefiele was also accused of the withdrawal of $6.2 million in cash shortly before the 2023 elections by forging Buhari’s signature, the staff involved in abetting this heist have already confessed and returned about $1 million to the CBN” he stated.There are several other findings of alleged corruption that happened in the apex bank before Cardoso came on board.The reformed-minded CBN Governor is working alongside a dedicated team of experienced professionals in the Committee of Governors. They include Bala Bello, MON, the workaholic Deputy Governor, the Corporate Services Directorate, Muhammad Sani Abdullahi, Deputy Governor, Economic Policy Directorate, Philip Ikeazor, Deputy Governor of, Financial System Stability Directorate, and Emem Usoro, the Deputy Governor, Operations Directorate.The team would go into deep study of the financials of the CBN, the activities of the CBN as it applied to its core mandates especially bordering on being an advisor to the government, reviewing monetary policy tools, fighting inflation, managing the value of the naira and more.The CBN governor and his team began interrogating processes, reviewing policies, and staff audits for efficiency, proper placements of staff for optimum efficiency, and dealing with endemic systemic corruption that would thwart impending reforms at the apex bank.This resonated positively with some economists and analysts who have been advocating for the CBN’s return to professionalism. They had expressed frustration over CBN’s deep foray into intervention programmes with Trillions of Naira sunk in the process. Briefing reporters after the February 2024 Monetary Policy Committee Meeting (MPC), Cardoso said the apex bank in over six years expended over N10 trillion in interventions to different sectors of the economy without significant results. He said these caused inflation and price distortions.He also said some of the funds didn’t get to the intended beneficiaries adding that the CBN will discontinue the interventions and recover the money.Speaking at the Chartered Institute of Bankers of Nigeria (CIBN) 58th Annual Bankers’ Dinner and Grand Finale of the Institute’s 60th Anniversary on November 24, 2023, the CBN Governor said that “the apex bank will return to its core statutory mandate; which is to ensure price stability, in addition to issuing legal tender, safeguarding external reserves, promoting a sound financial system, and providing economic and financial advice to the government.”The CBN Governor believes that “through targeted policies, transparent market operations, and coordination between monetary and fiscal authorities” the apex bank “can ensure a more stable exchange rate, control inflation, and create an enabling environment for businesses and individuals to thrive.””I am aware that events over the past few years have also put the CBN in a bad light. These issues can be attributed to various factors, such as corporate governance failures, diminished institutional autonomy of the Central Bank of Nigeria, a deviation from the core mandate of the Bank, unorthodox use of monetary tools, an inefficient and opaque foreign exchange market that hindered clear access, a foray into fiscal activities under the cover of development finance activities. There was also a lack of clarity in the relationship between fiscal and monetary policies, among other challenges” Dr. Cardoso said at the bankers’ dinner.Some of the reforms that have happened include; discontinuation of intervention funds which the CBN hitherto expended over N10trn without measurable outcomes, liberalism of the Forex market, lifting of forex restrictions on 43 items, and recapitalisation of the banking sector.Other policies include; reforming the Bureau De Change operations which had become a conduit. They had also been fingered in terrorism financing and money laundering. They were used as a veritable platform for arbitrage perpetrated by bank staff and even some CBN staff. The reform in the segment saw a cleaning up of the BDC with 4,173 licenses revoked. The naira has reacted positively as it has begun to recover. From about N1,800/$, it is now slightly above N1,100/$1.Cardoso and his team would continue with the reforms by transferring some core staff of the apex bank to drive the announced recapitalisation and effective banking supervision to Lagos. On the 26th March 2024, indeed the CBN announced a new minimum capital base for banks.With the new policy, the CBN is hoping to attract new capital into the country, make the banks stronger to add value to the economy and help drive the President’s ambitious goal of achieving a Gross Domestic Product (GDP) of $1.0 trillion over the next seven years.The CBN management reforms saw some staff who have been found to have compromised sacked.Some are alleged to be resisting the recent reforms thus the management is relieving them of their jobs.”We will tackle institutional deficiencies, restore corporate governance, strengthen regulations, and implement prudent policies. We assure investors and the business community that the economy will experience significant stability in the short-to-medium term as we recalibrate our policy toolkits and implement far-reaching measures” Cardoso assured.A top management staff of the CBN who pleaded anonymity said it’s “time to get all the bad eggs and accomplices out of the CBN for recent policies to succeed.””We can’t make significant progress without weeding out the bad eggs. There was so much looting in the bank. Some staff have become so vested they won’t want our reforms to work” he said.”We are only retooling our internal corporate governance processes so the CBN could work better,” he said adding that the “CBN needs to breathe” he stated.Recently the Former SGF Boss confirmed in court that “neither Buhari nor FEC approved any payment to foreign election observers.Another source at the apex bank who pleaded anonymity said “Those who aided and abetted the malfeasance and stealing of our collective patrimony at the CBN must not only be punished but prosecuted and jailed” he said.Continuing he said “This may not be the only one. All those staff that aided and abetted Mr. Emefiele, who is currently standing trial, in all these alleged stealing must not only be dismissed but also be prosecuted. Indeed, CBN was a cesspool of corruption under the last administration as mentioned by President Tinubu in his Independence Day speech.”He indicated that there was recruitment fraud, promotion fraud, medical fraud, and massive kickbacks collected from Anchor Borrowers and other intervention schemes.According to him, “Cardoso and his team must restore the lost glory of the CBN that until recently was suffering from trust deficit.”Experts have called on President Bola Ahmed Tinubu to support the CBN reforms and not yield to the blackmail Cardoso is currently experiencing.They acknowledged that although the reforms are not popular, they have to be supported to succeed and instill discipline into the CBN.An analyst, Mr. Mohammed Bumba said the current CBN team is “rugged and sagacious with the capacity to rebuild a rotten foundation turning the structure into an enviable edifice.””The reforms are not popular, but they have to be supported to succeed and instill discipline into the CBN” he stated.

By David Torough, Abuja

Inclusive Friends Association (IFA) in conjunction with Persons Living with Disabilities (PWDs), Hope Alive for Possibilities Initiative (HAPI) and Joint National Association of Persons with Disabilities (JONAPWD), have appealed to the Benue government to pass the Disability Act into law in the state to enable PWDs enjoy their full rights.

The trio groups’ delegation led by Personal Assistant to the Governor on Disabilities, Ben Anshe, made the appeal when they presented a copy of the draft bill to the Attorney General and Commissioner for Justice and Public Order, Fidelis Mynim, in his Makurdi, the state capital.

In their separate speeches, Anshe who is also the chairman of JONAPWD, HAPI representative, Onah Adeyi stressed that if domesticated in Benue state, the Disability Act would give PWDs legal protection, grant them access to services, include them in development and show compliance with international obligations.

Anshe recommended on behalf of the three organizations saying: “we urge the Benue state Ministry of Justice to review and vet the draft Disability and the Commissioner of Justice as the chief legal officer of the state should advise the state government on the proposed law and recommend it passage.

“We call for active engagement with stakeholders, including government agencies, civil society organizations PWDs and the private sector, to solicit input and build consensus on the commendation process.

“We recommend capacity-building initiatives for relevant state agencies and personnel to enhance their understanding of disability rights and ensure effective implementation of domesticated legislation.

“We advocate for the establishment of mechanisms for monitoring and evaluating the implications of domesticated disability rights legislation, with a focus on accountability and impact assessment”.

He lamented they suffered a lot of negligence in the past administration to have the law domesticated and appealed to the current state government to favour them on the issue.

In his response, the Attorney General and Commissioner for Justice and Public Order, Fidelis Mynim, assured that he “will push in the law through the State Executive Council to the state assembly” and follow it up until it’s domesticated.

He acknowledged that within the North Central, it was only Benue State that has not domesticated the law and promised to take it up “since government is a continuum”.

The commissioner who commended the organizations for presenting the draft bill also appreciated them for their patience.

A middle-age man was, in the early hours of Tuesday, electrocuted while trying to vandalise a BEDC transformer on Airport road in Benin.
The deceased, whose identity has not yet been ascertained, was said to have succeeded in cutting some of the cables before he was electrocuted.
The incident drew the ire of passers-by, as many were seen raining curses on the deceased for being the one responsible for putting the area in darkness.

One of the residents of the area, Mr Emmanuel James, blamed the action of the deceased on a get-rich-quick syndrome.
Speaking at the scene of the incident, the BEDC Electricity Plc’s acting Head, Corporate Communications, Mrs Evelyn Gbiwen, decried what she called incessant act of energy theft and vandalism of the company’s facilities.
Reports says that BEDC’s franchise states include: Edo, Delta, Ondo and Ekiti.
Gbiwen called on people to desist from vandalising the company’s transformers, stressing that this could have significant impacts on the community.
She expressed the regret that in spite of BEDC’s regular warning to the members of the public to desist from vandalism and energy theft, many still indulged in the act, which she described as dangerous.
“This singular act of the vandal has thrown the entire community into total darkness,” Gbiwen said.
She appealed to residents to be vigilant and protect BEDC’s facilities from vandals so that the company could serve them better. (NAN)