Buhari’s aide Tunde Sabiu, not President approved naira redesign policy

The Special investigator looking into the books of the Central Bank of Nigeria (CBN) Jim Obazee has detailed how former President Muhammadu Buhari’s aide and nephew, Tunde Sabiu gave former CBN Governor Godwin Emefiele the go ahead to implement the naira redesign policy.

Many Nigerians had blamed Buhari for the hardship they faced during the period the policy was being implemented saying the former President was unmindful of citizen’s suffering.

But in his final report tagged “Report of the Special Investigation on CBN and Related Entities (Chargeable Offences)” submitted to President Bola Tinubu on Wednesday, the Special investigator stated that Emefiele did not get the express approval of the former President.

Obazee was appointed in July by Tinubu to investigate the Apex Bank under Emefiele.

Emefiele, who is currently being held at the Kuje Custodial Centre, has been unable to perfect the N300 million bail, is being prosecuted for N1.2bn in procurement fraud.

Analysts fear that with this new revelation, more charges could be slammed on the former CBN boss over his implementation of the policy.

According to the report, Buhari didn’t approve of the naira redesign rather, Tunde Sabiu first told Emefiele in September 2022 to consider the redesign of the naira.

“On October 6, 2022, Emefiele wrote to Buhari that he wanted to redesign and reconfigure the N1000, N500, and N200 notes.

“The former president tagged along but did not approve the redesign as required by law. Buhari merely approved that the currency be printed in Nigeria. The redesign was only mentioned to the board of the CBN on December 15, 2022, after Emefiele had awarded the contract to Nigerian Security Printing and Minting Plc on October 31, 2022,’’ the report revealed.

Emefiele went further to contract the redesign of the naira to De La Rue of the UK for £205,000 under the vote of the head of the Currency Operations Department after Nigerian Security Printing and Minting Plc said it could not deliver the contract as the time was too short.

The document further revealed that the sum of N61.5 billion was earmarked for the printing of the new notes, out of which N31.79 billion was paid.

“As of August 9, 2023, findings revealed that N769bn of the new notes were in circulation.

“The probe of the CBN also revealed the fraudulent use of N26.627tn Ways and Means of the Apex Bank as well as the misuse of the COVID-19 intervention fund.

“For instance, the CBN under Emefiele at its 661st meeting held on October 27, 2020, approved that the Consolidated Revenue Fund Account should be debited with the sum of N124.860bn, and the decision was implemented on October 9.

“Similarly, the Committee of Governors, at its 670th meeting held on December 9, 2020, granted ‘anticipatory approval’ pending receipt of a formal request by Mr President and ratification by the board of directors for the payment of the sum of N250bn only to the Federal Government of Nigeria to address challenges as a result of low revenue inflow and the payment of salaries.

“The decision was implemented on December 15, 2020.”

Analysts say with these new sets of revelations, the former CBN Governor alongside Buhari’s nephew and the 12 top directors of the Bank could be prosecuted for illegal issuance of currency under Section 19 of the CBN Act.