CBN Under Investigation Over Financial Crimes, Smear Campaigns

CBN Under Investigation: Alleged Financial Crimes and Social Media Smear Campaigns Unfold

In recent days, Twitter has been buzzing with a whirlwind of accusations and counter-accusations involving alleged financial misconduct at the highest levels of the Central Bank of Nigeria (CBN). These developments stem from ongoing investigations conducted by the Department of State Services (DSS) and a specially appointed investigator, tasked by President Tinubu, to delve into the operations of the CBN under the leadership of Godwin Emefiele.

The investigations are poised to scrutinize nearly every facet of the bank’s operations, bringing into question the activities of its top officials during their regular duties. However, what has become particularly intriguing is the emergence of smear campaigns on social media platforms. It appears that human nature’s propensity to engage in self-destructive behaviors is on full display.

Social media battalions have commandeered the blogosphere, engaging in a back-and-forth of allegations and counter-allegations. One notable instance occurred when Kingsley Obiora, the Director-General of Economic Policy, was detained for questioning. A vocal faction rushed to his defense, asserting that his detention was motivated by tribal considerations, citing his status as the sole economist on the team. This argument seemed to imply that this fact absolved him or others from any potential wrongdoing.

The situation has evolved into a contest to sway public opinion, with the less discerning readily accepting information without critical analysis. In reality, what is unfolding is a response to a presidential directive to investigate the entire bank, not just individual officials.

Recently, there have been clearly sponsored tweets aimed at tarnishing the reputation of DG Aishah Ahmad, the youngest and only female Director-General at the CBN. These allegations would be shocking if they weren’t so patently false. Aishah Ahmad, a highly educated, renowned banker with an impeccable pedigree, has built a solid reputation for professionalism while leading numerous financial institutions. There’s no reason to believe that her leadership at the Central Bank would be any different.

It’s important to recognize that those vehemently fighting to divert attention from themselves are often those with the most to hide. The public should view these smear campaigns for what they are: baseless attempts to distract from the ongoing investigations. It is imperative to allow the authorities to carry out their duties without undue interference.

Source:- Dailynewsnigeria

DSS is investigating a mega economic fraud involving Olam Nigeria Limited, Olam International and their nine subsidiaries to the tune of over $50billion.

In a chain of round-tripping foreign exchange deals since 2015, the company, through its Special Purpose Vehicles, SPVs, had booked about $34 billion with the Central Bank of Nigeria, CBN, as capital importation at official rates.

But instead of investing the money into the Nigerian economy, sources said the company round-tripped the forex and sold to business men, especially oil and gas marketers and industries such Indorama and Fouani, at parallel market rates.

Investigation revealed that Olam usually directed the forex buyers to lodge the naira equivalent into the account of one or many of its SPVs during the period under review.
Although some of the companies have fictitious Nigerians as directors, the accounts are solely managed by the Indian expatriates, some of whom are based in Europe and Asia.

As the SSS opens probe into the FX fraud and anchor-borrower scheme deals that took place under the suspended governor of CBN, Godwin Emefiele, the country’s secret police has uncovered a chain of shell companies linked to Olam.

sources said security agents uncovered traces of transfers into accounts controlled by Aminu Yaro, one of the ‘fronts’ of the embattled CBN governor.

Mr Yaro, who was previously investigated by the Economic and Financial Crimes Commission, EFCC, has been in SSS detention since July 12.

Findings revealed that the SSS had invited some expatriates, including the MD/CEO of Olam Nigeria Limited Ashish Pande and some top officers of the company, namely Prakash Kanth, Sudhir Goenka, Niraj Shah, Chandrasekran Balaji and Venkataramani Srivathshan.

The SSS also invited the Chief Financial Officer of Crown Flour Mill Limited, Rajeesh Damodaram Valagulam. According to sources, Crown Flour Mill Limited is one of the major Olam subsidiaries in Nigeria.
According to insiders, Olam Nigeria Limited and their subsidiaries are the key FX speculators that contributed to the declining value of Nigerian currency, naira.