Recent allegations of financial misconduct and investigations at the Central Bank of Nigeria (CBN) have been accompanied by a flurry of social media smear campaigns. These developments are the result of ongoing investigations by the Department of State Services (DSS) and a specially appointed investigator, following a directive from President Tinubu to probe the operations of the CBN during the leadership of Godwin Emefiele.
The investigations are comprehensive, covering various aspects of the bank’s operations and raising questions about the activities of top officials during their regular duties. However, the emergence of smear campaigns on social media has added a new layer of complexity to the situation.
Social media platforms have become battlegrounds for accusations and counter-accusations, with various factions engaging in a back-and-forth of allegations. One notable incident involved the detention of Kingsley Obiora, the Director-General of Economic Policy. Some rushed to his defense, alleging that his detention was influenced by tribal considerations, highlighting his status as the sole economist on the team. This argument suggested that such factors absolved individuals from potential wrongdoing, which is not the case.
The situation has evolved into a contest to influence public opinion, with some accepting information without critical analysis. However, it’s essential to recognize that the investigations target the entire bank, not just individual officials.
Recent sponsored tweets have also attempted to tarnish the reputation of DG Aishah Ahmad, the youngest and only female Director-General at the CBN. These allegations, while shocking, lack credibility. Aishah Ahmad, an accomplished banker with a stellar record, has consistently demonstrated professionalism throughout her career, and there’s no reason to believe her leadership at the CBN would be any different.
It’s crucial to remember that those vehemently trying to divert attention from themselves are often those with the most to hide. The public should view these smear campaigns as baseless attempts to distract from the ongoing investigations. Allowing the authorities to conduct their duties without interference is of utmost importance.
In a related development, the DSS is investigating alleged mega economic fraud involving Olam Nigeria Limited, Olam International, and their nine subsidiaries, amounting to over $50 billion. The investigation focuses on round-tripping foreign exchange deals since 2015, in which the company booked approximately $34 billion with the CBN as capital importation at official rates but failed to invest the money in the Nigerian economy.
Instead, Olam reportedly engaged in round-tripping, selling forex to businesses at parallel market rates. The investigation revealed a chain of shell companies linked to Olam and traced transfers into accounts controlled by Aminu Yaro, a front for CBN Governor Godwin Emefiele.
The allegations suggest that Olam and its subsidiaries played a role in the depreciation of the Nigerian currency, the naira. These investigations add a layer of complexity to the financial scrutiny surrounding the CBN.
It remains to be seen how these investigations will unfold and what impact they will have on Nigeria’s financial landscape.
