The Economic and Financial Crimes Commission (EFCC) seems to have rejuvenated itself going by the recent investigation into the activities of the Apex bank of Nigeria, the Central Bank, with the arrest of six (6) top officials of the Bank. It has been reported by the BBC, http://www.bbc.com/news/world-africa-32958635 that several officials had been engaged in fraud worth $33 million USD and benefitted from this by working with officials of private banks to reuse old naira notes meant for destruction. The Central Bank from time to time withdraws from circulation damaged currency notes, these notes are collected, put in boxes and incinerated. However, the arrested officials instead of putting damaged notes into boxes for destruction, replaced them with newspapers cut in the shape of naira notes, the latter then is incinerated as damaged bank notes and the damaged noted reintroduced into the economy.
This appears to be a watertight scam that will require insider information to be discovered. It has been alleged that this has been an ongoing practice at the central bank for years, so what has led to these recent arrests. Is it possible that the EFCC was totally oblivious to the happenings at the Apex bank? Or is it simply a case that the EFCC was unable to muster the courage to act? Of particular note is the fact that the former governor of the Central bank, the present Emir of Kano, Muhammadu Sanusi II (Malam Sanusi Lamido Sanusi) had made allegation of corruption against the government and its officials at the NNPC, insisting on accountability, probably while members of his own institution were engaging in the same practice of corruption. Therefore how deep the root of corruption is cannot be determined by merely pointing fingers at the perpetrators, it takes affirmative action to insist that high ranking government officials be made to bear the consequence of their actions. How can this be achieved? Kindly let us have your views on this issue.
Contributed by Uchechi Dibiaezue