Nigerian Central Bank Governor, Godwin Emefiele Entangles In Allege N2 Trillion Fraud
NIGERIAN Central Bank Governor, Godwin Emefele has allegedly been caught in the misappropriated and theft of over N2tr (Two Trillion) 2021 budgetary allocations for members of staff training, promotion allowances, transfer allowances and death benefits of hundreds of members of staffs of the nation’s apest financial body.
It was also reported that the Governor used part of the proceeds to established a new bank, using cronies as Chief Executive Officer and share holders.
In a petition written by Empowerment for Unemployed Youth Initiative (EUYI) which was made available to SaharaReporters correspondent alongside the CBN 2021 padded budgeted allocation and the actual amount spent in the period under review demanded for an explanation from Mr. Emefele to the unemployed Nigerians on the outrageous budget expenses as contained in its 2021 budget.
“EUYI which is the foremost organisation championing the course, and advancing the welfare of the millions of Nigerian youths has carefully studied the 2021 Budget of the Central Bank of Nigeria (CBN).
“We are therefore worried and alarmed that not only that CBN alone budgets an outrageous sum of over N2 trillion (Two Trillion), the budget itself is a sure foundation for embezzlement.
“It does not also reflect the condition of suffering Nigerians, especially the unemployed and the under-employed. As can be seen in the document, the 2021 budget draws from the 2020 budget, and the breakdown indicate thus: “2020 Budget”- “2020 Actual October”- and “2021 Budget.”
“From our understanding, the implication of the above is that whatever the budget was in 2020, the actual expenses as at October 2020 (2 months to the end of the year) was indicated at the middle column (see attachment).
“And this “October 2020 Actual” should be the basis for a transparent and prudent 2021 budget. But our findings from the document indicate a mindset to continue to budget without recourse to the socio-economic condition of majority of Nigerians.
“In as much as inflation and other changes are admissible, they must be within an understandable and easily explicable context. In this case of 2021 Budget of the CBN, it is evident that it is unduly inflated, perhaps, padded. And it shows that the CBN is not interested in National Resources Management and frugality.
“For instance, on the Administrative Expenses under the breakdown, you budgeted for “Travel Expenses”, was N600,320, 836; amount spent was N3000,092, 324, as at October; but still proceeded to budget N5000,923,442 for 2021 (which is almost twice the amount spent as at October 2020).
“On “Staff Transfer”, N400m was budgeted, while a paltry of N42m was spent by October 2020 in actuality, yet N300m was budgeted for the same purpose in 2021.
Our sources in the CBN Governor’s office revealed that the same budgetary pattern and misappropriation of budgetary allocations were made available in the following items: Printing and StationaryVehicle Maintenance and FuelingOffice Equipment, Maintenance (copiers, microfilm machines etc) Facility Management Electricity Recreation and Sports Sponsorship CBN Publications Audit Fees and Expenses Staff Training International Training Institute (ITI)Industrial Training Fund and Employee Compensation Act (ECA) Promotion Examination Expenses Hosting Regional Meetings Asset Register Update and Maintenance Human Capital Management Expenses Strategy Management Expenses International Financial Reporting Standards for CBN Financial Statements.
Also, under Operational Expenses, “Banking Sector Initiatives” has a 2020 budget of N1, 562, 775, 290; an October 2020 actual of N317, 884, 310; yet has a 2021 budget of N7000, 082. “Intervention Projects” has 2020 budget of N31, 603, 431; October 2020 actual of N12, 503, 114 and 2021 budget of N58, 457, 862 (and these interventions were never made visible and available for those they were meant for).
Besides, the “Strategic Initiatives” has a 2020 budget of N14, 763, 449; October 2020 actual of N445m; and yet, a 2021 budget of N10, 505, 011. These items pointed above deviate completely from the more reasonable and understandable items like: Long Service and Best Staff Awards which is budgeted at N1,087,682,486 for 2020; October 2020 actual is N813,924,200; and 2020 budget was N812,620,102.
In the period under review, ‘Rents and Rates were N453m for 2020 budget; N402 in October 2020 actual spending; and N421m was also budgeted for 2021. A copy of the breakdown for the administrative and operational budget which necessitated the objections were made available to us by our sources.
The petitioner demands answers from Godwin Emefele to come clean on his avowed patriotism, transparency and accountability, and provide the nation with explanation as to this inflated budget pattern and visible theft of the common wealth.
“We wish to know what the actual 2021 expenses were, so that we can be better enlightened. Furthermore, it is our intention to follow this matter to its logical conclusion; including bringing it to the public through the media and demonstrations.
“It is our hope that we will receive a credible response within one (1) week after the receipt of this letter.
“EUYI will be forced to mobilize the army of unemployed Nigerian youths to Occupy CBN Headquarters and demand accountability”, EUYI National Coordinator, Comrade Prince Danesi Momoh, stated in the petition.
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