The Senate recently asked the Economic and Financial Crimes Commission (EFCC) to go after some government agencies over corruption

– The EFCC may have much work to do with a new revelation of the rot in the Central Bank of Nigeria (CBN) and other such agencies

There is serious panic at the Central Bank of Nigeria (CBN) and other government agencies following the directive by the Senate to the Economic and Financial Crimes Commission (EFCC) to go after them over corruption.

Ibrahim Magu’s team may commence investigation of the CBN and other government agencies learnt that some top government officials may have started dusting documents and sealing areas of query should the anti-graft agency storm any moment.

A top government staff who spoke with from Abuja in the night of Sunday, February 20 said there is palpable fear among some government agencies and parastatals following the directive.

The top official, a director in one of the agencies, said the directive of the Senate to the EFCC is overdue.

“For example, in the CBN, you hear of various policies, but they don’t trickle down to achieve the goals for which they were created.

“Look at the foreign exchange issue and how it has been affecting manufacturers in the country. You would hear that there is a consideration for manufacturers but in reality, these manufacturers do not benefit from it.

 “What happens is that some directors take over the system, round-trip the foreign currencies and cause complications,” he said.

The director who does not want his name mentioned, recalled how Emir Muhammadu Sanusi of Kano once exposed the rot in the CBN.

The emir had revealed that it was easy for monarchs and other top Nigerians to get the dollar at the official rate and then sell at the black market rate to Nigerians.

“In such cases, major officials of the apex bank are in agreement and collusion with such notable Nigerians and get kickbacks for their efforts.

“By the time the CBN points its searchlight in this direction, you will have enough to write about. These guys are principalities and powers,” the director added.

The Senate had asked the EFCC to investigate alleged corruption in the CBN and other agencies following the recovery of $9,772,800 and £74,000 cash belonging to Andrew Yakubu, former group managing director of the Nigerian National Petroleum Corporation (NNPC).

Others that should be investigated, according to the Senate, include directors, permanent secretaries, procurement officials, ministries, departments and agencies.

The Vanguard reported that the Senate gave EFCC the order when the acting chairman of the EFCC, Ibrahim Magu, appeared before a committee led by Chukwuka Utazi, to defend the 2017 budget.

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