Corruption Probe Widens to 20 Banks
A far-reaching corruption investigation into the misuse of foreign exchange in Nigeria under former Central Bank Governor Godwin Emefiele has expanded to include about 20 commercial and merchant banks. According to sources, the probe will scrutinize forex deals over the past nine years and allegations that Emefiele favored friends and associates with preferential forex allocations.
The investigation highlights deeply entrenched corruption among Nigeria’s political elite and public officials. Emefiele, who recently stepped down after eight years leading the central bank, joins a growing list of prominent Nigerians facing corruption allegations including former Minister of Humanitarian Affairs Sadiya Umar-Farouk.
Umar-Farouk has failed to appear before investigators over accusations she embezzled 37 billion naira ($82 million) intended for Nigeria’s poorest people. Suspended National Social Investment Programme Agency head Halima Shehu, however, has been cooperating with the probe, according to sources.
The revelations over the systematic abuse of public funds for personal gain have sparked outrage among ordinary Nigerians. Africa’s largest oil producer has seen rapid economic growth in recent decades, but poverty remains widespread as profits benefit a small, politically connected class.
Critics accuse Nigerian authorities of selectively pursuing corruption probes for political motives. But the scope of current investigations spanning the central bank and key ministries has raised hopes that politicians may finally be held accountable for squandering billions in public money.
Corruption Probe Widens to 20 Banks: As more details emerge from probes into Emefiele and other former officials, the endemic corruption gnawing at Nigeria’s foundations is laid bare. For real change to come, said analysts, authorities must apply the law equally and transparently, regardless of wealth or connections.
Source Emefiele: 20 banks face probe over forex deals