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$289m, Others: How Jonathan Govt Overruled Cbn Board


May 15, 2017


The Jonathan administration allegedly overruled the board of the Central Bank of Nigeria (CBN) in disbursing more than $500million cash to security agencies as Special Intervention Funds, according to information made available to the Yemi Osinbajo Investigative Committee.

The committee probed the $43.4million found at an apartment in Osborne Towers, Ikoyi, Lagos; and the alleged involvement of the suspended Secretary to the Government of the Federation, Babachir Lawal, in inappropriate award of contracts under the Presidential Initiative for the North East (PINE).

The $43m cash is being claimed by the National Intelligence Agency (NIA) whose Director General, Ambassador Ayo Oke has also been placed on suspension.

The Osinbajo Panel, The Nation can disclose, discovered that it was not only the NIA that benefited from the funds.

Records made available to the panel indicated that it was only the agency that executed nine projects with funds given to it.

There are however issues over the $43.4million which NIA insisted belongs to it. None of the remaining security agencies has submitted any list of projects carried out with their cash.

The development made the panel “suspect that some of the special intervention funds” were used for 2015 Presidential poll.



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