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Alleged N20tn Fraud : Tinubu suspends Emefiele with Immediate effect and orders CBN probe
President Bola Tinubu has suspended the Governor of the Central Bank of Nigeria, Mr Godwin Emefiele, from office with immediate effect.
This is sequel to the ongoing investigation of his office and the planned reforms in the financial sector of the economy, according to a statement on Friday by the Director of Information, Office of the Secretary to the Government of the Federation, Willie Bassey.
According to the statement, Emefiele has been directed to immediately hand over the affairs of his office to the Deputy Governor (Operations Directorate), who will act as the CBN governor pending the conclusion of the investigation and the reforms.
The CBN listed the Deputy Director, Operations Directorate, as Mr Folashodun Adebisi Shonubi.
Unconfirmed reports emerged late on Friday that operatives of the Department of State Services had arrested the suspended CBN governor. But the spokesman for the DSS, Peter Afunaya, told one of our correspondents that he could not confirm the arrest.
A top security source, who spoke on condition of anonymity, told Our correspondence that Emefiele would have been arrested during the administration of former President Muhammadu Buhari.
He said, “Yes, expect that (his arrest) to happen. He would have been arrested before but the administration of former President Buhari protected him. He has many questions to answer.
“As a result of this, he won’t be allowed to either travel out or sneak out of the country. So, we are looking for him.”
Emefiele, who was appointed the apex bank’s governor on June 4, 2014, was also at the centre of a storm in January 2023 when security operatives attempted to arrest him over allegations of terrorism financing and economic crime.
Section 11 of the CBN Act, 2007 gives the President power to terminate the appointment of the apex bank governor, but such must have the backing of lawmakers.
“The CBN governor can be removed by the President provided that the removal of the governor shall be supported by two-thirds majority of the Senate praying that he be removed,” the section stated.
The Act also states that the governor, deputy governor, or director of the CBN can be removed if they are serving as a lawmaker or a director of a bank.
“A person shall not remain a governor, deputy governor or director of the Bank if he is a member of any federal or state legislative house; or if he is a director, officer or employee of any bank licensed under the Banks and Other Financial Institutions Act.”
The CBN Act further states that criminal offences and mental health conditions can result in the CBN governor’s termination of appointment.
“The governor, deputy governor or director shall cease to hold office in the Bank if he becomes of unsound mind or, owing to ill health, is incapable of carrying out his duties: is convicted of any criminal offence by a court of competent jurisdiction except for traffic offences or contempt proceedings arising in connection with the execution or intended execution of any power or duty conferred under this Act or the Banks and Other Financial Institutions Act,” the Act adds.
The governor can also be removed if he “is guilty of a serious misconduct in relation to his duties under this Act; disqualified or suspended from practising his profession in Nigeria by order of a competent authority made in respect of him personally; becomes bankrupt.”
Emefiele’s ‘sins’
The introduction of the naira redesign policy by the Emefiele-led CBN in October 2022 started on a controversial note as the then Minister Finance, Budget and National Planning, Zainab Ahmed, kicked against it barely 48 hours after it was announced.
Ahmed had stated that her ministry was not consulted and she was not aware of the monetary policy.
The reaction generated tension and uncertainty until the Presidency confirmed that Buhari approved the policy, which it said was to manage inflation, combat currency counterfeiting and ransom payment.
Early January 2023, the CBN started a cash swap programme in various local government areas to reach citizens in rural communities, who complained of the unavailability of banks in their localities.
The initial deadline of January 31, 2023, set by the apex bank for the old notes to cease being legal tender was moved to February 10, as the country fell into hard times with both the old and new naira notes going out of circulation.
The situation was compounded by fuel scarcity across the country as Nigerians berated the policies of the government as ill-thought.
Tinubu, who was then the presidential candidate of the All Progressives Congress, also slammed those behind the naira redesign, which he said was targeted at his candidature.
While speaking in January during a campaign at the MKO Abiola Stadium in Abeokuta, the Ogun State capital, Tinubu said, “Let fuel be expensive, only they know where they keep it. Keep petrol, keep the naira, we will vote and be elected. You may change the ink of naira notes. What you expect will not happen. We will win.
“They said petrol will rise to N200/litre and N500/litre, let your mind be at rest. They don’t want the forthcoming election to hold. They want to scatter it but that won’t be possible.
“They thought they could cause trouble; they sabotaged fuel but with or without fuel, with or without motorcycles and tricycles, we will vote and win. This is a superior revolution.”
In February, the governors of Kaduna, Kogi and Zamfara states took the Federal Government to the Supreme Court and urged it to declare the naira redesign illegal.
Despite an initial order of the court for the policy to be suspended, the CBN went ahead to announce that the old naira notes had ceased to be legal tender at the expiration of the February deadline.
In March, the Supreme Court finally ruled that the old naira notes remain legal tender till December 31, 2023, effectively ending the controversies surrounding the matter.
Experts estimated the loss to the failed naira redesign policy at N20tn as many called for the sacking of Emefiele. Many citizens died during protests against the policy, while many commercial banks had their facilities destroyed.
Prior to the naira redesign controversy, many Nigerians, particularly members of civil society and the media, had called for Emefiele’s sacking over his rumoured political ambition.
A group of friends had in May 2022 bought the N100m expression of interest form for the presidential ticket of the APC for him.
This was followed by sponsored posts on various media platforms advertising his candidacy.
Photos of hundreds of branded vehicles were also splashed on social media, attracting widespread outrage.
Emefiele had subsequently instituted a suit against the Independent National Electoral Commission and the Attorney-General of the Federation and Minister of Justice over his eligibility to contest the APC primary.
He asked the court to stop INEC from disqualifying him from participating in the primary election of his preferred political party.
Suspension expected – Analysts
An economist, Mr Ade Dayo, said the suspension was expected, adding that the Nigerian economy suffered under Emefiele.
He told our correspondence that the monetary policies postulated by Emefiele made many Nigerian businesses shrank and gasped for air.
Dayo said, “It was expected that the new President would let him go. See the gruesome way he (Emefiele) handled the naira redesign policy! Many businesses were shut down during that period. All the pleas from economists, analysts and social critics fell on deaf ears. He was fixed on only doing his bidding.
“Whoever is going to take over after him should be one who listens and is devoid of partisan affiliation. The office of the governor of the CBN is not a political office.
“A thorough probe should be instituted and a competent person made to man the position.”
Another economist, Mr Usman Musa, noted that the suspended CBN governor did not handle the economic issues affecting the nation wisely.
He added that there were many accusations of partisanship regarding Emefiele, but he failed to address the issue as he should.
Musa said, “The economy of this country suffered under Emefiele. Surprise is the last thing I feel hearing the news of his suspension. He should be thoroughly investigated, especially as regards the naira redesign policy. Where are the new notes he said he printed?
“Emefiele completely failed in his duty. He did not concentrate on his core mandate of price stability as the apex bank’s governor. We are talking of an inflation rate of about 22.24 per cent or more and an exchange rate nearing N800 per dollar. Who should be held responsible for all these woes if not him?”
The Director and Chief Executive Officer, Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, said the suspension did not come to him as a surprise.
Yusuf said the President had made it known during his campaign that he did not agree with some of the policies of the CBN governor.
He said, “Emefiele came up with a lot of policies that have not worked well for the economy and Tinubu singled out the exchange rate management, the forex policy and expressed displeasure about the naira redesign. He was very clear about his condemnation of it, and that the policy was too harsh for the citizens.
“It was also clear that the policies of Emefiele were not compatible with that of the President, so if this has happened, I will not be surprised. Their monetary policy beliefs are fundamentally different.”
A policy analyst, Suraj Oyewale, said Emefiele’s performance as governor of the apex bank had fallen below expectation, adding that many Nigerians would be happy to see him leave office.
“The general consensus is that the performance of the economy under Emefiele has been less than impressive, especially the naira redesign policy, which was not well thought out. I’m sure many Nigerians will be excited to see him leave,” he said
Oyewale, however, said it was the second time in 10 years that a sitting CBN governor would be suspended by the President and feared that the trend might “weaken the independence of the CBN.”
“Subsequent governors may become a pun in the hands of the executive for fear of being sacked and will be unable to take tough decisions that will favour the economy,” he added.
A lecturer and political analyst, Dr Ganiu Bamgbose, said the President made a great decision by suspending the CBN governor, whom he accused of holding the country hostage economically.
He said, “I think the President as the Commander-in-Chief of the Armed Forces is at liberty to choose who is returning and whosoever he wants in his space.
As a president, who is prepared to lead the country to success, he could have seen what no one else sees. In this case, as the Commander-in-Chief of the Armed Forces, he knows who is suitable for a post and who is going to make his administration successful.
“Emefiele should have been relieved of the job earlier than this. Isn’t it ridiculous that the CBN suddenly told us that there was no money to sustain the change of currency, which brought so much agony and hardship to the country about five to six months ago?”
A political analyst, Kamilu Fage, said it was surprising that the President left the CBN governor in office for some time after the swearing-in despite several infractions Emefiele committed prior to the election.
“Given what Emefiele did with the scarcity of naira, I am surprised that the President left him in the office till now given all he did during the naira crisis,” he said.
However, a human rights lawyer, Inibehe Effiong, said the suspension of the CBN governor was not in accordance with the law, adding that Emefiele could not be removed by the President without recourse to the law.
He said, “It is quite a controversial issue. Ordinarily, by virtue of Section 11 of the CBN Act of 2007, the cessation of office of the CBN governor for misconduct on account of the decision of the President can only be through removal, which has to go through the Senate and two-third of members must give their concurrence before the CBN governor can be removed. That statutory position is enshrined to guarantee the institutional independence of the CBN.
“I personally believed that Emefiele should not remain in office; he has committed several infractions, and I am not comfortable with the way he led the bank; however, on the basis of law I do not think the President can remove the CBN governor without recourse to the Senate.”
A Senior Advocate of Nigeria, Norrisson Quackers, said the President had the constitutional right to give the directive, stating that the suspension could not be questioned.
Quackers added that Emefiele had overstayed the five-year statutory period he was supposed to use in office according to the CBN Act, adding that Tinubu’s body language towards the suspension could eventually result in a further dismissal of the governor.
An economist, Prof Sheriffdeen Tella, said Emefiele should not see his suspension as shocking, having thrown the economy into domestic shocks through inconsistent policies, some of which led to the death of some Nigerians.
He said, “The suspension should not be surprising even to himself. He has over time thrown the economy into domestic shocks through policy inconsistency and summersaults without an apology to anybody, even to the government he is embarrassing.
“The last ditch was the twin policy of cashless economy and currency redesign that resulted in the death of Nigerians, collapse of businesses and loss of faith in banking services.”
Suspension legal – Ozekhome
A Senior Advocate of Nigeria, Chief Mike Ozekhome, said Tinubu had the right to suspend Emefiele, adding that the term suspension was just a euphemism for dismissal.
He stated, “The President has all the right to suspend the CBN governor despite the independence of the apex bank. He can do so under the CBN Act. He is the overall boss and President of Nigeria.
“This is what we call the transient nature of power. Before Emefiele, there was Sanusi. The position is not hereditary. He who has the power to appoint can suspend. It is Tinubu’s right and prerogative to suspend the CBN governor for any infraction. He acted in line with the law. It is not illegal.
“Someone must have been appointed to act in his place so there is no illegality there.”
Like Sanusi, like Emefiele
On February 20, 2014, President Goodluck Jonathan ordered the suspension of the then CBN governor, Lamido Sanusi, weeks after he exposed the alleged theft of at least $20bn by officials of the petroleum ministry.
Sanusi was suspended while on an official assignment to Niamey, Niger Republic.
He later claimed to have ignored Jonathan’s directive to him to resign because the reason for the directive was baseless.
He said Jonathan asked him to quit for allegedly sending copies of the letter he wrote to the President to former President Olusegun Obasanjo and the then Rivers State governor, Chibuike Amaechi.
The spokesperson for the then President, Dr Reuben Abati, explained in a statement Sanusi was suspended because of reports by the Financial Reporting Council of Nigeria claiming that the CBN governor had engaged in “financial recklessness and misconduct” but did not identify any particular financial crime.
Sanusi, who later became the Emir of Kano before he was deposed, refused to back down on allegations that the Nigerian National Petroleum Corporation and the then Minister of Petroleum Resources, Diezani Allsion-Madueke, could not account for over $20bn of crude oil exports carried out by the NNPC.
He was ordered to hand over to the most senior Deputy Governor of the CBN, Dr Sarah Alade, pending the conclusion of investigations into the alleged breaches of enabling laws, due process and the mandate of the CBN.
In April 2014, he won a court case against the Federal Government after he was detained and his passport confiscated by the Department of State Services but did not return to the apex bank.
The Federal Government has barred ministers, heads of ministries, departments and agencies and other government appointees from embarking on official foreign trips without prior approval from the Office of the Secretary to the Government of the Federation.
The government also directed the Ministry of Foreign Affairs to make evidence of valid approval from the Office of the Secretary to the Government of the Federation a mandatory requirement for processing official travel documents, including official, diplomatic and service visas for government appointees.
The directive was contained in a circular signed by the Secretary to the Government of the Federation, George Akume, and addressed to top government officials and heads of major Federal Government institutions.
The move comes amid heightened scrutiny of government agencies and individuals claiming to represent the Federal Government, following the controversy surrounding the self-styled Director-General of the purported Presidential Foreign Intervention Promotion Council, Prince Adeniyi Adeyemi.
The controversy has raised questions about how individuals claiming official status can undertake engagements in the name of Nigeria, including foreign engagements, without clear evidence of government authorisation.
However, the latest directive is broader and applies to Federal Government appointees generally.
The circular, titled “Non-Compliance by Government Appointees with the Requirement for OSGF Approval for Official Foreign Trips and the Mandatory Inclusion of OSGF Approval in the Processing of Official Visas,” said the government had observed that some officials continued to embark on official foreign trips without obtaining the required clearance.
It stated, “It has been observed with concern that some Federal Government Appointees continue to embark on official foreign trips without obtaining prior approval from the Office of the Secretary to the Government of the Federation (OSGF), contrary to extant government directives and established administrative procedures regulating official travels outside the country.”
The SGF recalled that the government had issued several circulars over the years to regulate official foreign travel by ministers, heads of ministries, departments and agencies, boards, committees and other public officials.
According to the circular, these directives were issued “with a view to promoting accountability, fiscal discipline and effective coordination of Government business.”
The circular listed a September 18, 2023, circular on “Guidelines for Official Travels by Cabinet Members, Heads of Agencies and Public Officials”, a March 31, 2015, circular on “Guidelines for Official Trips by Chairmen of Federal Government Committees, Boards of Corporations and Government-Owned Companies” and a September 27, 2017, circular on “Additional Cost Control Measures to Guide Foreign Trips by Ministers and Senior Government Officials.”
It also referenced a March 8, 2018, circular on “Observed Indifferent Adherence to Extant Regulations Guiding the Conduct of Foreign Trips by Public Officials” and a November 20, 2012, circular on “Further Cost-Cutting Measures and Fiscal Prudence on Travel by Cabinet Members.”
Despite the previous directives, the SGF said cases of non-compliance had persisted.
The circular stated, “Despite these directives, instances of non-compliance continue to be recorded.”
It warned that the development had broader implications for government administration, stating, “This trend undermines Government’s efforts to ensure proper coordination, accountability, transparency, prudent management of public resources and effective monitoring of official foreign engagements undertaken on behalf of the Federal Government of Nigeria.”
The government consequently reaffirmed the requirement for prior clearance.
The circular stated, “Accordingly, all official foreign trips undertaken by Federal Government appointees shall continue to require prior approval from the Office of the Secretary to the Government of the Federation before such trips are undertaken, except where otherwise expressly provided by law or by specific Presidential directive.”
It added, “This requirement is consistent with the principles of due process, centralised coordination of government business and prudent management of public resources, as reflected in the Public Service Rules, 2021 Edition, the Financial Regulations (Revised Edition, January 2009) and other extant Government directives.”
As part of the immediate measures to strengthen compliance, the Ministry of Foreign Affairs has been directed to ensure that evidence of OSGF approval forms part of the documentation required for official foreign travel.
The circular directed that “The Ministry of Foreign Affairs shall include evidence of valid OSGF approval, where applicable, as a mandatory requirement in the processing of requests for official Notes Verbales, diplomatic facilitation and all applications relating to official foreign travel by Government Appointees.”
The ministry was further directed to communicate the requirement to foreign missions and embassies operating in Nigeria.
It stated, “The ministry is further requested to formally communicate this requirement to all Foreign Missions and Embassies accredited to the Federal Republic of Nigeria, advising that applications for Official, Diplomatic or Service Visas by Government Appointees should, where applicable, be accompanied by duly issued OSGF travel approval as part of the mandatory supporting documentation.”
The new measure therefore gives foreign missions an additional means of verifying whether a Nigerian government official travelling on official business has received the required authorisation.
The Office of the Auditor-General for the Federation was also assigned responsibility for checking compliance with the directive during audit exercises.
According to the circular, “The Office of the Auditor-General for the Federation shall require every government appointee who undertook an official foreign trip at public expense to produce evidence of the requisite OSGF approval during audit exercises.”
The government further warned that public funds spent on unauthorised foreign trips would be subject to scrutiny.
It stated, “Any expenditure incurred in respect of official foreign travel undertaken without the required approval shall be reported appropriately in accordance with extant Financial Regulations and applicable audit procedures.”
The directive also places a direct responsibility on accounting officers and heads of Federal Government institutions to prevent the processing of public funds for unauthorised trips.
It stated, “Accounting Officers, Permanent Secretaries, Chief Executive Officers and Heads of Federal Government Agencies shall ensure that no expenditure relating to official foreign travel by government appointees is processed unless the requisite OSGF approval has first been obtained.”
The SGF consequently directed all ministers, permanent secretaries, accounting officers and heads of ministries, departments and agencies to ensure compliance.
The circular stated, “All Honourable Ministers, Permanent Secretaries, Accounting Officers and Heads of Ministries, Departments and Agencies are hereby directed to ensure strict compliance with the provisions of this Circular.”
It further stated that the directive was effective immediately, declaring, “This circular takes immediate effect and supersedes any administrative practice inconsistent with its provisions, without prejudice to existing extant regulations governing official foreign travel.”
The circular was addressed to the Chief of Staff to the President; Deputy Chief of Staff to the Vice President; all Honourable Ministers and Ministers of State; Head of the Civil Service of the Federation; National Security Adviser; Economic Adviser to the President; Special Advisers and Senior Special Assistants.
It was also addressed to the Chief of Defence Staff, Service Chiefs and Inspector-General of Police; Governor of the Central Bank of Nigeria; Chairman, Federal Civil Service Commission; Chairman, Police Service Commission; Chairman, Code of Conduct Bureau; Chairman, Code of Conduct Tribunal; Chairman, Federal Character Commission; Chairman, Revenue Mobilisation, Allocation and Fiscal Commission; Chairman, Federal Inland Revenue Service; Chairman, Independent National Electoral Commission; Chairman, National Population Commission; Chairman, Independent Corrupt Practices and Other Related Offences Commission; Chairman, Economic and Financial Crimes Commission and Chairman, National Drug Law Enforcement Agency.
Other recipients listed in the circular were all permanent secretaries and Heads of Extra-Ministerial Departments; Clerk of the National Assembly; Chief Registrar of the Supreme Court of Nigeria; Accountant-General of the Federation; Auditor-General for the Federation; and Directors-General and Chief Executives of Parastatals, Agencies and Government-Owned Companies.
The breadth of the recipients means the directive covers ministers, senior political appointees, permanent secretaries, security chiefs, heads of regulatory and anti-corruption bodies, electoral institutions, financial institutions, government agencies and government-owned companies.
The development is coming against the backdrop of the controversy over the purported PFIPC, which has drawn attention to the need for stronger verification of individuals and organisations claiming to represent the Federal Government.
The purported PFIPC and its self-styled Director-General, Adeyemi, have been at the centre of investigations into alleged impersonation and the use of questionable government documents.
The matter has also raised concerns about how purported government officials could engage public institutions and foreign entities while claiming to represent Nigeria.
The latest directive, however, does not single out the purported PFIPC or Adeyemi.
Instead, it establishes a general requirement that government appointees must obtain central approval before undertaking official foreign engagements.
By directing the Ministry of Foreign Affairs to demand evidence of OSGF approval, the government is also creating a formal verification mechanism for foreign missions processing travel documents for Nigerian officials.
The financial provisions of the circular further link official travel approval to accountability for public expenditure, as accounting officers have been directed not to process expenses relating to foreign trips unless the required approval has been obtained.
The measures are expected to strengthen the Federal Government’s control over official foreign engagements, reduce unauthorised travel and ensure that persons travelling abroad in the name of the government have the necessary approval to represent Nigeria.
The Minister of Marine and Blue Economy, Adegboyega Oyetola, has revealed that the Federal Government will provide qualified Nigerian shipowners with up to $25m each, under the Cabotage Vessel Financing Fund, a move he said could strengthen indigenous shipping and create more than 30,000 direct and indirect jobs.
This comes as he also disclosed that disbursement of the long-awaited CVFF to qualified Nigerian shipowners to strengthen indigenous shipping and create thousands of jobs will soon commence.
Oyetola disclosed this in a post on his X handle on Monday, saying the government was finally moving to unlock the fund more than 20 years after it was established.
He said the initiative would help address one of the major challenges confronting Nigerian shipowners.
“After more than 20 years, we are finally moving to unlock the Cabotage Vessel Financing Fund (CVFF) for Nigerian shipowners. This is a major step towards building a stronger Nigerian-owned shipping industry, creating jobs and ensuring that more of the value generated from activities in our maritime space stays in Nigeria.
“Under the CVFF, each successful applicant will be able to access up to $25 million in financing to acquire vessels, subject to the applicable assessment and approval process. This is significant because access to affordable, long-term financing has been one of the major challenges limiting the growth of Nigerian-owned shipping companies”, the minister stated.
On how the fund would improve the competitiveness of indigenous operators, the minister said, “With access to financing at very low interest rates, our shipowners can acquire modern vessels, expand their fleets and compete for coastal and offshore contracts that are currently dominated by foreign operators.
“Our objective is to ensure that more Nigerian-owned vessels operate on Nigerian waters, more Nigerian businesses participate in our maritime economy, and more Nigerians benefit from the wealth our waters generate. Providing Nigerian shipowners with the financial capacity to acquire vessels is a critical step towards reducing foreign dominance in our maritime space.”
Oyetola said he had directed the Nigerian Maritime Administration and Safety Agency to accelerate the process of disbursing the fund to qualified applicants.
He stated, “I have, therefore, directed the Nigerian Maritime Administration and Safety Agency (NIMASA) to work closely with the 12 approved banks, known as Primary Lending Institutions (PLIs), to accelerate the disbursement of the fund to qualified applicants.
“NIMASA has so far received 92 applications. Of these, 20 have been forwarded to the Primary Lending Institutions, while one has so far been reviewed and forwarded for approval. To further speed up access, we have expanded the number of approved banks from five to 12 and launched the CVFF Application Portal to make the process more transparent, structured and accessible.”
Writers urged to promote inclusive maritime sector
The minister added that the expected impact of the fund extended beyond vessel acquisition, as increased indigenous ownership could stimulate several areas of the maritime economy.
He said, “The disbursement of the CVFF could help create a stronger indigenous fleet, which will in turn stimulate activity in shipyards, marine engineering, vessel maintenance, maritime logistics and other supporting industries. It could also create more than 30,000 direct and indirect jobs, while strengthening Nigeria’s ship-owning and shipbuilding ecosystem.
“This initiative is part of the Tinubu Administration’s commitment to unlocking the full potential of Nigeria’s Blue Economy, strengthening indigenous capacity and ensuring that Nigerians take a greater share of the opportunities in our maritime sector.”
He also highlighted the government’s efforts to develop the human resources needed to support the maritime industry.
“Financing vessels is only one part of building a stronger indigenous maritime industry. We are equally investing in the people who will power this industry. So far, 222 seafarers have received free professional training, 333 cadets have completed their academic training and obtained degrees, while 135 cadets under the Nigerian Seafarers Development Programme (NSDP) have obtained their Certificates of Competency. In addition, 7,059 Nigerian seafarers have been placed onboard vessels to gain valuable sea-time experience.”
“We are determined to ensure that Nigerians own, operate and benefit from the economic activities taking place in Nigeria’s maritime space. We are building the capacity to make that happen — through vessel financing, skills development, indigenous enterprise and strategic investment in our maritime sector. The work continues”, the minister concluded.
The CVFF was established under the Coastal and Inland Shipping (Cabotage) Act of 2003 to support Nigerian shipping companies in acquiring vessels and developing indigenous capacity. Its disbursement has, however, been delayed for more than two decades.
The Federal Government launched the CVFF application portal in January 2026 and announced that successful applicants could access up to $25m in financing. NIMASA subsequently began receiving applications from interested operators.
NIMASA had disclosed in April that it received more than 60 applications within four months of opening the portal, with the agency promising that the disbursement process would be transparent and strictly monitored.
The latest figure provided by Oyetola represents an increase in applications to 92, although only one application has so far been reviewed and forwarded for approval, according to the minister.
Human rights lawyer and Senior Advocate of Nigeria, Femi Falana, has called on the Economic and Financial Crimes Commission (EFCC) to investigate the alleged failure to account for N33.75 billion in cash transfers meant for vulnerable Nigerians.
Falana, Chairman of the Alliance on Surviving COVID-19 and Beyond (ASCAB), also urged the anti-graft agency to work with the Auditor-General for the Federation (AuGF) to recover the funds if investigations establish that they were diverted.
He made the demand in a statement on Sunday following a report by the Auditor-General for the Federation, Shaakaa Kanyitor Chira, which raised concerns over the inability of the Federal Government to provide sufficient evidence that N33.75 billion in cash transfers reached genuine beneficiaries.
The disclosure is contained in the AuGF’s 2024 Annual Report on Non-Compliance/Internal Control Weaknesses in Ministries, Departments and Agencies of the Federal Government.
According to Falana, the funds were intended for more than 3.29 million vulnerable households under the National Social Investment Programme.
He said the development was particularly concerning given the safeguards introduced by the Federal Government to strengthen the tracking of beneficiaries and prevent the inclusion of ghost recipients.
The National Social Investment Programme Agency (NSIPA) was established as a statutory agency under the National Social Investment Programme Agency Act 2022, with responsibility for implementing major social intervention programmes, including N-Power, the National Home-Grown School Feeding Programme, the National Cash Transfer Programme and the National Social Safety Net Programme.
Falana said the agency had, however, been plagued by allegations of financial impropriety involving some officials.
He recalled that former Minister of Humanitarian Affairs, Disaster Management and Social Development, Sadiya Umar Farouq, had been investigated by the EFCC over alleged money laundering involving more than N37.1 billion.
He also cited the suspension of former Humanitarian Affairs Minister, Betta Edu, following a December 2023 memo directing the transfer of N585 million in public intervention funds to a private bank account.
Falana said the then Chief Executive Officer of NSIPA, Halima Shehu, was also suspended and questioned over alleged suspicious movement of funds.
He said the EFCC should conclude its investigations into the various allegations and make its findings public.
“The Economic and Financial Crimes Commission should liaise with the Auditor-General of the Federation with a view to recovering the missing N33.75 billion,” Falana said.
He urged the EFCC to immediately investigate what he described as a serious allegation of the criminal diversion of funds earmarked for poor and vulnerable Nigerians.
“All the characters involved in the shameful conduct should be arrested and prosecuted without any delay,” he said.
Falana further raised concerns over the implementation of a $3.05 billion package of development programmes unveiled by President Bola Tinubu in July 2026.
The package, supported by the World Bank, is aimed at deepening poverty reduction, strengthening human capital and expanding economic opportunities across the country.
Falana urged the Federal Government to ensure that funds meant for poverty reduction reached their intended beneficiaries and suggested the establishment of a body comprising credible civil society organisations to oversee the disbursement of the development funds.
He said stronger accountability mechanisms were necessary to prevent public officials from abusing funds intended to support poor and vulnerable Nigerians.
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