Anti-Corruption and Malami’s Specious Exuberance
Justice Minister, Abubakar Malami is evidently not satisfied with the handling of the so-called war against corruption by the EFCC and the ICPC in federal government agencies. This must have informed his decision to intervene directly in the search for funds stashed in banks by some of these agencies. Malami has engaged erudite lawyer, Professor Yemi Akinseye-George for this task. However, the first assignment executed against NNPC, and two yet to be ascertained federal agencies has turned out to be a big embarrassment, not only to Malami, but also to the government. Recall that Akinseye-George went to court and obtained an interim order for seven commercial banks in Nigeria to remit $793.2 million allegedly hidden with them by the three agencies “in violation of the Constitution and the Treasury Single Accounts policy of the government.”
At the initial stage, many thought that Malami and his man had genuinely discovered stashed money, but it is fast turning into a charade. Facts and figures presented by the accused agencies and banks showed that there were no such stashed funds anywhere. The NNPC was the first to punch holes in the phony recovery, describing Malami’s claim as “untrue and misleading.” It said that it had earlier taken steps to inform the Presidency, Office of the Accountant General of the Federation, as well as the Central Bank of Nigeria, of 7the existence of the said accounts prior to the creation of the Asset Recovery Account by the government.
NNPC explained further that it would be totally out of place to move the funds to the Asset Recovery Account of the government because they were genuine funds that were disclosed to the government and not recovered as reported. The affected banks also came out with facts and figures that the funds were not illegally in their custody. “We have fully remitted all NNPC/NLNG dollar deposits since August 24, 2016. We hereby emphasise that none of such funds are currently in the bank’s books. Our action was further corroborated by a clearance memo published by CBN on its website on same date,” remarked UBA.
It is depressing to see a federal ministry and a federal agency dancing naked in public. This is one issue that could have been resolved without this unnecessary noise. Malami simply wants to be seen working. Claims that the funds were hidden and unknown to the government now look dubious. This minister should stop raising the blood pressures of Nigerians with phantom recoveries.