Global Finance Bodies May Suspend Nigeria Over SSS Terrorism Allegations Against Emefiele — CSITT

The move by the Department of State Services (DSS) against Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, was yesterday raised in the British House of Lords by Daniel, Lord Hannan, the Baron of Kingsclere. Hannan stressed the need for adherence to the rule of law and independence of the central bank as Nigeria moves towards crucial elections next year.

DSS had recently sought to implicate Emefiele in a terrorism financing scheme, in what was widely dismissed as trumped up on purpose to oust the head of the all-important institution following the bank’s latest monetary policies.

But Hannan said Nigeria must ensure independence of its critical institutions ahead of next year’s general election.

Similarly, the Centre for Financial Surveillance and Illicit Transaction Tracking Group (CFSITT) expressed concerns over the move against Emefiele. The member of Egmont Group, a 164 countries membership forum, said the likely suspension of Nigeria was one of the consequences of the terrorism allegation against the CBN governor by DSS.

In a statement by its Director, John Dimu, CFSITT said Nigeria would have been suspended if DSS had succeeded in framing Emefiele for terrorism.

CFSITT provides financial units with a platform to securely exchange expertise and financial intelligence to combat money laundering and terrorist financing, among others,

However, bowing to pressure from its cash withdrawal policy since it was announced, the central bank announced an upward review of its cash withdrawal limits across all payment channels by individuals and corporate organisations.

The House of Representatives resolved yesterday to admit a Deputy Governor of the CBN in charge of Financial System Stability, Mrs. Aisha Ahmad, in place of Emefiele, to brief the lawmakers on the recent monetary policies of the apex bank, especially the cash withdrawal limits.

Nevertheless, former Senate President, Dr. Bukola Saraki, also yesterday, advised security agencies in the country to be wary and avoid being manipulated by politicians as the 2023 elections draw nearer.

On same day, the Conference of Nigerian Political Parties (CNPP), in conjunction with the Coalition of National Civil Society Organisations (CNCSOS) and the National Youth Council of Nigeria (NYCN) threw their weight behind Emefiele, in the recent move by the DSS to arrest the CBN governor.

The Coalition of National Interest Defenders (CNID) had raised the alarm over an alleged plot by DSS to implicate Emefiele in terrorism.

DSS had, through one U. S. Gambarawa on December 7, 2022, brought an ex parte application before the Federal High Court, Abuja, seeking the court’s order to arrest and detain Emefiele over alleged terrorism financing, among others. The court, in its ruling, declined to grant the request by DSS to arrest Emefiele. It said sufficient evidence was not brought before it to warrant the granting of the order.

Chief Judge of the Federal High Court, Justice John Tsoho, who delivered the ruling, had held, “These are, no doubt, grave allegations, but which the Applicant has not presented any concrete evidence to support.”

However, Hannan stressed that the rule of law and the independence of the central bank must be respected.

In a question he raised in the House of Lords, yesterday, Hannan stated that due process and the independence of public officials mattered in democracy.

“They bind us together as Commonwealth nations,” the British lawmaker explained.

He stated, “I am not Nigerian. It is not for me to say whether it was time for a redesign of naira notes, or whether such a change will make elections cleaner. But I do feel that friends of Nigeria, and friends of Nigerian democracy should defend the rule of law there.

“At a time when democracy is in retreat globally, we all have a stake in Nigeria’s success. The country is Africa’s greatest economy, Africa’s greatest population and Africa’s greatest hope. That is why I have raised the issue of the attempt to detain the Governor of the Central Bank of Nigeria, Godwin Emefiele, in Parliament.

“And that is why I hope that democrats on all sides will join Nigeria in supporting the independence of its institutions in the run-up to the 2023 election – including, of course, the central bank.”

CFSITT stated that Nigeria risked being blacklisted by global financial bodies due to the DSS’ allegations. The group added that suspension of Nigeria from the group, if it happened, would be embarrassing given that the country had been suspended in 2017 over lack of legal framework and autonomy.

Part of the statement read, “We received with disappointment the reports of discovery of a suit secretly filed by the State Security Service wherein it accused Mr. Godwin Emefiele of terrorism financing as well as other crimes it described as economic crimes of national security dimension.

“The allegation that the DSS embarked on this plot to remove the CBN governor for political and pecuniary reasons, is not only a huge shame, but against the ethics of the Egmont group which Nigeria is a member.

“Recall that the group had suspended the Nigerian Financial Intelligence Unit, an arm of EFCC, after its plenary in Macao, China, on July 2, 2017.

“The group suspended Nigeria as a result of its lack of a legal framework and autonomy.”

It stated further, “It is quite shocking that the DSS could be found being part of this illegal move. We advise DSS to focus on its mandate rather than becoming lapdogs for politicians.”

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