The Central Bank of Nigeria (CBN) practically emptied its vaults apparently to finance the presidential campaign of the Peoples Democratic Party (PDP), sources conversant with investigations into security spending in the last administration have informed.
They were taken directly from the dollar reserve vaults of the central bank, TheCable understands. Security sources disclosed that in August 2014, Godwin Emefiele, the CBN governor, called a board meeting and asked for an approval of N60 billion to support the security services under a “special security intervention fund” he intended to create.
Emefiele, who is also chairman of the board, told the members that the money was needed to equip the military to fight the insurgency in the north-east, following a series of onslaughts by Boko Haram. Some board members reportedly cautioned him against such an audacious move, advising instead that the expenditure should be tied to procurement, but he was said to have rejected the advice.
This was shortly after he had secured approval from President Goodluck Jonathan to disburse the funds. Read Full Info Here @ TheCable
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