Sequel to my earlier narrative on the story, as extracted from excerpts of Hon. Gudaji Kazaure’s special feature on the popular Berekete Family show, I have observed that the table may be turning in favor of the CBN Governor Godwin Emefiele.
The seemingly superficial, at best stage-managed interventions by the media and groups ‘sympathetic’ to his cause, with little or no commensurate response by the Gudaji committee and DSS, to the media game; may be succeeding in establishing the CBN Governor Godwin Emefiele, as the VICTIM; in this ongoing story.
Since he allegedly jumped the Administrative Bail offered him by the DSS (as narrated by Gudaji on Berekete Family show), the narrative in the media has been revolving around a witch hunt of Emefiele; by politicians using the DSS to hunt down the CBN Governor because of his recent controversial monetary policies.
For greater clarity; the summary of the story is that investigations, conducted into the Stamp Duty platform as a Revenue WINDOW for Nigeria, by one Adetola Adekoya of the School of Banking Honors, has TRACED TRILLIONS of Stamp Duty funds to the CBN; which is the statutory custodian of the federal Government’s 40% share.
Essentially, the money is generated from the N100 the bank CHARGES you; each time you make a transfer above five thousand naira (N5,000).
Out of the N5,000, Nigeria Interbank Settlement System (NIBSS) collects N60 (60%); which it shares AMONG the banks; while the CBN collects N40 (40%) on behalf of the federal government. Naturally, it is EXPECTED that the CBN would REMIT the said SUM into the FEDERATION ACCOUNT; or the Treasury Single Account (TSA). Alternatively, it should have been in a dedicated Stamp Duty Central Account; according to Hon. Kazaure.
Rather, the CBN Governor, in his wisdom, opened a PRIVATE INVESTORS’ account, into which the money is saved! For those who know and understand the technicalities involved, the CBN account INITIATIVE is WRONG; and therefore, lends itself to SUSPICION of foul play.
Faced with these facts, and a against the backdrop of the nation’s skyrocketing debt profile, the plummeting value of the naira, the SEEMING hopelessness of the situation and the PERCEIVED helplessness of the government in the circumstance, it was a matter President Mohammadu Buahari was PERSONALLY interested in.
Privately, he EMPOWERED the Gudaji committee to INVESTIGATE the matter and bring to book ANY one in his government INDICTED in the matter. He, then, ENTRUSTED the ASSIGNMENT; into the hand of his most TRUSTED Appointee; the DG, DSS; Yusuf Bichi.
It is INSTRUCTIVE, to NOTE here; that a similar INTERMINISTERIAL committee had, TWO YEARS earlier, been set up by the President.
Till date, no report had come out of that initial, special presidential assignment.
Set up on September 1, 2022, the committee hit the ground running; and in a matter of days, they invited the CBN Governor for questioning; which was TECHNICALLY a mild DETENTION; and this got Emefiele FREAKED OUT!
He was let off on Administrative Bail; to ENABLE the PANICKED CBN boss take care of his health.
Since that time, till date; it is obvious that the CBN Governor has decided to ignore their call. This may actually account for the TOM and JERRY cartoon comedy show going on between Emefiele and the DSS; in the media.
Fifty six days later, the CBN rushed the announcement to REDESIGN the naira; and thus generated the controversy that has followed that policy ever since. However, the Gudaji committee believes it was a DIVERSIONARY policy; to DEFLECT attention from the CBN Governor’s crime.
According to Gudaji, it was the CBN Governor’s way of explaining away how he MANAGED the stamp duty revenue.
WHAT ARE THE FALL OUTS FROM IT ALL?
First, you don’t need a soothsayer or some expert to tell you that Buhari must be feeling extremely SCANDALIZED by the ongoing IMPLOSION of his administration; as his strategic cabinet and inner caucus members chase each other around, exposing the dirty linen of his government, in public.
The ignorant may want to blame Gudaji for taking, an otherwise COVERT PRESIDENTIAL ASSIGNMENT, to the media. But then, you cannot FAULT him; since the people, he referred to as the Aso Rock mafia, decided to PREVENT him from submitting his first 30-report to the President.
Making public, his committee assignment, may have been occasioned by the PURPORTED DISSOLUTION of his committee, by the President; as FALSELY CLAIMED by those who sent him the letter.
Then, you may want to shift attention back to Buhari; since he has all these pieces of evidence at his disposal, why can’t he SIMPLY APPLY the RELEVANT LAW that EMPOWERS him to take appropriate action?
WHAT ARE THE OPERATIONAL FACTS?
Within three years, between 2017 and 2020, the Stamp Duty collection had generated over N89 trillion; which they could trace YET!
I say yet; because, if that window could rake in a MERE N89 trillion in three years, whereas in just four months of 2022, the same window generated N117 trillion, something is not right; somewhere.
According to the calculation of the Gudaji committee, that window is EXPECTED to EXPLODE the CBN-created Private Investors’ account, to a WHOPPING N400 trillion plus; by the end of this year; which ends next week.
As you may have observed, here, some dots are NOT CONNECTING!
My guess, is that the 2022 revenue could SURPASS the three years put together that generated the now controversial N89 trillion; because there wasn’t as much ATTENTION paid; to the details of the streams of stamp duty collections into the DISPUTED CBN account.
Evidently, since the heat placed on the revenue platform, it appears its cash collectible profile finally showed itself in the 2022 balance sheet.
This means therefore, that if we were to calculate the Stamp Duty Revenue using the 2022 model, at N400 trillion annual collection, we may be looking at N400 trillion x 3 years= N1.2 THOUSAND TRILLION (if there is such a figure)? But the ZEROS do add up to beyond the trillion number, though.
Let us even be modest; applying the 2022 collection template, and say, give or take, the window generated an average of 50%.
It means the Stamp Duty may have made over N600 trillion between 2017 and 2020; whereas, ONLY N89 trillion was declared MISSING!
As they say; in local parlance, have we not finally entered ONE CHANCE now!
For Nigerians, the matter should go beyond the person of the State Actors involved in this intriguing story; to the bottom line of the matter.
That is that, as we speak, Nigerians are doing bank transactions over and above N5k.
That means that, as we speak, over N40 billion daily is going into accounts set up by the players; whether, fraudulently or not.
Rather than chasing after the thieves, I believe the Buhari government should at least ASK FOR THE COLLECTION of the FIRST FOUR MONTHS OF 2022; the N117 trillion; so it can settle its debts and have more than ENOUGH to fund the 2023 budget; with some more, left for the next government to run the country.
This is the issue; that SHOULD OCCUPY the mind of the President, his administration and Nigerians at large.
As the man at the helm of the nation’s central bank, Nigerians may need to ask the CBN Governor the following questions;
- At a point where the nation’s debt is threatening to SINK the country, should he as the nation’s CHIEF BANKER not be the one telling government that the country has more than enough to fund her needs?
- Why did he have to ALLOW the government go into all these NEEDLESS loans, when clearly there is a STEADY STREAM of cash; POURING in, into an account from which he could have BAILED the government out of the debt crisis, the country has found herself today?
- So, where is the Stamp Duty money? If, it’s in the Private Investors account as allegedly controlled by him, how much do we have there now? How much has he generated from the federal government’s 40% share?
- With all the resources at his disposal, why is he not taking up Gudaji and Bichi, the DSS Chief over these DAMNING allegations against him?
- Instead of playing the victim; and trying to avoid being arrested, should he not confront the committee or call out the members for witch hunting him as he claims?
- If the allegations against him are VALID; and there is INDEED, a stamp duty revenue window, that may be generating the QUANTUM of money; it is said to be raking in, for the government; does he then, think it is just; for him to ALLOW the government, in which he is serving as a TRUSTED Treasurer, to SUFFER these SCANDALS and NEEDLESS HUMILIATIONS?
- Most importantly, considering how this money alone could have sorted out the ASUU strike, the hunger and poverty plaguing the country today under Buhari’s watch (his Principal); does he think Nigerians DESERVE to suffer like this?
All considered; this matter may not end here; because, the money involved and the issues tied to it, can neither be forgotten nor forgiven!
You know why…?
N89 or N400 trillion can pay off ASUU; settle all other issues and we can finally have peace and progress in the country’s education sector.
N89 or N400 trillion can force down the cost of living and thus, tame the flying inflation; daily TEARING away at the purchasing power of Nigerians; and sending millions into poverty and untold hardship.
That money will bring millions of Nigerians out of poverty.
N89 or N400 trillion can deplete drastically, the UNEMPLOYMENT market; and give jobs to tens of millions of jobless Nigerian youths; who would have patriotically saved their nation from the insecurity threatening her corporate existence as a sovereign State.
So, Nigerians should rise above the shadow being thrown their way and CHASE the MONEY!
Finally, for me, I don’t care about who stole the money; or, who ate the meat in the soup pot.
I am more interested, as every Nigerian, in RETRIEVING the MISSING money; and REROUTING the current collection of the Stamp Duty money to its RIGHTFUL account. Period!
