₦airaland Forum

The Weight of Trust: Two Men and the Economic Challenges of the Buhari Administration
By Author

General Muhammadu Buhari ascended to the presidency in 2015 on a wave of popular goodwill, fueled by his unwavering promise to tackle corruption – a scourge he passionately believed was the primary impediment to Nigeria's progress. His personal incorruptibility was largely unquestioned, a reputation forged in his disciplined military past. However, the intricacies of democratic governance, coupled with the complex demands of economic management, presented a different challenge than the direct approach he might have favored as a military leader. While his focus on fighting corruption was earnest, his administration's economic trajectory became a significant point of contention, and it was in this crucial area that President Buhari, for reasons open to interpretation, placed considerable trust in two men whose actions would cast a long shadow on his legacy: Godwin Emefiele and Abubakar Malami.

Godwin Emefiele: The CBN Governor and Economic Turmoil
Godwin Emefiele, who continued as Governor of the Central Bank of Nigeria (CBN) from the previous administration, became the key architect of Nigeria's monetary policy under President Buhari. While the President's initial appointment of Emefiele was not his own, his subsequent retention and apparent trust in the CBN Governor became a defining feature of his economic management.

However, critics argue that Emefiele's tenure was less about robust fiscal policy and more about opportunistic financial maneuvering, particularly concerning foreign exchange. Accusations against him are numerous and severe, painting a picture of an individual who, despite often presenting a meek and unassuming facade, allegedly wielded significant power for personal gain. Among the litany of allegations against Emefiele are:

Fraudulent Foreign Exchange Allocation: He stands accused of fraudulently allocating a staggering $2 billion in foreign exchange without proper supporting offers, suggesting a system ripe for arbitrage and personal enrichment.

Unlawful Acquisition of Housing Units: Investigations have pointed to the unlawful acquisition of a vast 753-unit residential estate in Abuja, allegedly through illicit means and laundered funds channeled through proxies.

Forgery of Documents: Further charges include the forgery of critical documents, such as an "Irrevocable Power of Attorney," to facilitate fabricated transfer agreements between companies, implying a deliberate attempt to legitimize illicit transactions.

Unauthorized Foreign Bank Accounts: A particularly damning accusation is that Emefiele, without due authorization, maintained a multitude of foreign bank accounts – reportedly as many as 593 – some allegedly holding substantial sums, including hundreds of millions of British Pounds.

Illegal Acquisition of Banks: Allegations also extend to the illegal acquisition of Nigerian banks, notably Union Bank of Nigeria and Keystone Bank, through proxies and "ill-gotten wealth," without clear evidence of legitimate payments.

"Ways and Means" Over-Lending and Fund Diversion: The CBN under Emefiele is said to have vastly exceeded the statutory limits for "Ways and Means" advances to the Federal Government, injecting trillions of Naira into the economy beyond legal thresholds. This, along with claims of direct diversion of funds from the Consolidated Revenue Fund, contributed significantly to inflationary pressures and Nigeria's escalating debt.

Naira Redesign "Fraud" and Questionable Legal Fees: The controversial naira redesign policy, implemented towards the end of Buhari's second term, also faced allegations of fraud, including suspicious payments to contractors and exorbitant legal fees related to the process. Many speculated that the policy's timing and execution were politically motivated, designed to stifle vote-buying in the 2023 elections, albeit with unintended severe economic consequences for the populace.

The cumulative effect of these alleged actions, regardless of the ultimate legal outcomes, undeniably impacted the Nigerian economy profoundly, creating a perception of instability and contributing to the very economic challenges for which the Buhari administration was often judged.

Abubakar Malami: The Guardian of Justice Under Scrutiny
The presence of Abubakar Malami as the Attorney-General of the Federation and Minister of Justice throughout President Buhari's tenure remains a subject of considerable debate. In an administration that prided itself on its anti-corruption stance, Malami's office, meant to be the vanguard of justice, found itself entangled in various controversies that, for many, cast a shadow on the administration's commitment to transparency.

While never definitively proven, the early mention of a supposed MTN bribe, linked to his office, served as an initial stain. However, more substantive allegations and actions during his tenure continued to draw criticism:

Reinstatement of Abdulrasheed Maina: Perhaps one of the most glaring controversies was the clandestine reinstatement of Abdulrasheed Maina, a former chairman of the Pension Reform Task Team who was dismissed for alleged pension fraud and declared wanted by the EFCC. Malami was widely implicated as the mastermind behind Maina's recall and promotion into the civil service in 2017. Despite Malami's denials, official correspondence and a House of Representatives ad-hoc committee report pointed to his significant role, including advising the Federal Civil Service Commission to reinstate Maina based on a contentious interpretation of a court judgment that critics argued he twisted to favor Maina. This incident drew widespread public outrage and severely dented the administration's anti-corruption image.

Alleged Diversion of Recovered Funds: Malami's office faced accusations of improperly funding its budget with a significant portion of recovered looted funds, raising questions about accountability and the judicious use of public assets.

Interference in Anti-Corruption Investigations: A recurring criticism leveled against Malami was his alleged interference in anti-corruption investigations. He was accused of attempting to usurp the prosecuting and investigative powers of independent anti-corruption agencies, most notably in the public dispute that led to the suspension of the then-Acting Chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu. This raised concerns about political interference in the fight against corruption.

Controversies over Paris Club Refunds: Malami's role in the controversies surrounding the payment of hefty fees to consultants involved in the Paris Club refunds to state governments drew widespread condemnation, with states disputing the legitimacy of the payments and accusing his office of questionable dealings.

Accumulation of Alleged Massive Wealth: Reports widely alleged that Malami and his family amassed significant, unexplained wealth during his time in office, with claims of ownership of numerous properties. While he maintained that his wealth predated his appointment, these allegations fueled public skepticism.

Questionable Role in Asset Disposal: He also faced questions regarding his role in the auction of seized crude oil and diesel vessels, and an alleged order for a bank to pay a substantial sum belonging to the Nigerian National Petroleum Corporation (NNPC) in Naira equivalent at an unfavorable exchange rate, raising concerns about potential financial impropriety and conflict of interest.

The Unspoken Burden of Trust
President Muhammadu Buhari, a man widely considered personally incorruptible, embarked on his presidency with genuine intentions to reform Nigeria. However, his perceived inability to fully grasp the complexities of economic management in a democratic setting led him to delegate substantial authority. His fault, therefore, may lie not in a lack of passion for fighting corruption, but in an apparent blind spot regarding the motivations and actions of those he entrusted with critical portfolios.

The recurring controversies surrounding Emefiele and Malami, and the ultimate impact they had on the nation's economy and perception of justice, suggest a failure on the part of the President to recognize that these two individuals, regardless of their official mandates, may have been serving interests beyond the national good. His apparent reluctance or inability to rein them in, or indeed to sack them despite widespread public outcry and mounting allegations, ultimately cast a long and undeniable shadow over what he had hoped would be a transformative tenure. While one can also argue about the overall security situation during his time, the undeniable economic failures and perceived erosion of institutional integrity under these two key figures remain a significant part of the Buhari administration's narrative.

As usual, those who praised Buhari for 8 years as the best, then backstabbed him by condemning him as the worst immediately he handed over, have started coming up with epistles to try to shift blame.

That is what partnership with them looks like. Look what happened to Shettima and Gandollar. It will happen to Kwankwaso if he ignores history and chooses to learn the hard way.

Add that aviation monster and the one feeding school children during COVID 19. Seriously, Nigerians don suffer from the hands of reckless leaders

givedemwotowoto:
Tinubu installed Buhari.

How did you do it that the bot accept your 3 words sentence.

It's like Seun bots are Obidients

Iies Buhari destroyed his own govt , when Buhari destroyed Nigerian economy in the 80s Malami and Emeifele dey secondary school

What of the man that claimed to have installed Buhari?

They have started oh. They won't allow the man to rest in piece.

They have started their propaganda of excuses.

That's how they will also fabricate excuses for Tinubu.

Ttalk:
How did you do it that the bot accept your 3 words sentence.

It's like Seun bots are Obidients

From 4:30 it stop misbehaving

How about The Faces Of The 2 Men Who Destroyed Nigeria's Economy...

It will not end their colonization of your people. No matter the tears....

givedemwotowoto:
As usual, those who praised Buhari for 8 years as the best, then backstabbed him by condemning him as the worst immediately he handed over, have started coming up with epistles to try to shift blame.

That is what partnership with them looks like. Look what happened to Shettima and Gandollar. It will happen to Kwankwaso if he ignores history and chooses to learn the hard way.

EyeCumInPiece:
How about The Faces Of The 2 Men Who Destroyed Nigeria's Economy...

how did the country with brains and intellectuals end up with these two vegetables

bigpicture001:
From 4:30 it stop misbehaving

Lol

Claptrap
How can two men destroy an administration?
You guys should stop giving ordinary appointees supernatural powers

Bittersweetnig:
how did the country with brains and intellectuals end up with these two vegetables

Is like asking how does a whole US of A ends up with a president that has been fingered in the epstein disaster to have sexually abuse minors in epstein island...

descartes400:
Is like asking how does a whole US of A ends up with a president that has been fingered in the epstein disaster to have sexually abuse minors in epstein island...

It's different though, he had economic success to his advantage. He spoke extensively about what he was going to do, he didn't hide from the press. Americans don't play with their economy, they chose economy over moral policing. Apparently, Nigerians (and most African countries) play with their economies.

givedemwotowoto:
It's different though, he had economic success to his advantage. He spoke extensively about what he was going to do, he didn't hide from the press. Americans don't play with their economy, they chose economy over moral policing. Apparently, Nigerians (and most African countries) play with their economies.

So you saying Americans don't care if their president is a sex-trafficking Rapist of minors or a genocide committing maniac and psychopath like Netanyahu so long he is able to take care of their financial needs...morality be damned! That's Zionistic mentality.

descartes400:
So you saying Americans don't care if their president is a sex-trafficking Rapist of minors or a genocide committing maniac and psychopath like Netanyahu so long he is able to take care of their financial needs...morality be damned! That's Zionistic mentality.

How did you jump from Trump to Netanyahu? Not that they don't care. I am saying, sometimes they do what needs to be done and settle scores later. By the way, Trump was found guilty of fraud, yet he won the election. They believed he was being framed or the issue at hand (American economy) was more serious than the guilty verdict. However you choose to describe or see the situation is your opinion though. The point is, they don't play with their economy. They will be ruthless when they need to be, and become sympathetic later.

The buck conveniently stopped stopping at the president's table once it got to Buhari's turn una yeye dey stank but the truth which will soon come out, shall set us free

Nobody destroyed Buhari government except Buhari himself. Nobody is destroying Tinubu's government except himself.

🫤

Emefiele definitely played a massive part in the ruin of the Nigerian economy.

The two of the pillars used to destroy the Nigeria which were Buharis initiated forex controls and excesses spending could have been curbed by the CBN.

He could easily have refused to yield to Buhari's economic illiterate advice not to devalue the currency despite a massive drop in dollar inflows. His refusal to stop the madness led to chronic forex scarcity that led to at least 2 recessions.

The second was excessive borrowing and printing of money by the CBN to lend to the federal gocernment. This fueled inflation and the further plunging of the Nairas value.

Emefiele could have refused to yield to Buharis demand for a rigid exchange that made no sense. The CBN has autonomy and it was to prevent such unprofessional meddling by politicians.

Likewise, the CBN acts prevents excessive lending of money through ways and means. He could have limited the amount lent. This would have compelled Bubari to be far more disciplined with expenditure.

He refused to be prudent, choosing instead populist policies that made him popular with the people but were financed through heavy borrowing

Despite lower oil prices, he did not sack a civil servant to cut costs, neither did he end the fuel subsidy.

This post was written long before Malaimi's arrest. The man did Buhari dirty, rather unfortunate that Buhari did not sack him with 2 years. That was the major fault of Buhari, too trusting of his close friends.

Operatives of the Department of State Services, DSS, on Monday arrested a former Attorney-General of the Federation and Minister of Justice, Abubakar Malami, SAN, in Abuja.

Malami was reportedly picked up in front of the Kuje Correctional Centre shortly after a visit to the facility.A video circulating on social media shows the former AGF walking towards a vehicle believed to belong to the DSS moments after leaving the prison premises. Before entering the van, Malami was seen requesting the operatives to identify themselves by presenting their official identity cards.A security source, who confirmed the arrest to Vanguard, said there were several petitions against Malami bordering on alleged terrorism financing.

“Yes, it is true that DSS operatives arrested Abubakar Malami, SAN. There are several petitions against him bordering on alleged terrorism financing,” the source disclosed.

He added: “Terrorism and terrorism financing are serious offences globally. You will recall that when Abubakar Malami, SAN, served as Attorney-General of the Federation and Minister of Justice, he publicly vowed that the government would not shield any individual linked to terrorism or its financing.”

The source further stated that no responsible government would ignore such weighty allegations, regardless of the status of the person involved.

“No responsible government will fold its arms or turn a blind eye to serious allegations of terrorism financing against any individual, no matter how highly placed. In this case, Malami, SAN,” he said.

Explaining the process, the source noted that inter-agency cooperation is standard in security investigations.

“In the course of investigations, we have what is called inter-agency cooperation. It is not uncommon for one security agency to hand over a suspect to another sister agency. In Nigeria, the DSS is statutorily responsible for investigating terrorism-related matters. It is best to allow them to do their job,”
news source

After chanting sai darling daddy, they have gone from the back to shift the blame from those they praised to high heavens.

These creatures were the ones telling darling daddy that " even if he has a Nepa bill School certificate" he is qualified to lead Nigeria. That "even if he employs all his kinsmen and bothers from the North, he can only work with those he trust. Today, because of a fake certificate holder and tribalism they said thesame Buhari started the ethnic bigotry and nepotism

The called him anti-corruption czar as his body odour was fighting corruption

Fear these creatures

Tufiakwa

Kaycee9242:
What of the man that claimed to have installed Buhari?

Name the position he held in Buhari's government

EyeCumInPiece:
How about The Faces Of The 2 Men Who Destroyed Nigeria's Economy...

Yet na Peter Obi and the rest of IPOB dey cry upandan