CORRUPTION

The State Security Service (SSS) has reportedly apprehended Abbas Umar Masanawa, the CEO of Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL), in connection to the ongoing corruption investigation involving the suspended Chief of the Central Bank of Nigeria (CBN), Godwin Emefiele.

Sources within the SSS have revealed that Masanawa was taken into custody approximately three weeks ago and has remained under investigation. It remains unclear whether he has sought legal representation in response to the charges. Requests for comments from NIRSAL’s spokesperson have yet to yield a response.

Masanawa’s arrest is said to be linked to his previous role as the Managing Director of the Nigerian Security Printing and Minting Company (NSPMC). His resignation from NSPMC came after media reports disclosed his intention to contest a governorship election as a member of the ruling All Progressives Congress while still holding his position at the minting agency.

The NSPMC, a subsidiary of the Central Bank of Nigeria (CBN), is responsible for the production of the country’s currency notes, coins, and high-security documents. A source knowledgeable about the situation claimed, “He was conspiring with Godwin Emefiele to loot the printing and minting agency. We are still tracing billions they stole.”

Curiously, President Bola Tinubu’s approval of Masanawa’s detention without first suspending him from his office raises questions. The past three weeks of detention have reportedly impacted NIRSAL’s operational capacity, leading to concerns about the agency’s ability to function effectively.

The unfolding story is one that underscores the complexity of corruption investigations within Nigeria’s financial sector. As developments continue to emerge, many are watching closely to discern the implications for both NIRSAL and the larger anti-corruption efforts within the country.