National Security Adviser,Gen.,Gusau Accuses CBN/EFCC Of Double Standard

Some economic analysts and foreign investors were indeed shocked by the bombshell from the National Security Adviser (NSA), General Aliyu Mohammed Gusau against activities of Central Bank of Nigeria (CBN) and the Economic and Financial Crime Commission (EFCC) in Nigeria.

The Office of National Security Adviser, according to the findings, organised a seminar at its headquarters to brief the newly inaugurated Ministers on their new responsibilities and security consciousness. In addition, the new cabinet members were made to realise that “absolute loyalty is not to those that nominated them but to the person that appointed them into the office.”

The session was moderated by the Secretary to the Government of the Federation, Mahmud Yayale Ahmed, and the Head of Service of the Federation Stephen Oronsaye.

The participants were baffled when the National Security Adviser, General Mohammed who was a former Presidential aspirant at the PDP Primary pointedly accused the current managements at the CBN and EFCC of double standard and selective justice respectively.

On the activities of anti-corruption agency in the country, Gusau said that corruption is an economic crime which threatens the country’s survival noting that it is endemic because the current anti-corruption campaign has been largely considered to be ineffective and selective.  According to him; “This is because it penalizes a few unfortunate individuals, while society sees many they consider guilty enjoying their loot in freedom. Some of the agencies involved in anti-corruption have credibility problems, their leaders being accused of wrong-doings.”

On the Central Bank of Nigeria (CBN), Gusau criticised the current policies of the monetary institution by asserting that the intervention seemed to have damaged economic activity in the banking sector to the detriment of the larger society. The National Security Adviser pointedly stated that “the fragility of the economy further dictates that offenders be interdicted without damaging the sector”

The utterance of the National Security Adviser is already a clear signal on the direction of the current administration of Acting President Goodluck Jonathan which also has its political significance between loyalists of State Governors and that of Yar’Adua in the present Federal Executive Council (FEC). There is a feeler that the Office of the National Security Adviser might have taken the responsibility to hunt for economic crimes suspects, while the service of a no-nonsense anti-corruption fighter may be recruited to stop some retired military officers and top politicians suspected of corrupt practices from the 2011 Presidential Election.

Some statements lately from public institutions are reflection of feeling of the present administration and in some cases are expectations towards 2011 Presidential Election. Recently, the National Council on Finance and Economic Development (NACOFED), organised by the Federal Ministry of Finance in Akwa Ibom State cautioned the CBN on the release of funds for intervention schemes to banks. The participants were drawn from federal agencies and representatives from various states, they advised that before funds for such intervention schemes are released by the CBN to Banks, the prospective borrowers have to be first ascertained so as to avoid funds being locked up in commercial banks without reaching those for which they were meant.

Economic Confidential