Kogi Bailout Fund: The Insincerity of Central Bank of Nigeria

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by Oladele John Nihi

The good people of Kogi State woke up this morning 28th April, 2016 to the news of a fresh approval of the bailout fund applied for in September, 2015 by the immediate past governor of the State, Capt. Idris Wada.

Mr. Asiwaju Asiru Idris, Special Adviser on Finance, Economy, Commerce and Investment to Kogi State governor made the announcement of this fresh approval in Saudi Arabia where himself and Governor Yahaya Bello are on a hajj.

Ordinarily, this news calls for celebration especially at this time when Kogi State civil servants are owed four month salaries, local government staff are been paid percentages, pensioners are not paid their pension, projects are been abandoned for lack of fund among others but releasing bailout to Kogi State at such a tactical period when we are counting down to the ruling from the tribunal is totally unacceptable and unwise.

The fact is that, such release at this time is capable of being diverted to shop for justice or cause possible distraction to justice. A similar situation was used to withhold the state’s bailout last year because of the fear of the then state governor Capt. Idris Wada diverting the fund for election.

You will recall that the attempt made by Capt. Wada to secure the bailout then were met with strong opposition by the All Progressive Congress (APC) government insinuating possible diversion of the fund by the People Democratic Party (PDP) for election.

The first and major concern of Kogites right now is the fear of a secret and unholy deal between Yahaya Bello, Kogi State governor and Godwin Emefiele, Central Bank Governor due to the working relationship of the apex bank governor and Mr. Asiwaju Asiru Idris. This is even more worrisome considering the revelation of Mr. Emefiele’s role and the secrecy in the recent CBN recruitment that has made people question his integrity to follow due process.

Mr. Asiwaju Asiru Idris who is the Special Adviser to Kogi State governor and currently on sabbatical leave as Zenith Bank Obajana branch manager, must have used the Zenith Bank structure to seal a deal with the Central Bank boss who up to the time of his appointment was General Managing Director of Zenith Bank.

It is surprising and of great concern hearing from Mr. Asiru that the said fresh approval was given vie a telephone call by Central Bank of Nigeria to Kogi State Governor whereas, the same Central Bank of Nigeria released statement when the same approval was given to Capt. Idris Wada last year before the eventual withholding of the fund on political ground.

With all sense of humility and patriotism, judging from the ugly incidences that followed such bailout released to some states which has resulted in diversion to private purse, mismanagement by the state, among others thereby leaving the state poorer than it was before as a result of the monthly deduction to pay back the bailout.

I appeal to Mr. Godwin Emefiele, Central Bank of Nigeria governor to save us and help avert this calamity that is about to befall Kogi State by withholding the release of this bailout fund till all court cases challenging the victory of the sitting governor is over.

Otherwise, the Central Bank of Nigeria should handle the disbursement in its entirety by setting up a tripartite committee consisting representatives from Central Bank, Kogi State government and Labour Unions in the state to supervise and make public all details relating to it disbursement to the last kobo

 

Oladele John Nihi, a Political Scientist writes from Lokoja

talk2deleonline@yahoo.co.uk


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