Buhari's Legacy Under Scrutiny as N3.47 Trillion Corruption Probe Unfolds

Nigeria's anti-corruption agency is pursuing investigations into senior officials from former President Muhammadu Buhari's administration over alleged corruption totaling an estimated N3.47 trillion, including a $2 billion foreign exchange allocation scandal. The cases, involving former ministers and the Central Bank governor, have intensified scrutiny of Nigeria's ballooning debt burden and sparked questions about accountability within the country's financial systems.

Background and Context

The investigations emerge against a backdrop of Nigeria's rapidly expanding debt profile, which grew from $65.42 billion in December 2015 to approximately N77 trillion by May 29, 2023, when Buhari handed over power. According to official debt statistics, Nigeria's total debt climbed steadily through Buhari's two terms, reaching N46.25 trillion by the end of 2022. Experts suggest that the scale of alleged corruption indicates fundamental weaknesses in Nigeria's public financial management and oversight mechanisms, particularly regarding borrowed funds that were intended to stabilize the economy and fund infrastructure projects.

Key Figures and Entities

The Economic and Financial Crimes Commission (EFCC) is investigating multiple high-ranking officials from the previous administration. Chris Ngige, former Minister of Labour, faces investigation over alleged N2.2 billion fraud. Timipre Sylva, former Minister of State for Petroleum Resources who worked directly with Buhari (who also served as Petroleum Minister), has been declared wanted in connection with alleged N21.4 billion fraud. Hadi Sirika, former Aviation Minister and Buhari's political associate, faces charges over alleged N2.7 billion fraud related to aviation projects.

The most extensive allegations surround Godwin Emefiele, former Central Bank of Nigeria governor. According to EFCC filings, Emefiele is accused of arbitrarily allocating N3 trillion ($2 billion) in foreign exchange without competitive bidding, operating 593 bank accounts across different countries, unlawfully acquiring a 753-unit Abuja housing estate, and mismanaging over N16 billion. Court documents also allege that funds were warehoused in proxy accounts linked to Kelvito Integrated Services, totaling over N6.3 billion between 2019-2022, with an additional N900 million in an Ifeadigo Integrated Services account.

Other accused officials include Saleh Mamman, former Power Minister, who faces a N33.8 billion money laundering trial at a Federal High Court in Abuja, and Sadiya Umar-Farouk, former Humanitarian Affairs Minister, whose ministry is accused of laundering N37 billion intended for social intervention programs.

Legal and Financial Mechanisms

The alleged abuses span multiple mechanisms of financial manipulation. The EFCC claims Emefiele's foreign exchange allocations were made without due process, allegedly conferring advantages on associates. Investigators have identified the use of proxy accounts to move funds, with court filings showing systematic warehousing of money in companies like Kelvito Integrated Services. A forged payment request for $6.2 million (N8.8 billion) to foreign election observers is also under investigation. These cases highlight how Nigeria's financial controls can be bypassed through complex transaction chains and the exploitation of regulatory gaps in monetary policy interventions and social program financing.

International Implications and Policy Response

The corruption allegations involving borrowed funds have direct implications for Nigeria's international standing and fiscal sustainability. Professor Godwin Oyedokun, a management and accounting expert, warns that when public funds sourced from loans are allegedly misappropriated, "the burden falls on present and future generations" who will repay debts without seeing corresponding development. Governance expert Professor Chiwuike Uba notes that despite fiscal windfalls from fuel subsidy removal and increased tax revenues, borrowing continues at federal and state levels, creating a contradiction that manifests in deteriorating public services. Some experts, like former Chartered Institute of Bankers of Nigeria president Professor Segun Ajibola, advocate adopting tougher anti-corruption measures similar to China's zero-tolerance approach, suggesting that current enforcement efforts are misdirected toward smaller-scale fraud while mega-frauds continue unchecked.

Sources

This report draws on EFCC court filings and investigation records, official Nigerian debt statistics from 2015-2023, public statements from legal and academic experts, and Federal High Court proceedings in Abuja. Information was gathered from multiple court documents and expert testimonies regarding Nigeria's public financial management systems and anti-corruption enforcement mechanisms.