Auja, August 20, 2024 — In a development that has sparked significant controversy, some ministers and aides of President Bola Tinubu have been accused of sharing over N54 billion out of the N120 billion forfeited to the Federal Government by Aminu Yaro and his wife, Saadatu Yaro. The Yaros, close associates of former Central Bank of Nigeria (CBN) Governor Godwin Emefiele, reportedly surrendered the funds as part of a plea bargain with the Economic and Financial Crimes Commission (EFCC).
According to sources familiar with the matter, these funds were allegedly distributed among President Tinubu’s ministers and aides in collaboration with officials from the EFCC. The situation has been described by insiders as scandalous, with claims that the EFCC was aware of the fund distribution.
“Emefiele’s accomplices, Aminu Yaro and his wife, Saadatu Yaro, forfeited N120 billion as part of a plea deal,” one source stated. “Now, Tinubu’s aides and ministers have shared over N54 billion of this money among themselves, with the EFCC complicit in the process.”
When approached for comments, Mr. Dele Oyewale, the EFCC’s Head of Media and Publicity, refused to confirm or deny the allegations. “Let me find out; I will get back to you,” he said. However, as of Tuesday morning, Oyewale had not responded to follow-up inquiries.
The forfeiture stems from a broader investigation into a N70 billion fraud allegedly orchestrated by Godwin Emefiele during his tenure as CBN Governor. The EFCC’s probe revealed that the fraud was part of a foreign exchange differential scheme. Emefiele, with the help of Aminu Yaro, who is also the Sarkin Hausawa of Lagos, and his wife Saadatu, reportedly abused his position to profit from differences between official and black-market forex rates.
As part of the scheme, Emefiele allegedly sold foreign currency at the official rate to various individuals, who were instructed to sell it at the higher black-market rate once their bank accounts were credited. The difference in rates was then deposited into an account controlled by Aminu Yaro on behalf of Emefiele.
The investigation has traced approximately N70 billion to accounts linked to this fraudulent activity. Saadatu Ramallan Yaro, who was a signatory on the company account where the funds were deposited, was charged with money laundering offences amounting to over N140 billion. She was arraigned alongside her company, Tsami Babi Resources Limited, before Justice Obiora Egwuatu of the Federal High Court in Abuja.
The charges include failing to report financial activities exceeding N100 billion, a violation of the Money Laundering Prohibition Act. Another charge detailed how Tsami Babi Resources Limited failed to report transactions totaling over N17 billion, also in violation of the Act. Additionally, Saadatu and another company, M.A.Y Fine Fragrance Limited, faced separate charges related to money laundering offences involving N40 billion.
Despite the seriousness of these charges, Saadatu and the other defendants pleaded not guilty. The allegations of misappropriated forfeited funds have added another layer of complexity to an already intricate case, raising questions about accountability and transparency within the government.
The accusations against Tinubu’s ministers and aides have intensified scrutiny on the administration’s handling of corruption cases. As the situation unfolds, the public and watchdog groups are closely monitoring the response from both the EFCC and the presidency.
This scandal is likely to have significant repercussions, both politically and legally, as it touches on the integrity of high-ranking officials within the government. The public awaits further developments and official responses that could clarify the extent of involvement by the accused parties and the implications for the current administration.
