Gov Pays Out ₦10Bn ‘Loans’ To 300 Ward Coordinators In Exchange For Redesigned Naira Notes

A former presidential aspirant in one of the oppostion parties who is alleged to have warehoused a war-chest worth billions of naira for the prosecution of the 2023 election has started to share the money.

Reliable sources told Politicos on Wednesday night that the aspirant who is also a governor was caught unawares when the Central Bank of Nigeria (CBN) announced that the national currency would be redesigned.

CBN also said the first redesigned notes (₦1000, ₦500, ₦200) will be issued on December 15.

The CBN had said that part of the reasons responsible for the exercise is because it is worried following large quantity of naira notes out of the banking system; as a result took steps to reverse the trend.

Part of the steps are to use the redesigned notes to force cash back into the system, check money laundering and assist security agencies track ransom money.

Last week, it was reported that the Economic and Financial Crimes Commission (EFCC) was tracking three governors for maintaining a warehouse of illicit funds. It was also revealed that the governors were trying to pay civil servants’ salaries by cash with a bid to forcing the illicit funds back to the system through the workers.

On Thursday, a usually dependable source however told Politicos that this governor has devised another way to dispense with the warehoused funds.

This we learnt is by paying over 300 ward coordinators in the state a sum of ₦30 million each which equals to ₦9.48bn.

Also, a hitherto moribund political organisation used to mastermind the ouster of a former governor, of the grip of an opposition party seven years ago called Grassroots Development Initiative (GDI) shall be paid through the same process.

The group has 23 coordinators. Each will receive the sum of ₦18million. This totals ₦414million.

In other words, a combined sum of almost N10B is being recirculated by cash.

Politicos understands that the cash disbursement is treated as loans to local government level “structures”.

By this, the governor will deduct the “loans” via the monthly allocation to councils in the state. There are 23 LGAs in the state.

The funds (loans) will be collected by the governor after the redesigned Naira comes into circulation at the state Joint Allocation Committee (JAC) meeting.

There are indications that the governor will then withdraw the “loans” as redesigned cash.

Sources say, EFCC is aware of the plot but it is yet to be seen if they will act. One of the vaults holding the cash is said to be within government house in the oil-rich state.

Share This Article

More Posts

Leave a Reply

Your email address will not be published.