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The financial autonomy, independence, and secrecy granted to the Central Bank of Nigeria (CBN) as a corporate body should be thoroughly reviewed.
The CBN, like the NNPC, has now become a den of thieves.
When the laws establishing these corporations were enacted, the lawmakers never envisaged the level of abuse and misuse we are witnessing today.
If the EFCC probes beyond Emefiele and investigates other former CBN Governors, Deputy Governors, Directors, and top management officials, Nigerians will be shocked to tears.
They will realize that many civil servants and government officials are even more corrupt than our politicians.
It will take years before corruption can be reduced, I repeat, can only be reduced, not eradicated.
Nigeria is among the countries where corruption and theft have been institutionalized.
We have already put in place structures that encourage stealing, corruption, and all forms of vices within our socio-political and administrative systems.
Our judiciary and law enforcement agencies often drag corruption cases involving leaders and public officials for years without resolution.
The case of Emefiele is an exception due to the political dynamics surrounding him.
Many former Governors, Senators, Ministers, and top government officials have been in court for years with no progress.
Some even get appointed as Ministers or heads of federal agencies while facing corruption charges.
Countless individuals have looted public funds with no consequences due to the absence of a dependable judicial system in Nigeria.
Only in Nigeria can a politician or senior government official embezzle a billion naira and the court accepts a plea bargain of one million naira.
It’s a fraudulent and corrupt country, one that punishes honest people while promoting and rewarding criminals and economic saboteurs.
I am glad that some of the assets looted by Emefiele are being recovered, but this represents just a fraction of the total stolen.
Much of the looted wealth has permanently disappeared into private hands.
The EFCC made little progress in this case because of interference from above.
If Emefiele had been close to the current President like he was to Buhari, no one would have dared to investigate him.
I acknowledge this partial achievement, but much more needs to be done in the fight against corruption.
The anti-corruption campaign should not be targeted at opposition groups and parties alone. It must not be selective.
This case is merely a drop in the ocean when we talk about the broader struggle against corruption in Nigeria.
Biodun Adekola is a social critic and advocate for good governance.
He is a socio-political analyst and public commentator, and a frequent guest on various radio stations in Ibadan and its environs.
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