Some recently leaked documents have put Nigeria’s embattled Senate President, Dr. Bukola Saraki in deeper trouble.
The recently leaked documents exposed Saraki on how he repeatedly paid a 1 percent transaction fee and additional $10 every time he transferred funds to the United States between 2009 and 2012 while serving as Kwara State governor and senator representing Kwara Central Senatorial District respectively.
The documents showed that Saraki paid a transaction fee of $732.23 (N144,646), which represented 1% of the sum of $72,223.25 (14,444,650) which he transferred on August 26, 2009 to the American Express Services Europe Limited no: 730580 for onward credit to the American Express Bank, New York card account no: 374588216836009.
He had made a total of $3.47 million (N694 million) in 40 tranches within four years, on which the 1% charge is believed to have been paid every time he made the payments.
The transfers contravened Nigerian law which prevents public officials including governors and senators from operating foreign accounts while in office.
Furthermore, the 1percent commission which Saraki paid in respect of his numerous funds transfer contradicts his position on the similar 1 percent fee charged by the CBN for the federal government’s Treasury Single Account (TSA) collection charges.
Saraki and other senators had claimed the CBN was wrong to charge 1 percent and had recommended a flat charge on all TSA transactions irrespective of amount.
Meanwhile, the Governor of Central Bank of Nigeria, Godwin Emefiele, is now in a difficult position with the Senate as it has been revealed that he was aware of the 1% FGN TSA collection charge while still serving as Managing Director of Zenith Bank.
But Emefiele publicly denied any knowledge of the CBN contracted 1% collection charge, during the Senate investigative hearing on the alleged TSA fraud which has now been found to be false.
According to a December 17, 2013 letter titled “commencement of Federal Government Independent Revenue Collection Under Treasury Single Account ( TSA) Initiative” signed by Dipo Fatokun, the CBN Director of Banking and Payment Services Department, issued to all banks, “A fee of 1% of funds collected is payable. This includes solution provider and participating bank fees.”
This letter was sent to Emefiele and other bank Managing Directors clear six months before he assumed duty as CBN governor.
The Central Bank of Nigeria under the leadership of Emefiele had also issued several official communication, including a circular with reference no BPS/CSO/CON/DIR/01/079 on February 25, 2015 to commercial banks on the commencement of the implementation of TSA, and another circular on October 8, 2015 referenced BPS/CSO/GEN/DMBS/01/79 and titled “UPDATES ON TREASURY SINGLE ACCOUNT.”
The February 25 2015 circular reads in part: “Furthermore to our letter dated 24th January, 2015, on the commencement of the Federal Government’s Independent Revenue e-Collection Scheme, this is to remind all banks that, the Federal Government’s Independent Revenue e-Collection Scheme has commenced.”
All deposit money banks were urged to ensure full compliance.
According to sources from the national assembly, Emefiele is playing safe to keep his job so he can continue to be in the good books of the President.
Recall that Emefiele was appointed into office by the PDP-led government of ex-president Goodluck Jonathan.
