The Department of State Services (DSS) has taken Abbas Umar Masanawa, head of Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL), into custody over suspicions of collaborating with suspended Central Bank of Nigeria (CBN) Governor Godwin Emefiele in a plot to exploit the Nigerian Security Printing and Minting Company (NSPMC).
Sources confirm Masanawa’s arrest three weeks ago. The focus is on his role as NSPMC managing director, responsible for currency printing and high-security documents.
The alleged conspiracy revolves around financial wrongdoing within NSPMC, with investigators tracing embezzled funds.
Masanawa’s departure from NSPMC amid his political aspirations raised concerns about conflicts of interest.
President Bola Tinubu’s decision to detain Masanawa without suspending him has raised operational concerns. DSS declined to comment.
Anti-graft expert Jim Obazee’s appointment highlights the government’s commitment to tackling corruption.
NSPMC, established in 1963, prints currency and key documents. Earlier, an audit revealed financial infractions totaling N162 billion under Masanawa’s leadership.
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