ENUGU, Nigeria (VOICE OF NAIJA)- The Chief Executive Officer of Nigeria Incentive-Based 8 (NIRSAL), Abbas Umar Masanawa, has been arrested by the State Security Service (SSS) in connection with the ongoing corruption investigation involving embattled suspended Governor of Central Bank of Nigeria (CBN), Godwin Emefiele.
Masanawa’s arrest occurred three weeks ago, and he remains in custody as investigations continue. It’s unclear if he has secured legal representation. NIRSAL spokesperson has not responded to requests for comments.
Masanawa’s arrest centers around his role as the managing director of the Nigerian Security Printing and Minting Company (NSPMC).
His resignation from NSPMC followed revelations that he pursued a governorship election while still holding the NSPMC position, a subsidiary of the Central Bank of Nigeria (CBN) responsible for currency notes, coins, and security documents.
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Sources suggest that Masanawa was collaborating with Godwin Emefiele to embezzle funds from the printing and minting agency, with investigators still tracing the extent of the alleged stolen billions.
It remains unclear why President Bola Tinubu authorized Masanawa’s detention without suspending him from office, which has impacted NIRSAL’s operations during his three-week detention.
The presidential office has declined to comment on the matter. Emefiele was fired as CBN governor on 9 June, arrested by the SSS the next day, and has since been held in custody despite court orders.
An SSS spokesperson declined to comment on Masanawa’s detention, which has lasted 22 days as of Friday.
Abbas Masanawa’s arrest coincided with the appointment of anti-graft expert Jim Obazee by President Tinubu to uncover corruption at the CBN and other federal agencies.
The Obazee-led team initiated an investigation into various agencies suspected of collusion with the CBN and its parastatals.
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Having served as a special adviser to Emefiele, Masanawa’s career progressed to becoming the executive director at NSPMC after holding the position of deputy general manager at Zenith Bank.
Former President Muhammadu Buhari appointed him as the managing director of NSPMC in September 2018.
In May 2022, Masanawa declared his intention to run for Katsina’s governorship without stepping down from office, leading to his resignation following a Gazette report on his actions.
Upon failing to secure the governorship ticket, Emefiele appointed Masanawa as the new head of NIRSAL, succeeding Aliyu Abdulhameed, who faced corruption allegations. Abdulhameed denied any wrongdoing.