Friday , May 20 2022

Looting Apprentice: Nigerian Security Printing and Minting Company MD Abbas Masanawa’s Illicit Financial Transactions As Aide To CBN Governor Emefiele

Secret Reporters

In 2014, former President Goodluck Jonathan ordered a reform of the Nigerian Security Printing and Minting Company (NSPMC). While this breathed new life into the ‘near comatose’ corporation, many Nigerians were unaware that the CBN financial gang used this opportunity to install their stooge Mr Abbas Umar Masanawa as the Managing Director, despite his previous appointment as an Aide to the Central Bank Governor, which included numerous violations of the law.

Investigations revealed that on 2nd October 2012, while working in Zenith Bank, Mr Masanawa established Preferred Global Company with the registration number RC 1068515 and the address NO.16, Lakeview Homes, Kado, Abuja, FCT. The company’s board of directors includes Aminatu Abbas, Muhammad Abbas Masanawa, Faruk Abbas Masanawa, Al-Amin Abbas Masanawa, and Fatima Abbas Masanawa.

Mr Masanawa struck gold two years later, in September 2014, when he was appointed by the Federal Government as the Special Assistant and Chief Liaison to the Governor of the Central Bank of Nigeria, Mr Godwin Emefiele, his former boss at Zenith Bank. He continued to operate the company utilizing it to move funds and execute contracts, with payments made to his bank accounts regularly in violation of the Federal Government Public Service Rules which states that public officers must not be Directors in private companies.

A detailed investigation into Mr Masanawa’s dealings revealed that he operated an account with Eco Bank. Block 1, Flat FD Close, Gwarimpa, Abuja, is the address on the bank account with the number 3913000290, which also serves as his salary account where his allowances are remitted. He also has two Zenith bank accounts with the numbers 2020023667 and 1020010820.

Preferred Global Company Limited, which he established in 2012, has a First Bank account number of 2024061878. While the corporate address is No 16, Lakeview Homes, Jabi, Abuja, the phone number associated with the account to receive notifications, +2348035074700, has been validated as Mr Masanawa’s number.

Checks on Masanawa’s account from 2015, when he should have shut down Preferred Global or stepped aside as its director, revealed a lot, as he was running the company account on his own and transferring money regularly to his account.

The large withdrawals and deposits continued in 2016 when a firm called Summit Signature Interservice, registered with RC 1337654 and located at No 3, Sambiero Crescent Maitama Abuja, was brought into the game. Mr Masanawa caused N300 million to be paid from Preferred Global Business Limited to Summit Signature five months and three weeks after the company registration on November 17, 2016. 

Summit Signature received N40 million from Masanawa’s company on December 1st of the same year. Fifteen days later, N40M was transferred from Summit Signature account to Preferred Global company account. Interestingly, N300 million was paid from Preferred Global Company Limited to Summit Signature on the same day, with subsequent investigations detailing a consistent flow of funds between Preferred Global and Summit Signature.

As an Aide to the CBN Governor Godwin Emefiele, Mr Masanawa continued in his impunity as he was also paying money into his company account, evidenced in an electronic funds transfer (NEFT) of N16.7 million he made on 7th September into Preferred Global Company account.

The year 2017 was a harvest for Mr Masanawa as he made massive withdrawals from the Preferred Global company account unperturbed. He took N6 million out of the account on March 15th and subsequently took N5.5 million out on July 10th, with another N11 million withdrawn on August 15th. Preferred Global wired N9 million to his account on November 8th as he received another N6M from the company on December 27, 2017.

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