The State Security Service (SSS) has taken into custody Abbas Umar Masanawa, the CEO of Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL), as part of an ongoing corruption investigation involving former CBN chief Godwin Emefiele.
Sources within the SSS revealed that Masanawa’s arrest occurred three weeks ago and he has remained in custody while the investigation continues.
It is unclear if he has sought legal representation, and NIRSAL’s spokesperson has not responded to inquiries.
Masanawa’s arrest is connected to his past role as the Managing Director of the Nigerian Security Printing and Minting Company (NSPMC). He resigned from NSPMC after reports emerged that he was seeking a governorship election position within the ruling All Progressives Congress while still in office at the printing and minting agency.
The NSPMC is a subsidiary of the Central Bank of Nigeria (CBN) responsible for currency notes, coins, and high-level security document printing. Sources suggest that Masanawa was allegedly involved in conspiracy with Godwin Emefiele to embezzle funds from the printing and minting agency.
Despite the arrest impacting NIRSAL’s operations for the past three weeks, it remains unclear why President Bola Tinubu approved Masanawa’s detention without suspending him from office. This situation has raised questions about the decision, especially given the role NIRSAL plays in the country’s agricultural lending support.
Masanawa’s arrest took place amid the appointment of anti-graft expert Jim Obazee, who leads a team investigating fraud at the CBN and other federal agencies. The team’s focus includes probing agencies alleged to have collaborated with the CBN and its related entities in corrupt activities.
Masanawa, a former deputy general manager at Zenith Bank, served as a special adviser to Emefiele and eventually rose to the position of executive director at NSPMC. He was appointed as the managing director in September 2018 by former President Muhammadu Buhari.
In May 2022, Masanawa declared his intent to run for the governorship election in Katsina, leading to his resignation after media coverage of his misconduct. Following his unsuccessful bid for the governorship ticket, Emefiele appointed him as the head of NIRSAL, succeeding Aliyu Abdulhameed amid corruption allegations.
