Several senior figures from former President Muhammadu Buhari’s administration are under investigation for alleged corruption amounting to an estimated N3.47 trillion. The probes, unfolding amid Nigeria’s ballooning debt from Buhari’s tenure, have reignited debates over accountability, selective justice, and the true cost of his eight-year presidency.
At the centre of the allegations are former ministers and key officials closely associated with Buhari and the ruling All Progressives Congress. The Economic and Financial Crimes Commission is investigating Chris Ngige, former Minister of Labour, over an alleged N2.2 billion fraud. Timipre Sylva, former Minister of State for Petroleum Resources, has been declared wanted in connection with N21.4 billion in alleged misappropriations. Hadi Sirika, former Aviation Minister, faces charges tied to N2.7 billion in aviation-related projects.
The most sweeping allegations involve former Central Bank Governor Godwin Emefiele, accused of arbitrarily allocating N3 trillion in foreign exchange, equivalent to $2 billion, without due process, allegedly benefiting associates unfairly. Investigators also claim he operated 593 bank accounts abroad, acquired a 753-unit Abuja estate unlawfully, and mismanaged over N16 billion. Court documents indicate funds were allegedly routed through proxy companies, including Kelvito Integrated Services, totaling over N6.3 billion, with additional sums held in other accounts.
Other Buhari-era officials are also facing scrutiny. Former Power Minister Saleh Mamman is responding to a N33.8 billion money laundering case, while Sadiya Umar-Farouk, former Minister of Humanitarian Affairs, is accused of misappropriating N37 billion meant for social programs. Collectively, the allegations could amount to N3.47 trillion when direct naira losses and forex allocations are combined, underscoring the staggering scale confronting anti-graft authorities.
The timing of these probes has intensified discussions about Buhari’s stewardship. Nigeria’s debt rose from $65.42 billion in 2015 to approximately N77 trillion by the end of his tenure, a trajectory critics say was exacerbated by opaque spending, weak oversight, and politicised borrowing. Supporters argue that some EFCC actions are politically motivated attempts to revise the legacy of Buhari’s anti-corruption stance.
Economists and governance experts have raised concerns about Nigeria’s public finance systems. Emmanuel Nwosu, a professor at the University of Nigeria, Nsukka, pointed to flaws in accounting and auditing frameworks, warning that the scale of alleged fraud highlights systemic weaknesses. Similarly, Prof. Chiwuike Uba noted that corruption involving borrowed funds directly affects citizens through higher taxes, inflation, and deteriorating public services.
Experts stress that current anti-corruption efforts remain largely reactive, often selective, and rarely result in convictions, undermining public trust. Former CIBN president Prof. Segun Ajibola called for a focus on mega-frauds and tougher enforcement, citing China’s zero-tolerance approach as a model. Prof. Godwin Oyedokun warned that misappropriation of borrowed funds imposes long-term burdens on future generations, highlighting the systemic nature of corruption in Nigeria.
Legal practitioner Ameh Madaki criticised the EFCC for selective prosecution, noting that many high-profile cases appear as media trials that fizzle without accountability. Experts emphasise that Nigeria must move beyond post-administration probes toward preventive measures, including robust financial management systems, transparent procurement, real-time auditing of borrowed funds, and genuine independence for oversight institutions.
The unfolding investigations will test the credibility of Nigeria’s anti-graft agencies, challenge the political legacy of the Buhari era, and highlight the urgent need for systemic reforms to prevent corruption from undermining the nation’s fiscal and developmental future.
