The matter of the questionable foreign exchange allocations and forward contracts which the Godwin Emefiele-led Central Bank of Nigeria (CBN) committed the bank seems unlikely to go away anytime soon. Recalling how Deloitte, the global firm engaged by the new CBN administration to carry out an audit of the $7bn debts had declared about $2.4bn FX allocations of the $7bn invalid, CBN governor, Yemi Cardoso, Tuesday, last week, stated that the matter is currently before the Economic and Financial Crimes Commission, EFCC.

Highlights of the infractions as detailed in the audit include lack of valid documentation, allocation of millions of dollars to fictitious entities and provision of forex allocations without the corresponding naira value among other sundry infractions some of which he described as “clearly unlawful”.

The apex bank, he said, is providing the necessary documents to help the investigation, even as he would add the caveat: “I would emphasise that if there’s any information to the contrary, we would in due course consider that. But as of today, that is exactly where it stands and the law enforcement agencies are taking a very hard look at those transactions. I will say again, that the valid transactions as far as the Central Bank of Nigeria is concerned have been taken care of”.

We commend the Cardoso-led CBN for the transparent way the reconciliation process has been conducted. Bringing in a reputable international firm, Deloitte, to conduct the audit not only speaks to its desire for thoroughness but borne of utmost professionalism. Surely, it has helped in no small measure to calm the raging speculations on the actual state of affairs, as a result of which Nigerians can now claim to be better informed.

Equally noteworthy is that the apex bank has resisted the pressure to roll out names of the alleged offenders, preferring instead that the anti-graft agency – the EFCC complete its own part of criminal investigation, with possible trial in view. And while it deems its part of the investigations closed, it nonetheless leaves open – the possibility of review should contrary facts arise. That template, at once commendable, is surely the way to go about the business.

Now that matters are out in the open, the baton naturally falls on the EFCC to conclude on the investigations and possible trial. In fact, with the transaction documents already availed the body; it should be fairly easy to achieve this with utmost speed and accuracy. While there should be no such a thing as sacred cow, it should also shun the temptation of media trial. In the same vein, the expectation is for those mouthing their innocence behind dark curtains to step out and make their cases before the relevant bodies charged with the duty.

Lest Nigerians forget; the issue at stake is the abuse of trust by those charged with public duty. For, while instances of dubious business operatives – local and foreign – using mechanisms of illicit transfers to fleece the country abound and are hence not entirely new, we seem to be dealing this time around with a more malignant kind of pathology – of willful abdication, wholesale collusion and widespread subversion by elements who have no compunctions about plunging the financial sector into the abyss in dire moments of emergency.

Surely, the least Nigerians expect is for the wheel of justice to run swiftly and seamlessly. It is therefore as much the business of the EFCC as it is of the Attorney -General of the Federation and Minister of Justice. We say this not only because the whole world is watching how this would pan out, but whether the interests of a few powerful unscrupulous operators would in the end be seen to override those of an entire country.

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