EXCLUSIVE: Despite Paying Election Observers $6.2m, CBN Owing Over ₦200M For Diesel

Despite finding the sum of $6.2m to pay election observers in 2023, the Central Bank of Nigeria (CBN) owes the contractor that manages its own facility sites for several months of work. Whistleblowers speaking exclusively to West Africa Weekly have revealed that Total Facilities Managers has been owed over N200M for diesel supply for over 8 months.

It will be recalled that Total Facilities Management (TFM) was onboarded with the CBN in 2013 after the apex published a public tender for the purpose of outsourcing and hiring “desirous and pre-qualified” facility management services to cater to its engineering, environmental, and building maintenance services at some of its business locations across 36 states of Nigeria.

TFM claims that it is being owed across all 36 states of the federation – a situation that it says led to the decision to write the CBN’s Corporate Services Directorate in January 2024 to complain about the non-compliance to the service level agreement.

Speaking to West Africa Weekly, the whistleblower revealed that the company is currently on the verge of downing tools altogether – a scenario that could lead to farcical disruption in the Nigerian financial system when the CBN is unable to carry out basic everyday functions due to lack of electricity. Needless to say, this would also have significant national security implications.

The story will be updated as the situation develops.

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About The Author

Mayowa Durosinmi

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M. Durosinmi is a West Africa Weekly investigative reporter covering Politics, Human Rights, Health, and Security in West Africa and the Sahel Region

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