Fresh facts have emerged how the Central Bank of Nigeria, CBN under its former governor, Professor Charles Soludo in 2006 received N750million as graft in the polymer note contract which runs into several billions of naira.
It became clearer yesterday that the controversial N750million bribery scandal, trailing the award of the polymer banknote contracts, actually took place in 2006, when Soludo was the CBN boss.
There had been allegations of shady deals between some CBN officials and Securency International Pty of Australian Reports indicated that the Australian Federal Police (AFP) is already probing alleged N750million offered by Securency to win the contract.
President Umaru Yar'Adua had in company with the new CBN governor, Sanusi launched the new N5, N10 and N50 polymer notes on September 30 at the Presidential Villa.
The circulation of the new bank notes coincided with Nigeria’s 49th Independence Anniversary day celebration.
Investigation by The Nation, however, revealed that although the contract for the printing of N5, N10, N50 notes were awarded in April this year, the bribery scandal involving Securency was perpetrated in 2006.
A reliable source, who knew about the contracts, spoke with our correspondent in confidence last night.
He said: “If you are talking of any bribery, it must have been perpetrated during the initial award of contract for the supply of polymer substrates to Securency in 2006 for the N20 banknote.
“The same template used for the N20 banknote was also applied to N5, N10, and N50 without any fresh bid. It is curious that the CBN officials chose to adopt the same template in November 2008 without fresh bid. The contracts for the printing of 1.915billion of N5, N10, and N50 notes were only awarded in April this year.
“So, the approach adopted by the CBN was suggestive of a conspiracy or an understanding. The bribery scandal predated the award of the contracts in April this year.
"I don’t think the decision to print N5, N10, and N50 notes in polymer was the key thing. The bribery must have been done in 2006. The terms of the deal were only extended to the contracts for N5, N10, and N50 notes.
"To show you that a cabal was at work, not every party was involved in the evaluation process.
"It was a sealed deal because the CBN dictates who prints abroad, what substrates to print on as well as the quantity. The CBN even decides the companies that will clear and do the freight."
A document obtained by The Nation also showed the CBN tender results for banknotes in 2006 where Securency bid for N20 polymer note at Euro 73.475 per 1000 notes including freight charge.
But it was learnt that the cost was later reduced to Euro 59.88 by the CBN when the N20 polymer contract was awarded in 2006.
Others involved in the bid were Global Securency ( Australia ); Gieesecke and Devrient (G &D) of Germany ; De La Rue (the UK ); FC Oberther ( France ) and Nigerian Security Printing and Minting Company (NSPMC).
According to findings, the bid was opened on March 27, 2006 and finally concluded by April 4, 2006.
A March 16, 2006 letter from the Director of Currency and Banking Operations of the CBN had invited the five firms for the bid.
After the bid, G&D and NSPMC were awarded contract for the printing of the notes. But Global Securency won the bid for the production of polymer substrates.
On the CBN relationship with Securency, the source added: "There is a memo to show that the apex bank was already in discussion with the Australian firm since 2004.
"So, Securency has been in the system in the last five years. To have their way through, the government was deceived to believe that polymer substrate is cheaper.
"The truth is that polymer substrate is about 1.7 times more than the cost of paper. A survey had also confirmed that polymer lasts four times more than paper note."
