Nigeria’ anti-corruption drive has entered a defining phase as former Central Bank of Nigeria (CBN) governor Godwin Emefiele and several ex-ministers are being investigated over alleged financial improprieties estimated at ₦3.5 trillion, raising fresh questions about the legacy of former President Muhammadu Buhari’s eight-year administration.

The probe, being coordinated by anti-graft agencies including the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC), spans multiple policy interventions and public expenditures executed between 2015 and 2023. Investigators are scrutinising currency management decisions, special intervention funds, fuel subsidy-related claims, and emergency spending tied to agriculture, power, and social investment programmes.

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At the centre of the storm is Emefiele, whose tenure at the apex bank was marked by aggressive interventions and controversial monetary policies. Officials say the investigation is examining the design, disbursement, and monitoring of several CBN-backed schemes, including allegations of unauthorised spending, abuse of process, and weak oversight that may have enabled diversion of public funds. Emefiele has previously denied wrongdoing, insisting that all actions taken were within the law and approved by relevant authorities.

Former ministers who served across key portfolios—finance, petroleum, power, humanitarian affairs, and works—are also reportedly under review. While no final charges have been announced against many of those named in preliminary reports, sources familiar with the investigations say the scale of the alleged losses has prompted a broad forensic audit of approvals, contracts, and beneficiary lists.

The unfolding cases have reignited debate over Buhari’s anti-corruption credentials, a cornerstone of his campaign and presidency. Supporters argue that the former president strengthened institutions and empowered agencies to act without fear, pointing to ongoing prosecutions as evidence that no one is above the law. Critics counter that systemic lapses flourished under his watch, citing opaque policy frameworks, emergency powers, and weak checks that allegedly allowed large sums to be mismanaged.

Civil society groups are calling for transparency and due process. “These are grave allegations involving trillions of naira. Nigerians deserve clear timelines, open trials, and recovery of stolen assets where guilt is proven,” said a spokesperson for a leading accountability coalition.

Legal analysts caution that the complexity of the cases—spanning multiple agencies and years—means prosecutions could be lengthy. They stress that investigators must separate policy disagreements from criminal liability, ensuring that prosecutions are evidence-driven and not politically motivated.

As the probes deepen, the outcomes are expected to shape public trust in governance and accountability. For many Nigerians grappling with inflation, currency volatility, and fiscal strain, the question is stark: will the trials deliver justice and restitution—or underscore enduring weaknesses in the fight against corruption?