In a shocking turn of events, the former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, is now under intense scrutiny after a special investigation, led by CBN Investigator Jim Obaze, exposed a series of damning accusations. The report, presented to President Bola Tinubu, alleges that Emefiele operated 593 accounts and concealed billions in unauthorized foreign holdings, questionable legal fees, and a maze of irregularities surrounding the naira redesign policy.
Emefiele is accused of unlawfully depositing £543 million in UK banks alone, in addition to substantial sums in the US and China. These transactions, potentially totaling hundreds of billions of naira, were purportedly carried out without proper board or investment committee approval.
The investigation delves into the naira redesign policy, revealing that Emefiele awarded the contract without board approval and potentially misled former President Buhari about the initiative’s scope. Despite Buhari’s approval for the currency to be printed in Nigeria, the redesign details were only disclosed to the CBN board on December 15, 2022, after the contract had already been awarded to the Nigerian Security Printing and Minting Plc on October 31, 2022.
Emefiele may now face charges for illegal currency issuance, along with officials accused of influencing the process. The investigation also uncovers the alleged misuse of the CBN’s Ways and Means advances to the Federal Government, involving inflated approvals, unauthorized withdrawals, and the creation of false narratives to conceal discrepancies, resulting in over N198 billion unaccounted for.
Further concerns are raised about irregularities in the COVID-19 intervention fund, with instances of bypassing formal procedures and potential fund diversion. Questionable legal fees incurred during the naira redesign controversy, totaling N1.7 billion for 19 cases, add to the list of alleged irregularities.
The report also details Emefiele’s involvement in the illegal withdrawal/theft of $6.23 million from the CBN vault, where two individuals presented a forged presidential letter on February 7 and 8, 2023. They are currently in custody for allegedly misappropriating funds meant for foreign election observation missions.
The investigation suggests that Emefiele may face additional charges for alleged manipulation of the exchange rate, fraudulent e-naira implementation, and questionable tax exemptions granted to foreign firms.
This revelation exposes a complex web of financial misconduct that could have far-reaching consequences for Emefiele and others implicated in these alleged acts of corruption and misuse of public resources.
