A Special Investigator on the Central Bank of Nigeria (CBN) and Related Entities, Jim Obaze, has exposed widespread corruption allegedly conducted by the former CBN governor, Godwin Emefiele.
The findings, detailed in the final report titled ‘Report of the Special Investigation on CBN and Related Entities (Chargeable Offences),’ reveal a litany of financial misconduct.
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Among the damning discoveries, it was disclosed that Emefiele had illegally stashed billions of naira in over 593 bank accounts in the United States, United Kingdom, and China without obtaining approval from the CBN board of directors and the CBN Investment Committee. The report exposed £543,482,213 lodged in fixed deposits in UK banks alone without proper authorization.
One of the key revelations centers around the redesign of the Naira. Contrary to expectations, the investigator found that President Buhari did not approve of the naira redesign. Instead, it was alleged that Tunde Sabiu, the President’s nephew, suggested the redesign in September 2022.
Emefiele purportedly informed Buhari in October 2022, who, though did not approve the redesign, sanctioned the printing of the currency in Nigeria. The actual redesign proposal was only presented to the CBN board on December 15, 2022, after the contract had been awarded.
Emefiele’s involvement in the redesign process raised eyebrows, especially as he reportedly contracted De La Rue of the UK for 205,000 pounds without competitive bidding. The investigation revealed that N61.5 billion was allocated for printing new notes, of which N31.79 billion had already been disbursed, and as of August 9, 2023, N769 billion of the new notes were in circulation.
The probe further uncovered fraudulent activities related to the misuse of N26.627 trillion in Ways and Means of the Apex Bank and the COVID-19 intervention fund.
The report alleges unauthorized debiting of the Consolidated Revenue Fund Account, anticipatory approvals for funds, and significant discrepancies in the purported N22.7 trillion presented to the National Assembly.
Additionally, Emefiele is accused of irregularities in the incorporation of the National Electricity System Intervention (NESI) as a company limited by shares, misappropriation of funds, and questionable payments to deposit money banks participating in the Nigerian Electricity Market Stabilization Facility.
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Emefiele Alledged With Manipulation of Naira Exchange Rate
The investigation has also highlighted potential charges against Emefiele, including manipulation of the naira exchange rate, fraudulent implementation of the e-naira project, and the exemption of three foreign firms from paying income tax.
As the allegations unfold, Emefiele’s counsel, Mathew Bukkaa, SAN, remains unavailable for comments on the matter. The revelations, if substantiated, could mark a significant chapter in Nigeria’s fight against corruption, bringing accountability to the highest echelons of financial institutions.
