Allegations of Financial Misconduct: President Tinubu’s Government Threatens Drastic Action Against Former CBN Governor.
In a startling revelation, President Bola Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga, has expressed grave concerns over the findings of the Special Investigation on CBN and Related Entities, Chargeable Offences report.
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Onanuga remarked that if the former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, were in China, he and his associates might have faced a firing squad for alleged financial misappropriations.
The report, based on Jim Obazee’s research, accuses Emefiele of various financial irregularities during his tenure at the CBN. According to the findings, the ex-CBN governor opened unauthorized bank accounts in the UK, US, and China, depositing billions of naira without proper authorization. Notably, £543,482,213 was reportedly deposited in fixed accounts in UK banks alone.
President Tinubu’s aide emphasized that such actions would not be tolerated in China, where individuals involved in such misappropriations could face severe consequences, including the firing squad.
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Key illegalities highlighted in the report include unauthorized funding of 593 bank accounts abroad, fraudulent cash withdrawals from the CBN vault, gross financial misconduct involving Emefiele and other top officials, manipulation of the Naira exchange rate, and questionable expenditures related to the Naira Redesign project.
The report further exposes alleged fraudulent activities, including the misuse of Ways & Means amounting to N26.627 trillion, fraudulent intervention programs, and expenditures related to COVID-19. The investigation also claims misrepresentation of presidential approval and padding of former President Buhari’s approval, leading to significant financial discrepancies.
Godwin Emefiele alleged Crime.
- Unauthorized funded 593 Bank accounts located in the UK, US, and China.
- Fraudulent cash withdrawal of $6.23 million from CBN vault under a purported approval of the president to pay foreign election observers.
- Gross financial misconduct by Ex CBN Governor and at least 13 other individuals, including his Deputy Governors.
- £543.4 million kept in fixed deposit by Mr. Emefiele.
- Manipulation of the Naira exchange rate and perpetration of fraud in the e-Naira project of the CBN.
- The Naira Redesign was neither recommended by the Board of the CBN nor approved by the then President.
- The CBN printed the new N200, N500, N1,000 notes at a total cost of N61.5 billion out of which N31.8 billion has been paid to the Contractor.
- The sum of N1.73 billion was spent on questionable legal fees on 19 cases that are directly traceable to the Naira Redesign and reconfiguration agenda.
- £; Means to the tune of N26.627 trillion.
- Fraudulent intervention programmes.
- Fraudulent expenditures on COVID-19.
- Misrepresentation of presidential approval on the NESI Stabilization Strategy Ltd.
- Padding of former president Buhari’s approval with N198.96 billion – approximating N801.04 billion to N1 trillion.
- No approvals are received from the former president and yet N500 billion was taken and debited to Ways & Means.
- Former CBN Governor and 4 Deputies connived to steal outrightly in order to balance the books of the CBN.
- No approval for the breakdown of N22.72 trillion presented to the 9th National Assembly to illegally securitize the “Ways & Means” financing.
President Tinubu’s government has indicated its readiness to take drastic action in response to these allegations, raising concerns about the accountability and transparency of financial practices within the CBN during Emefiele’s tenure.
The revelations from this investigation have sparked a renewed call for a thorough probe into financial management and governance within Nigeria’s central banking system.
