Home Nigeria News Now How Detained CBN Governor Emefiele Implicates Suspended EFCC Chairman Bawa in Naira...

How Detained CBN Governor Emefiele Implicates Suspended EFCC Chairman Bawa in Naira Redesign Scam

Abdulrasheed Bawa and Godwin Emefiele

Suspended Governor of the Central Bank of Nigeria, Godwin Emefiele, has implicated the suspended Chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa, as an accomplice in the Naira redesign scandal that recently shook the country.


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According to reliable sources, Emefiele, who is currently detained by the Department of State Services (DSS), played a pivotal role in Bawa’s invitation and subsequent detention by the secret police. The DSS summoned Bawa to their headquarters at 9:02 pm, where he underwent rigorous questioning.



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This development occurred shortly after President Bola Tinubu indefinitely suspended Bawa from his position.


The suspension came amidst allegations of misconduct and abuse of power against Bawa. Emefiele’s arrest and transfer from Lagos to Abuja for interrogation on corruption and abuse of office charges preceded Bawa’s summons by the DSS.


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Both Emefiele and Bawa are being interrogated regarding various matters, including their involvement in the Naira redesign scam.


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The Naira redesign was announced by then-President Muhammadu Buhari and Emefiele on November 23, 2022. The new currency notes, with denominations of N200, N500, and N1,000, were unveiled with Emefiele stating that the old notes would cease to be legal tender starting from January 31, 2023. Emefiele, at the time, denied any ulterior motives behind the decision, refuting speculations that it was a ploy by influential individuals in the Presidency to hinder Bola Tinubu’s presidential candidacy in the February 25, 2023 election.



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However, the policy caused immense hardship for Nigerians, as the Central Bank of Nigeria struggled to meet the demand for new notes, leading to cash shortages and long queues at banks and ATMs.




A top source revealed that Emefiele, currently in DSS custody, implicated Bawa by claiming that the former EFCC Chairman had raised a memo to President Buhari requesting the Naira redesign as a measure to combat money laundering during the 2023 election.



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In response, Bawa confronted Emefiele, alleging that it was Emefiele himself, along with the former Attorney-General of the Federation, Malami, who approached him to draft the memo due to suspicions that Tinubu possessed large quantities of Naira notes in his warehouses.



Tinubu’s suspension of Bawa from his position aims to facilitate a comprehensive investigation into the allegations of misconduct during his tenure. A statement issued by the Director of Information, Office of the Secretary to the Government of the Federation, Willie Bassey, announced the suspension. The Naira redesign and the implementation of a cashless policy caused significant difficulties for Nigerians in February and March, due to the scarcity of the new currency notes.



It is worth noting that Emefiele had previously defied a Supreme Court ruling that declared the old notes as legal tender until December 31. Former President Buhari distanced himself from this disobedience to the court order. Emefiele’s suspension was initiated to facilitate ongoing investigations into his office and proposed reforms in the financial sector. The Deputy Governor (Operations Directorate) will serve as the acting Governor of the Central Bank until the conclusion of the investigation and the implementation of the reforms.



Earlier this year, the DSS attempted to arrest Emefiele, but Chief of Defence Staff, Gen. Lucky Irabor, provided soldiers to protect his residence and office. The DSS had intensified its investigation into Emefiele, accusing him of financing terrorism and engaging in fraudulent activities. Court documents obtained by SaharaReporters revealed that Emefiele allegedly funded unknown gunmen responsible for terrorizing the Southeast region of Nigeria, using funds raised for his failed presidential campaign in 2022.

Disclaimer: The opinions expressed in this article are solely those of the author and do not reflect the views of Ejes Gist Media Limited. For any rights infringements or takedown requests, please contact us at [email protected].


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