The Special Investigator on the Central Bank of Nigeria (CBN) and Related Entities, Jim Obaze, has reportedly uncovered allegations against the former CBN Governor, Godwin Emefiele. Emefiele is accused of operating 593 illegal bank accounts in the United States, United Kingdom, and China, without the necessary approvals from the CBN’s board and Investment Committee.
The investigation also alleges that Emefiele lodged £543,482,213 in fixed deposits in UK banks without authorization. These findings are part of the final report submitted to President Bola Tinubu by the special investigator.
Emefiele, currently in custody for N1.2 billion procurement fraud, may face additional charges related to the handling of the CBN naira redesign policy. The report suggests that Emefiele, along with former President Muhammadu Buhari’s aide Tunde Sabiu and 12 CBN directors, could be prosecuted for illegal issuance of currency under section 19 of the CBN Act.
The investigation points to the unauthorized initiation of the naira redesign policy, with allegations that Buhari did not approve it, and the redesign was only mentioned to the CBN board after contracts were awarded. Emefiele is accused of contracting the redesign to De La Rue of the UK for £205,000 and making fraudulent use of N26.627 trillion in Ways and Means of the Apex Bank.
Furthermore, the report highlights the misuse of the COVID-19 intervention fund and raises concerns about N1.7 billion spent on questionable legal fees for cases related to the naira redesign policy. Other allegations include Emefiele’s misrepresentation of presidential approval for NESI Stabilisation Strategy Limited and the illegal withdrawal of $6.23 million from the CBN vault using a forged presidential letter.
The investigation reveals various instances of financial mismanagement, abuse of power, and potential criminal activities during Emefiele’s tenure as CBN Governor. The findings call for a thorough examination of Emefiele’s actions, with possible legal consequences for his alleged involvement in these activities.
