In a shocking revelation, a Special Investigator on the Central Bank of Nigeria (CBN) and Related Entities, Jim Obaze, has uncovered a trail of financial irregularities involving the former CBN Governor, Godwin Emefiele.
The investigator alleges that Emefiele operated a staggering 593 illegal foreign bank accounts in the United States, United Kingdom, and China, accumulating billions of naira without the necessary approvals.
One startling finding suggests that Emefiele unlawfully deposited £543,482,213 in fixed deposits in UK banks alone. The former CBN governor is currently facing prosecution for a N1.2 billion procurement fraud and is held in the Kuje Custodial Centre, unable to meet the N300 million bail granted by a Federal Capital Territory High Court.
Emefiele’s legal troubles may deepen as documents indicate the possibility of fresh criminal charges related to the handling of the CBN naira redesign policy. The investigation reveals that the redesign initiative, sold to former President Muhammadu Buhari, lacked proper approval from the CBN board. Emefiele is accused of illegally contracting the redesign to De La Rue of the UK for £205,000, with N61.5 billion earmarked for the project.
Furthermore, the probe exposes the fraudulent use of N26.627 trillion in Ways and Means of the Apex Bank, as well as the misuse of the COVID-19 intervention fund. The investigator unveils instances where senior CBN and government officials padded approvals and unlawfully diverted funds from the Consolidated Revenue account.
Legal fees of N1.7 billion for questionable cases against the naira redesign policy, misrepresented presidential approvals, and an alleged payment of N17.2 billion to 14 deposit money banks participating in the Nigerian Electricity Market Stabilisation Facility are among the startling findings.
Emefiele may also face charges related to the manipulation of the naira exchange rate, fraudulent implementation of the e-naira project, and the exemption of three foreign firms from paying income tax.
In a bizarre twist, the investigation exposes the illegal withdrawal of $6.23 million from the CBN vault by two individuals using a forged presidential letter, purportedly signed by Buhari. The suspects are currently in custody, raising questions about the security of the CBN’s financial operations.
As the storm around these allegations intensifies, Emefiele’s legal team is yet to respond, leaving the former CBN governor in the eye of a mounting legal and financial tempest.
