In a startling report submitted to President Bola Tinubu, CBN Special Investigator Jim Obazee has accused former Central Bank of Nigeria (CBN) Governor Godwin Emefiele and his ex-deputies of unilaterally boosting their salaries without proper approval from former President Muhammadu Buhari and the Revenue Mobilisation Allocation and Fiscal Commission.
This revelation emerged during the 758th meeting of the Committee of Governors on September 14, 2022.
President Tinubu appointed Obazee as the CBN special investigator through a letter dated July 28, 2023. His investigation brought to light a series of allegations, including claims that Emefiele, during his tenure as CBN governor, deposited public funds in 593 bank accounts across the United States, United Kingdom, and China without the requisite approvals.
These findings have added to the woes of Emefiele, who is already facing prosecution for a N1.2 billion procurement fraud. Obazee’s report recommends charges against Emefiele, as well as the Deputy CBN governors and directors, for multiple criminal offenses.
Obazee stated in his report, “The then CBN governor and his Committee of Governors held their 758th meeting on September 14, 2022, and approved for themselves an upward review of salaries, sitting allowances, air tickets, and incidental expenses, all without the approval of the President or consultation with the Revenue Mobilisation Allocation and Fiscal Commission.”
The report also highlights the alleged practice of the CBN printing money for its own purposes, pointing out that there is no legal provision for such actions. It reveals discrepancies in the bank’s financial statements, suggesting undisclosed secret reserves maintained under Emefiele’s leadership.
Obazee further emphasized, “The huge liquidity intervention in the banking sector from 2014 to date was not derived from the operational income stream of the CBN. The CBN officials could not show the source of this fund.”
Emefiele’s counsel, Matthew Burkaa, SAN, has not responded to these allegations as of the time of filing this report, leaving the former CBN governor in a precarious position as the investigation unfolds.
