In a startling turn of events, a presidential committee delving into the operations of the Central Bank of Nigeria (CBN) during Godwin Emefiele's leadership era has unearthed a clandestine series of unauthorized investments. The probe, spearheaded by the President Bola Tinubu-appointed investigator, Jim Obazee, revealed that an astounding 593 foreign bank accounts in nations such as the United States, China, and the United Kingdom were involved.
This bombshell discovery was a key element of Obazee's comprehensive report, delivered on December 20, which bore the ominous title, ‘Report of the Special Investigation on CBN and Related Entities (Chargeable offences)’. In a staggering revelation, the report highlighted that Emefiele had clandestinely funneled £543,482,213 into UK bank accounts via fixed deposits, all without any official authorization.
The report paints a picture of a meticulously orchestrated financial maneuver, with Emefiele at the helm, channeling Nigeria's funds into numerous foreign accounts while serving as CBN's governor. Obazee's investigation successfully traced all accounts where these billions were concealed.
Furthermore, the report not only exposes the shadowy transactions but also calls for Emefiele and select top brass of the CBN to be put on trial for these alleged illicit activities and suspected misappropriation of funds for unapproved purposes. Emefiele could face charges for illegal currency issuance under section 19 of the CBN Act, along with Tunde Sabiu, a former aide to ex-President Muhammadu Buhari, and 12 senior CBN directors.
The investigation shed light on the controversial naira redesign policy, reportedly introduced to Buhari by Sabiu. This initiative, undertaken without the CBN board's approval, led to Emefiele proposing a naira redesign in October 2022, despite Buhari's non-endorsement of the redesign itself. The former President had only consented to the currency being printed domestically.
Emefiele reportedly outsourced the naira redesign to UK-based De La Rue for £205,000 under the guise of Currency Operations Department expenses, following NSPM's inability to meet the tight deadline. The cost for printing the new notes was earmarked at N61.5 billion, of which N31.79 billion had already been disbursed. By August 2023, N769 billion of these new notes had entered circulation.
The probe also unveiled egregious misuse of N26.627 trillion from the CBN's Ways and Means, including misapplication of the COVID-19 intervention fund. Astonishingly, the report detailed instances where senior CBN and government officials inflated approved figures, sometimes operating without any presidential approval at all.
The report continued to unravel a web of financial irregularities, including unauthorized transactions and misrepresentations under Emefiele's leadership. Among these were dubious legal fees totaling N1.7 billion for cases against the naira redesign and misrepresentation of presidential approval for NESI Stabilisation Strategy Limited.
Allegations of Emefiele's involvement in manipulating the naira exchange rate, the flawed implementation of the e-naira project, and tax exemption for certain foreign firms add further layers to this complex scandal. Additionally, the report disclosed a peculiar case of $6.23 million illegally withdrawn from the CBN vault using a forged presidential letter.
Currently, Emefiele is detained at Kuje Custodial Centre, facing prosecution for a separate N1.2 billion procurement fraud and struggling to meet the N300 million bail set by a High Court in the Federal Capital Territory on November 22.
You must be logged in to post a comment.