A comprehensive report detailing alleged corruption activities and misappropriations by the former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, has been released by the special investigator appointed by President Bola Tinubu, Jim Obazee.
The investigative report, submitted to President Tinubu, presents a list of accusations supported by detailed evidence of financial misconduct and unauthorized transactions during Emefiele’s tenure at the CBN. Among the allegations are:
- Unauthorized Funded Bank Accounts: 593 bank accounts located in the UK, US, and China allegedly funded without proper authorization.
- Fraudulent Cash Withdrawal: A purported approval from the president for a fraudulent cash withdrawal of $6.23 million from the CBN vault under the guise of paying foreign election observers.
- Gross Financial Misconduct: Allegations of financial misconduct by Emefiele and at least 13 other individuals, including Deputy Governors.
- Fixed Deposit Mismanagement: £543.4 million kept in fixed deposit by Emefiele.
- Exchange Rate Manipulation: Manipulation of the Naira exchange rate and perpetration of fraud in the CBN’s e-Naira project.
- Naira Redesign Irregularities: The redesign of the Naira allegedly not recommended by the CBN Board or approved by former President Muhammadu Buhari but by Sabiu Tunde.
- Printing New Currency Notes: The CBN’s printing of new N200, N500, N1,000 notes at a total cost of N61.5 billion, with N31.8 billion already paid to the contractor.
- Questionable Legal Fees: Expenditure of N1.73 billion on questionable legal fees related to the Naira redesign and reconfiguration agenda.
- Payments to UK Firm: £205,000 allegedly paid to a UK firm for Naira redesign efforts, including watermark, QR codes, numbering style, and other security features.
- Misuse of Ways & Means: Fraudulent use of Ways & Means to the tune of N26.627 trillion.
- Unauthorized Transfers and Donations: Fraudulent intervention programs and unauthorized transfers and donations to various individuals and organizations.
- Mismanagement of COVID-19 Funds: Alleged mismanagement of approximately N1.622 trillion in COVID-19 intervention funds.
- Presidential Approval Misrepresentation: Misrepresentation of presidential approval on the NESI Stabilization Strategy Ltd.
- Padding of Presidential Approval: Padding of former President Buhari’s approval by N198.96 billion, approximating N801.04 billion to N1 trillion.
- Ways & Means Debit Without Approval: No approvals received from the former president, yet N500 billion was taken and debited to Ways & Means.
- Connivance to Steal: Former CBN Governor and four Deputies allegedly connived to steal outrightly to balance the books of the CBN.
- Illegal Securitization: No approval for the breakdown of N22.72 trillion presented to the 9th National Assembly to illegally securitize the “Ways & Means” financing.
These allegations have stirred significant controversy, raising questions about the integrity of financial operations during Emefiele’s tenure at the CBN. The report is expected to fuel ongoing discussions on transparency, accountability, and the need for thorough investigations into financial matters within key institutions in Nigeria.
