- Unauthorized Funding Of 593 Bank Accounts In UK, US, And China
- Manipulated Naira Exchange Rate, Fraud In The e-Naira Project
- Padded Ex-President Buhari’s Approval With N198.96b By Approximating N801b To N1tr
- His Fall From Glory, The Buhari’s Connection
After nine years of leading of Nigeria’s apex bank and driving the nation’s monetary policy, former Central Bank of Nigeria’s Governor, Godwin Emefiele is currently in the eye of the storm after the report of an investigation into his tenure threw up a shocking report of monumental corruption, abuse of power, insubordination and high-level abuse of power.
In an investigation that spanned the whole of four months, the report of the investigation is as shocking as is it baffling on how one man came to wield so much power and influence under an administration that pride itself as being against corruption
From allegations of unauthorized opening, maintaining and funding 593 Bank accounts located in the UK, US, and China to illegally domiciling £543.4 million in a fixed deposit to manipulating the Naira exchange rate and perpetrating fraud in the e-Naira project of the CBN and fraudulently withdrawing $6.23 million from CBN vault under a purported approval of the president to pay foreign election observers, the list of financial atrocities and fraud perpetrated under Emefele is as shocking as it is monumental.
Trouble started for Emefiele when he embarked on the process of redesigning the naira towards the end of the 2023 an exercise that is mired in controversy.
As CBN Governor, Emefiele announced the CBN’s plans to redesign the naira on October 26, 2022, with new N200, N500, and N1,000 notes to be circulated on December 15, 2022, and older notes to cease being legal tender by January 31, 2023.
Two days later, controversy broke out as then minister of Finance, Budget and National Planning, Zainab Ahmed, said the CBN did not consult her ministry on the policy.
After two more days and as controversy emerged over the CBN’s announcement and Mrs Ahmed’s comments, on October 30, 2022, President Muhammadu Buhari said the CBN had his backing to redesign the naira notes.
President Buhari would restate his stance 11 more days on November 10, saying there was no going back on the redesign of the notes.
He would go on to unveil the new notes on November 23 and the CBN along with the Federal Government would go on to release the new notes.
Despite an acute shortage of the new notes, general cash scarcity as the deadline for the expiration of the old notes approached, and outrage and protests by Nigerians with some governors and politicians condemning the move, the Federal Government maintained its stance.
The current President, Bola Tinubu, who was then on the campaign trail, was among politicians who condemned the redesign and the cash shortage that followed.
Shortly after President Tinubu was sworn in, he announced Emefiele’s suspension, on June 10, a day after President Tinubu suspended him as CBN governor, the Department of State Security DSS confirmed that he had been arrested. On the same day, a video of his arrest went viral.
In July 2023 precisely, he appointed Obazee, a former Chief Executive Officer of the Financial Reporting Council of Nigeria, as a special investigator to probe the CBN and related entities.
Obazee was tasked with taking immediate steps to ensure the strengthening and probity of key Government Business Entities (GBEs), further block leakages in CBN and related GBEs, and provide a comprehensive report on public wealth currently in the hands of corrupt individuals and establishments (whether private or public).
“You are to investigate the CBN and related entities using a suitably experienced, competent, and capable team and work with relevant security and anti-corruption agencies to deliver on this assignment. I shall expect a weekly briefing on the progress being made,” President Tinubu wrote in a letter to Obazee about his appointment.
According to a report by the online newspaper Premium Times, Obazee’s findings and recommendations were contained in a report he submitted to President Bola Tinubu on December 9, 2023.
The findings include that Emefiele who was in office from June 2014 to June 2023, was engaged “in fraudulent cash withdrawal of $6.23 million”, and perpetrated fraud in the redesign of the naira, while Emefiele kept 543.4 million pounds in the United Kingdom.
The online newspaper which saw a copy of Obazee’s submission to President Tinubu, also reported that Emefiele was found to have manipulated the exchange rate, fraudulently used the Ways and Means to the tune of N26.6tn, launched fraudulent intervention programmes, made fraudulent expenditures on COVID-19, and manipulated presidential approval, among other things.
Consequently, Obazee recommended that Emefiele and others, including his deputy governors, be prosecuted for financial offences.
With regards to the controversial naira redesign, which eventually led to acute naira scarcity and inflicted hardship on millions of Nigerians, Obazee said the process violated the CBN Act.
He was quoted as saying the redesign was neither recommended by the Board of the CBN nor approved by the then President, Muhammadu Buhari, “contrary to the provisions of Section 19 (1) of the CBN Act, 2007.
Obazee in his report stated that the naira redesign “was a conspiracy against the Nigerian people and specifically the political class… “It was indeed meant to frustrate the political class and make their election agenda very difficult. It turned out to be a huge punishment to Nigerians and the Nigerian Economy coincidentally.”
It is left to be seen how Emefiele and his legal team will react to these latest litany of corruption allegations.
