Politics
Breaking: Former CBN Governor Accused Of Illegally Lodging-Billions In Foreign Accounts And Facing Additional-Charges (Details)
Godwin Emefiele, the former Central Bank of Nigeria (CBN) Governor, is facing serious allegations of unlawfully depositing billions of naira across 593 bank accounts in the United States, United Kingdom, and China without the required approvals from the CBN’s board of directors and the CBN Investment Committee. The findings were presented by the Special Investigator on the CBN and Related Entities, Jim Obaze….CONTINUE READING....KINDLY READ THE FULL STORY HERE▶

The investigation revealed that Emefiele, during his tenure, deposited £543,482,213 in fixed deposits in UK banks alone without proper authorization. Emefiele, currently in the Kuje Custodial Centre and facing prosecution for N1.2 billion procurement fraud, has not yet responded to the allegations.
President Bola Tinubu appointed Obazee, a former Executive Secretary of the Financial Reporting Council of Nigeria, as the CBN special investigator. The final report, submitted to President Tinubu, highlighted Emefiele’s unauthorized investments in foreign bank accounts and raised concerns about the handling of the CBN naira redesign policy.
The report indicated that Emefiele could face fresh criminal charges related to the illegal issuance of currency under section 19 of the CBN Act. These charges may involve Tunde Sabiu, a former aide to President Muhammadu Buhari, and 12 top directors of the CBN. The naira redesign policy, initiated without board approval, has become a focal point for potential legal actions.
The investigator found that President Buhari did not approve the naira redesign policy, which was suggested by Tunde Sabiu. Emefiele proceeded with the initiative without obtaining the required approval, leading to the awarding of the contract for the redesign to De La Rue of the UK. The report stated that the redesign was only communicated to the CBN board after the contract had been awarded.
Emefiele is also implicated in the fraudulent use of N26.627tn in Ways and Means of the Apex Bank, as well as the misuse of the COVID-19 intervention fund. The investigation revealed instances where funds were diverted, padding of presidential approvals, and questionable legal fees amounting to N1.7bn for 19 cases related to the naira redesign policy.
Additionally, Emefiele is accused of misrepresenting the presidential approval for the NESI Stabilisation Strategy Limited and unlawfully paying N17.2bn to 14 deposit money banks participating in the Nigerian Electricity Market Stabilisation Facility.
The investigation further uncovered a strange illegal withdrawal/theft of $6.23mn from the CBN vault by two individuals who used a forged presidential letter. 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.
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