NewsNigeriaPoliticsTinubu’s Special Investigator’s report indicts ex-CBN governor Godwin Emefiele of corruption, fraud

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Nigeria’s once-powerful central bank chief Godwin Emefiele has been fingered in a massive corruption scandal running into hundreds of billions of naira.

While he headed the Central Bank of Nigeria, CBN, Emefiele teamed up with a select CBN officials to steal billions of naira which were pumped into 593 bank accounts in the United States, United Kingdom and China, according to a report by government-hired special investigator Jim Obazee.

Emefiele was suspended by President Bola Tinubu on June 9 and was arrested a day after by the Department of State Services, DSS, to answer to allegations of corruption and fraud.

To ensure a transparent investigation, President Tinubu appointed Obazee as a Special Investigator to probe the CBN and related entities on 28 July, charging him to set up a suitably experienced and competent team and to work with relevant security and anti-corruption agencies for the assignment.

After months of thorough work, Obazee’s panel submitted the report tagged, ‘Report of the Special Investigation on CBN and Related Entities (Chargeable Offences)’ to the President on Wednesday.

Obazee found out that Emefiele lodged £543,482,213 (N624,044,790,144) in numerous British bank accounts, while a massive sum is in U.S. and Chinese banks.

These transactions were done without authorisation by the central bank’s board of directors and investment committee. “All the accounts where the billions were lodged have all been traced,” Obazee said.

Emefiele is also accused of unauthorised investments, fraudulent cash withdrawals, manipulation of exchange rates, and involvement in fraudulent activities related to the CBN’s e-Naira project.

According to the report, the controversial naira redesign policy “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.”

It continued: “It was a conspiracy against the Nigerian people and specifically the political class by the then CBN Governor (Mr Godwin Emefiele) and one of the erstwhile CBN Deputy Governor (Mr Folashodun Shonubi).”

“The idea was that of Mr Shonubi (claiming interwoven challenges) and Mr Godwin Emefiele designed and approved the currency on 19th October 2022. 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.”

The investigator’s findings further revealed suspiciously forged signatures, including that of ex-President Buhari, on relevant documents.

The report also exposed additional financial discrepancies, including N1.7 billion spent on ‘questionable’ legal fees, the fraudulent use of Ways and Means of the apex bank amounting to N26.627 billion, and the alleged misrepresentation of presidential approval for NES Stabilisation Strategy Ltd.

The report suggests that N1.325 billion was stolen pre-incorporation, with funds funnelled to four companies, including a legal firm that received N300 million.

Furthermore, Emefiele is accused of unlawfully paying N17.2 billion to 14 Deposit Money Banks under NESI, participating in the Nigerian Electricity Market Stabilisation Facility, and diverting money from public funds.

The investigator’s findings further highlight a purported “cash withdrawal/theft of $6.23 million from CBN vault in Abuja on  February 7 and February  8 for purported payment for foreign election observation missions.”

Obazee recommended that Emefiele, along with his co-conspirators, face trial for the alleged illegal transactions and the purported misappropriation of funds for unauthorised purposes.

 

By Ezinwanne Onwuka (Senior Reporter)

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