Emefiele’s alleged financial misconducts exposed in detailed investigation report
Story from Fatima Adamu, Abuja.
A comprehensive investigation into the tenure of former Central Bank of Nigeria (CBN) Governor Godwin Emefiele has revealed a series of alarming financial irregularities. The Special Investigator on the CBN and Related Entities, Jim Obaze, presented a detailed report to President Bola Tinubu, outlining significant concerns about Emefiele’s financial management.
Foreign Bank Accounts and Investments:
Obaze’s findings suggest that Emefiele illegally operated 593 bank accounts in the United States, United Kingdom, and China, without the necessary approvals. Shockingly, billions of naira were allegedly invested in these foreign accounts without proper authorization.
“The former governor of CBN,
Godwin Emefiele invested Nigeria’s money without authorization in 593 foreign bank accounts in the United States, China and United Kingdom, while he was in charge.”
The report points to a staggering £543,482,213 lodged in fixed deposits in UK banks alone, raising serious concerns about transparency and adherence to financial protocols.
Naira Redesign Policy:
Emefiele faces potential charges related to the handling of the CBN naira redesign policy. The investigation claims that the initiative was presented to former President Muhammadu Buhari without proper board approval, indicating a lack of due process in awarding contracts and earmarking funds for the printing of new notes.
“The former President tagged along but did not approve the redesign as required by law.”
The investigation alleges that the naira redesign contract was awarded without proper approval, raising questions about financial oversight and adherence to legal procedures.
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Ways and Means Portfolio:
The report raises concerns about the alleged fraudulent use of N26.627 trillion in Ways and Means of the Apex Bank. Emefiele is accused of unauthorized debits from the Consolidated Revenue Fund Account and anticipatory approvals for large sums without proper processes.
“They even created the narration as a presidential subsidy and expanded the Ways and Means portfolio to accommodate crime.”
The investigation suggests that funds were misappropriated, potentially impacting the overall financial stability of the CBN during Emefiele’s tenure.
Legal Fees, Misrepresentation, and Unlawful Payments:
Obaze’s report outlines additional areas of concern, including questionable legal fees, misrepresentation of presidential approvals, and unlawful payments to deposit money banks. The investigation highlights potential financial improprieties that may have occurred under Emefiele’s leadership.
“N1.325bn was stolen pre-incorporation and the money funnelled to four companies, including a legal firm which got N300mn.”
These allegations point to the need for a thorough examination of financial practices within the CBN during Emefiele’s term, emphasizing the importance of transparency and accountability in financial institutions.
Emefiele’s legal representative, Mathew Bukkaa, is yet to respond to inquiries about the allegations, leaving the full legal implications and potential consequences to be determined as the investigation unfolds.
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