17 Key Illegalities Conducted by Emefiele as CBN Governor, Obazee's Investigation Reveal

17 Key Illegalities Conducted by Emefiele as CBN Governor, Obazee
Godwin Emefiele
Jim Obazee, a researcher contracted to investigate the activities of the Central Bank of Nigeria (CBN) under the leadership of the embattled Governor of the Bank, Godwin Emefiele has released the outcome of his investigation, opening can of worms about the illicit activities of the former CBN Governor.

Obazee's report has shed more light into the activities of the former CBN Governor Emefiele, with provocative findings ranging from "illegally" deciding on monetary policies that inflicted hardships on the citizens, to reports of financial embezzlement by a clique of corrupt-minded chief officers of the Nigerian Bank of banks, CBN.

Highlights of the Illegal activities Allegedly conducted by Emefiele are listed below:

1. Unauthorized funded 593 Bank accounts located in the UK, US, and China

2. Fraudulent cash withdrawal of $6.23 million from CBN vault under a purported approval of the president to pay foreign election observers.


3. Gross financial misconduct by the CBN Governor and at least 13 other individuals, including his Deputy Governors

4. £543.4 million kept in fixed deposit by Mr. Emefiele


5. Manipulation of the Naira exchange rate and perpetration of fraud in the e-Naira project of the CBN

6. The Naira Redesign was neither recommended by the Board of the CBN nor approved by the then-President

7. The CBN printed the new N200, N500, and N1,000 notes at a total cost of N61.5 billion out of which N31.8 billion has been paid to the Contractor

8. The sum of N1.73 billion was spent on questionable legal fees on 19 cases that are directly traceable to the Naira Redesign and reconfiguration agenda

9. £205,000 was paid to a UK Firm for a Naira Redesign effort - positioning of watermark, presence of QR codes, different numbering style, and other complex security features

10. Fraudulent use of Ways & Means to the tune of N26.627 trillion

11. Fraudulent intervention programmes

12. Fraudulent expenditures on COVID-19

13. Misrepresentation of presidential approval on the NESI Stabilization Strategy Ltd.

14. Padding of former president Buhari's approval with N198.96 billion - approximating N801.04 billion to N1 trillion

15. No approvals were received from the former president and yet N500 billion was taken and debited to Ways & Means

16. The former CBN Governor and 4 Deputies connived to steal outrightly to balance the books of the CBN

17. No approval for the breakdown of N22.72 trillion presented to the 9th National Assembly to illegally securitize the "Ways & Means" financing.

Category: World-News
Tag: 17 Key Illegalities Conducted by Emefiele as CBN Governor Obazees Investigation Reveal
Written by Author (author)
Published 12/22/2023 10:28:57 PM

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