Fresh Troubles for Emefiele As CBN Investigators Submit Report with Provocations

Fresh Troubles for Emefiele As CBN Investigators Submit Report with Provocations
Godwin Emefiele
The Special Investigator on the Central Bank of Nigeria and Related Entities, Jim Obaze, has exposed another massive corruption under the embattled former CBN governor, Godwin Emefiele

According to the final report tagged, ‘Report of the Special Investigation on CBN and Related Entities (Chargeable offenses) to President Bola Tinubu on Wednesday, Emefiele, illegally lodged billions of naira in at least 593 bank accounts in the United States, United Kingdom, and China without the approval of the apex bank’s board of directors and the CBN Investment Committee

The investigator found that Buhari “didn’t approve” of the naira redesign. According to the report, it was Tunde Sabiu, his nephew, who first told Emefiele in September 2022 to consider the redesign of the naira

According to the report, on October 6, 2022, Emefiele wrote to Buhari that he wanted to redesign and reconfigure N1000, N500, and N200 notes.

“The former President tagged along but did not approve the redesign as required by law. Buhari merely approved that the currency be printed in Nigeria. The redesign was only mentioned to the board of the CBN on December 15, 2022, after Emefiele had awarded the contract to the Nigerian Security Printing and Minting Plc on October 31, 2022,’’ the documents noted.

“In an instance, they (senior CBN and government officials) padded what the former President Muhammadu Buhari approved with N198,963,162, 187. There are instances where no approvals are received from the former president and yet, N500bn is taken and debited to Ways and Means.

“There are more shocking instances where the erstwhile CBN governor and his four deputy governors connived to steal outright to balance the books of the CBN.

“This was by violently taking money from the Consolidated Revenue account and then charging it to Ways and Means. It was a total of N124.860bn. They even created the narration as a presidential subsidy and expanded the ways and Means portfolio to accommodate crime.

“The CBN officers and even the then acting CBN governor could not produce the Presidential Approval of most of the expenses described as ‘Ways and Means.’ When confronted, to provide the breakdown of the supposed N22.7trn that was presented to the 9th National Assembly to illegally securitize as ‘Ways and Means’ financing, they were only able to partially explain a total of N9.063 trn or N9.2trn depending on which official you are considering his submission and an unreasonable attribution of non-negotiated interest element of N6.5tn.

“This shows that this was the point where the officers of the immediate past administration as well as the erstwhile CBN governor and his four deputy governors connived, defrauded, and stole from the commonwealth of our country with the aid of civil servants.’’

Continuing, the report said, “The true position of the Ways and Means as documented from the reconciliation between the CBN and the Ministry of Finance at the time is N4,449,149,411,584.54.

“This may have been the main reason the past administration hurriedly sought that the advances of N22.7trn be securitized by the 9th National Assembly on December 19, 2022, which they also hurriedly did even though it contravenes section 38 of the CBN Act, 2007.”

The document read, “The Presidential approval granted by then President Goodluck Jonathan was rightly stated by him NESI should be a company limited by guarantee but the Committee of Governors misled the Board of the CBN by relying on non-existent advice by the office of Attorney-General and Minister of Justice to incorporate a company limited by shares for which the allotted share capital exceeded the authorized share capital (See 380th meeting of the Committee of Governors held in January in January 2015) and allotting unauthorized share capital to Mr. Godwin Emefiele and Mr Mudashiru Olaitan without lawful approval by the President.

“N1.325bn was stolen pre-incorporation and the money funneled to four companies, including a legal firm which got N300mn."

Category: World-News
Tag: Fresh Troubles for Emefiele As CBN Investigators Submit Report with Provocations
Written by Author (author)
Published 12/22/2023 1:03:48 PM

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