CBN Investigator Accuses Emefiele of Misappropriating Billions and Modifying Naira Without Authorization
After an extensive four-month investigation, the Special Investigator assigned to probe the Central Bank of Nigeria (CBN), Jim Obazee, has submitted a report implicating former CBN Governor, Mr. Godwin Emefiele, and other high-ranking officials in severe financial misconduct, including the embezzlement of billions of naira.
According to a report obtained by Premium Times, Obazee’s findings were presented to President Bola Tinubu on December 9, 2023.
The report alleges that during Emefiele’s tenure from June 2014 to June 2023, he engaged in fraudulent activities such as unauthorized cash withdrawals amounting to $6.23 million and manipulation of the exchange rate.
Additionally, Emefiele is accused of keeping 543.4 million pounds in the United Kingdom.
Obazee’s report also claims that Emefiele committed financial offenses by redesigning the naira without proper approval, violating the CBN Act. The redesign, announced in October 2022, led to acute naira scarcity and caused widespread hardship.
The investigation further revealed that Emefiele and others fraudulently utilized Ways and Means amounting to N26.6 trillion, launched deceptive intervention programs, made questionable expenditures related to COVID-19, and manipulated presidential approval, among other offenses.
As a result of these allegations, Obazee has recommended the prosecution of Emefiele and his deputy governors for their involvement in financial misconduct.
The contentious naira redesign, which stirred controversy and criticism, was implemented by Emefiele in October 2022.
Despite objections from the Minister of Finance, Budget, and National Planning, Zainab Ahmed, and subsequent protests, President Muhammadu Buhari expressed his support for the redesign on October 30, 2022.
The Supreme Court, however, later ruled on March 3, 2023, that the old notes should remain in circulation until December 31, 2023, deeming the redesign unconstitutional.
Emefiele, who has been in custody since his arrest by the Department of State Services (DSS) in June, is concurrently facing charges of N1.2 billion procurement fraud brought by the Economic and Financial Crimes Commission (EFCC).
President Bola Ahmed Tinubu appointed Jim Obazee as a special investigator in July to scrutinize the CBN and related entities, emphasizing the need to ensure probity in key government business entities.
Obazee’s investigation has covered various aspects, including the use of COVID-19 funds, management of Ways and Means, and intervention programs.
President Tinubu, in a letter to Obazee, outlined the importance of a thorough investigation and requested weekly briefings on the progress being made.
The allegations against Emefiele and other top officials indicate a significant challenge to the integrity of the CBN and have raised concerns about the transparency of financial operations within the institution.