How Emefiele, Others Stole Billions, Illegally Kept Nigeria’s Funds in Foreign Banks – CBN Investigator

The Special Investigator appointed by President Bola Tinubu to probe the Central Bank of Nigeria (CBN), Jim Obazee, has uncovered a web of financial misconduct involving former CBN Governor Godwin Emefiele and several high-ranking officials.

According to the investigator’s report submitted on December 9, 2023, Emefiele and his associates are accused of illegally stashing Nigerian funds totaling billions in 593 foreign bank accounts located in the United States, United Kingdom, and China. The report alleges a “fraudulent cash withdrawal of $6.23 million” from the CBN’s accounts.

Obazee recommends the prosecution of Emefiele and at least 13 other individuals, including deputy governors, for various financial offenses. The report suggests that Emefiele manipulated the Naira exchange rate and engaged in fraudulent activities related to the e-Naira project.

One of the most significant revelations in the report is the claim that Emefiele orchestrated the controversial redesign of the Naira in October 2022 without proper authorization. The redesign, costing N61.5 billion, allegedly aimed to hinder the political class, resulting in a financial burden on Nigerians.

The report further exposes the misuse of “Ways and Means,” with a staggering N26.627 trillion involved in fraudulent transactions. Additionally, the investigator points out fraudulent interventions in programs, questionable COVID-19 expenditures, and misrepresentation of presidential approval in NESI Stabilisation Strategy Ltd.

The theft of $6.23 million from the CBN vault, under the pretext of funding foreign election observer missions, is detailed in the report. The Special Investigator highlights the involvement of individuals, including Abdulwaheed Muhammed and Bashirdeen Mohammed Maisanu, in executing the theft.

President Tinubu appointed Obazee in July to strengthen probity in key Government Business Entities (GBEs) and curb corruption. The report raises serious concerns about the financial management during the previous administration, emphasizing the need for accountability.

As the nation awaits President Tinubu’s response to the report, the implicated individuals, including Emefiele, remain unavailable for comments. The report underscores the challenges in the financial sector and calls for swift action to restore transparency and trust in Nigeria’s economic institutions.