An investigation into the financial activities of the former Central Bank of Nigeria Governor, Godwin Emefiele, has revealed serious financial irregularities, including the alleged illegal operation of 593 foreign bank accounts and mismanagement of funds during his tenure.
According to the Special Investigator on the CBN and Related Entities, Jim Obaze, Emefiele reportedly operated these accounts in the United States, United Kingdom, and China without the approval of the CBN’s board of directors and the CBN Investment Committee.
The report indicates that £543,482,213 was lodged in fixed deposits in UK banks alone 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 the United Kingdom while he was in charge,” stated the report.
Emefiele, who is currently in the Kuje Custodial Centre facing charges of N1.2 billion procurement fraud, has not responded to the allegations. His lawyer, Mathew Bukkaa, is yet to comment on the matter.
In addition to the foreign accounts, the investigation uncovered potential criminal charges related to the handling of the CBN naira redesign policy.
Emefiele may face prosecution for the illegal issuance of currency, and several others, including a former aide to President Muhammadu Buhari and 12 top directors of the CBN, could also be implicated.
The report disclosed that the naira redesign policy was implemented without proper approval, and funds for the redesign were allocated without following due process. N61.5 billion was earmarked for printing new notes, of which N31.79 billion had already been paid. As of August 9, 2023, N769 billion worth of the new notes were reportedly in circulation.
The investigation further revealed alleged fraudulent use of N26.627 trillion in Ways and Means of the Apex Bank, misuse of the COVID-19 intervention fund, and questionable legal fees amounting to N1.7 billion for 19 cases related to the naira redesign policy.
“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, they were only able to partially explain a total of N9.063 trillion,” the report stated.
The investigator also highlighted other financial discrepancies, including the strange illegal withdrawal of $6.23 million from the CBN vault by two individuals using a forged presidential letter.
