Former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, is facing serious allegations of financial misconduct, including the operation of 593 illegal bank accounts in the United States, United Kingdom, and China.
The accusations were brought to light by Special Investigator Jim Obaze, who has submitted a detailed report on the matter to President Bola Tinubu. Godwin Emefiele, currently detained for a separate N1.2 billion procurement fraud case, is now under scrutiny for unauthorized transactions and potential prosecution related to the CBN’s naira redesign policy.
According to the investigation, Godwin Emefiele is alleged to have operated 593 illegal bank accounts in the U.S., UK, and China, with unauthorized transactions amounting to £543,482,213 in the UK alone.
The report suggests that these transactions were conducted without proper approval, raising concerns about transparency and adherence to legal procedures.
The probe further revealed that the naira redesign initiative, a significant policy undertaken by Emefiele, was carried out without proper authorization.
The former CBN governor reportedly contracted the redesign to a UK-based company, De La Rue, for £205,000, without the necessary approval from the CBN board of directors.
This has led to questions about the transparency of the process and potential legal consequences.
Godwin Emefiele is accused of mismanaging the CBN’s funds, with allegations ranging from illegal foreign account operations to fraudulent cash withdrawals, including a reported fraudulent cash withdrawal of $6.23 million (approximately N2.9 billion).
The investigator also pointed out manipulations of the exchange rate and fraudulent activities related to the e-Naira project.
Currently held in the Kuje Custodial Centre for the N1.2 billion procurement fraud case, Emefiele has been unable to meet the N300 million bail granted to him. Moreover, there are indications that he could face additional charges related to the illegal issuance of currency under section 19 of the CBN Act.
Former President Buhari’s aide, Tunde Sabiu, and 12 CBN directors may also be prosecuted in connection with these charges.
The investigation has uncovered that the naira redesign policy was initiated without proper approval from then-President Buhari. Emefiele allegedly proceeded with the redesign, awarding the contract to the Nigerian Security Printing and Minting Plc without obtaining the necessary approvals.
The revelation raises questions about the legality and transparency of the decision-making process.
The report exposed the abuse of the CBN Ways and Means, including instances where senior CBN and government officials padded approved amounts and engaged in fraudulent activities.
The document alleges that money was taken from the Consolidated Revenue account and charged to Ways and Means, with a total of N124.860 billion involved in these transactions.
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