Strong Allegations of How Godwin Emefiele and friends stole Nigeria Blind
A deep-rooted scandal has emerged following a comprehensive probe into the Central Bank of Nigeria (CBN), implicating former Central Bank Governor Godwin Emefiele, a minister, and 14 other individuals. The investigation uncovered an astonishing N26.6 trillion fraud committed by 16 former government and CBN officials through the misuse of “Ways and Means.”
Among the allegations, it was revealed that Emefiele had flagrantly invested billions of dollars from public funds in 593 foreign accounts in the United States, China, and the United Kingdom without proper authorization. Shockingly, £543.45 million was held in fixed deposits in the UK alone, a decision made without consulting the CBN Board or the Investment Committee.
In another disturbing revelation, approximately N1.62 trillion designated for COVID-19 intervention remains unaccounted for. The funds were allegedly transferred illicitly to various individuals and organizations, including the Police Trust Fund, companies, individuals, and the Office of the Accountant-General of the Federation. The investigation left investigators baffled at the lack of transparency and responsible financial management.
Moreover, an unlawful diversion of N17 billion was discovered in the Nigeria Electricity Supply Industry (NESI), orchestrated with the complicity of 14 Deposit Money Banks (DMBs). The identities of these banks have not been disclosed, but they will be made public in due course. It has been determined that two of the banks are liable for over N3 billion each, with even a reputable bank being required to refund N8,902,081.
The investigation also delved into the contentious issue of the naira redesign, which almost threatened the stability of Nigeria’s economy. It transpired that Emefiele proceeded with the redesign on the orders of an influential former aide to President Muhammadu Buhari, bypassing the necessary approvals from the CBN Board and the President himself. These actions violated Section 19(1) of the CBN Act, which stipulates that any changes to the currency must be approved by the President based on CBN Board recommendations.
The consequences of the naira redesign scandal were staggering. Not only did Emefiele overlook the required procedures, but he also inexplicably chose to engage De La Rue, a UK-based company, to execute the redesign at a cost of £205,000. Only the N1,000, N500, and N200 denominations were altered. By August 9, 2023, N769 billion of the newly designed notes were in circulation at a printing cost of N61.5 billion, of which N31.79 billion has already been paid.
The probe into the CBN also unearthed grave irregularities in the management of funds. Emefiele and his team were unable to produce evidence of the massive “Ways and Means” funds, which amounted to an alarming N26.6 trillion. Instances of arbitrary withdrawals from the nation’s Consolidated Revenue Fund without presidential approval raised further concerns about financial misconduct. The officials involved failed to provide a comprehensive breakdown of the supposed N22.7 trillion allocated as “Ways and Means,” further exposing a web of deceit, fraud, and embezzlement.
The revelations have astounded the nation, painting a grim picture of corruption and malpractice within the CBN and related entities. The investigation’s findings highlight the urgent need for accountability, transparency, and systemic reform in order to prevent such gross misappropriation of funds in the future.