The Special Investigator on the Central Bank of Nigeria and Related Entities, Jim Obaze, has exposed another heavy corruption implicating the embattled former CBN governor, Godwin Emefiele.
Obaze’s final report, titled ‘Report of the Special Investigation on CBN and Related Entities (Chargeable Offences),’ presented to President Bola Tinubu on Wednesday, disclosed that Emefiele illegally deposited billions of naira in over 593 bank accounts across the United States, United Kingdom, and China without approval. Notably, £543,482,213 was reportedly placed in fixed deposits in UK banks without proper authorization.
The investigation further reveals a lack of approval for the redesign of the naira, with claims that Emefiele proceeded without proper consent. The redesign proposal was allegedly presented to the CBN board only after the contract had been awarded to the Nigerian Security Printing and Minting Plc.
“The former President tagged along but did not approve the redesign as required by law. Buhari merely approved that the currency be printed in Nigeria. The redesign was only mentioned to the board of the CBN on December 15, 2022, after Emefiele had awarded the contract to the Nigerian Security Printing and Minting Plc on October 31, 2022,’’ the documents noted.
Financial improprieties extend to the misuse of CBN funds, including the alleged abuse of N26.627tn in Ways and Means and the misallocation of the COVID-19 intervention fund. The report suggests instances where CBN officials padded approved amounts and engaged in fraudulent practices, resulting in substantial financial losses.
Furthermore, Emefiele faces scrutiny for the alleged manipulation of the naira exchange rate, questionable implementation of the e-naira project, and the exemption of three foreign firms from income tax.
The investigation also uncovers the illegal withdrawal of $6.23m from the CBN vault, executed with a forged presidential letter.