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CBN Probe Reveals Startling Fraud, Mismanagement Under Emefiele
Under the leadership of former governor Godwin Emefiele, a report by Jim Obazee, appointed by President Bola Tinubu to investigate, has exposed severe mismanagement, fraud, and arbitrary practices at the Central Bank of Nigeria, resulting in substantial financial losses running into trillions for the country.
Following the suspension of Emefiele as Governor of the CBN on June 9, 2023, the President appointed a Special Investigator to delve into the affairs of the apex bank.
Subsequently, the former CBN head was arrested by the Department of State Services (DSS) before being transferred to the Economic and Financial Crimes Commission (EFCC).
He faced arraignment on November 17, charged with six counts related to an alleged N1.6 billion procurement fraud.
After the submission of the interim and final reports by the Special Investigator on December 20, it seems Emefiele might face even greater trouble ahead.
The reports highlighted extensive financial misconduct, not solely attributed to Emefiele but also implicating other high-ranking officials from the apex bank, individuals from the former President Muhammadu Buhari’s administration, and a Minister, as disclosed by a source.
A total of 16 individuals identified in the report have been recommended for prosecution due to their involvement in various fraudulent activities within the CBN.
The reports outlined numerous violations of the CBN Act, citing instances of arbitrariness, fund diversion, and misappropriation, alongside forgery and collusion, involving Emefiele and associates both within and outside the CBN.
One significant highlight of Emefiele’s arbitrariness, as revealed by a source, includes the investment of billions of dollars from Nigeria into accounts in the United States, China, and the United Kingdom without obtaining approval from the CBN Board or the Investment Committee.
The Special Investigator’s findings uncovered over 500 such accounts operated by the CBN during Emefiele’s tenure, with £543,482,213 held in fixed deposits within one UK account.
The Special Investigator successfully traced all the accounts in question.
Additionally, the report shed light on the fraudulent and mismanaged utilization of the controversial Ways and Means program during the Buhari administration at the CBN.
The investigation revealed that the management of the Ways and Means program was characterized by significant arbitrariness under Emefiele, involving funds withdrawn from the national treasury without the required authorization.
The report from the Special Investigator highlighted the inability of CBN officers to provide a satisfactory account of how the over N27 trillion was spent or authorized by the president.
Regarding the nearly N30 trillion presented to the 9th National Assembly under the guise of “Ways and Means” financing, CBN officials were only able to justify over N9 trillion.
There was also an alleged non-negotiated or unadvised interest element of over N6 trillion.
This discrepancy raised concerns, suggesting that the ‘Way and Means Financing’ served as a channel for misappropriation during Emefiele’s leadership at the CBN and within the Ministry of Finance.
The report, relying on documents from the CBN and the Ministry of Finance, accounted for just over N4 trillion at the time when the former administration requested the 9th Assembly to securitize advances of N22,719,703,774,306.90 on December 19, 2022, which went against the CBN Act of 2007.
Adding to the puzzle was the revelation that Emefiele urged Buhari to initiate the restructuring of the “Ways and Means” totaling N23,719,703,774,306.90 on the same day the N22 trillion was presented to the National Assembly for securitization.
Emefiele asserted the final “Ways and Means” figure stood at N26.627 trillion by June 8, 2023, suggesting that under his leadership, the CBN continued to dubiously print money despite public outcry, as noted in the report.
Additionally, the report outlined how the CBN, during Emefiele’s tenure, mismanaged approximately N1.622 trillion allocated for COVID-19 intervention.
Unauthorized transfers and donations to various individuals and organizations were highlighted. Shockingly, the Special Investigator’s findings uncovered how the former CBN Governor manipulated former President Goodluck Jonathan’s directive concerning the establishment of the Nigeria Electricity Supply Industry (NESI) Stabilization Strategy Limited.
Contrary to the former President’s directive to establish the entity as a Special Purpose Vehicle (SPV) limited by Guarantee, Emefiele incorporated the entity as a company limited by shares.
This move allowed the entity to issue debentures, despite being a newly established entity.
Consequently, the former CBN Governor facilitated the issuance of over N64 billion in debentures by the company, which was sanctioned by the Committee of Governors of the CBN during its meeting on January 21, 2015, in violation of Section 31 of the CBN Act, 2007.
The Special Investigator’s report indicated a staggering total of N952 billion diverted from the CBN vaults under this pretense by the end of the 2021 financial year.
Specifically, N1.325 billion was diverted to four companies before their incorporation, while 14 banks were implicated in fraudulently diverting over N17 billion from the Nigerian Electricity Market Stabilization Facility.
Another alarming revelation was Emefiele’s decision to initiate an economically detrimental naira redesign policy at the urging of a Buhari aide, Tunde Sabiu. Emefiele pursued this initiative, which resulted in the collapse of numerous small and micro-businesses and financial ruin for many Nigerians, without securing the President’s permission, contradicting Section 19(1) of the CBN Act.
The Special Investigator’s findings revealed that the CBN Board was not involved in the decision to redesign the currency. Instead, the initiative was proposed to Emefiele by Sabiu during a visit to the presidential villa in September 2022. Subsequently, on October 6, 2022, the former CBN Governor forwarded a memo to the President seeking approval for the venture, which was granted the same day. The President’s directive stipulated that the new naira notes should be printed domestically.
However, contrary to the President’s instruction, Emefiele awarded the design contract to a UK firm, De La Rue, resulting in the apex bank incurring a cost of N61.5 billion for the printing.
Moreover, Emefiele left behind a debt exceeding N30 billion for the currency printing, with only N31.79 billion of the contract sum paid by the time of his departure from office.
Human rights activist Omoyele Sowore and several legal practitioners on Monday escorted a Lagos-based National Youth Service Corps (NYSC) member, Ushie Uguamaye, popularly known as Raye, to the office of her Local Government Inspector (LGI) after she was summoned for a viral video criticizing President Bola Tinubu’s administration.
Raye had gained widespread attention after posting a video on her TikTok account, #talktoraye, in which she lamented the country’s worsening economic crisis and blamed President Tinubu for the hardship faced by Nigerians.
She further described the president as a “terrible leader.”
READ ALSO: You Have No Right To Stop Me – Sowore Battles Police, EFCC At Court Entrance
In a subsequent video, Raye claimed that NYSC officials had begun to threaten her following her public outbursts.
She was then summoned to appear at the NYSC office in Eti-Osa, Lagos, for questioning on Monday.
However, Sowore, alongside legal practitioners including Festus Ogun, Yinka Oyesomi, and Justice Ojienoh, accompanied Raye to the NYSC office in a show of solidarity.
According to an update shared by Sowore on his official X handle, the NYSC officials failed to show up for the meeting.
“We arrived at the Eti-Osa LGI offices of the @officialnyscng with youth corper, Ushie Rita Uguamaye, in Lagos. She was scheduled to appear before the LGI today, and we escorted her to their offices with attorneys.
@mrfestusogun, @yinka_oyesomi, and @justiceojienoh, but the LGI official had absconded, failing to show up throughout our stay,” Sowore posted.
The Ogun State Police Command has confirmed the tragic death of Inspector Ajele Oloyede, who was on special duty at Goodwill Ceramic Company in Igbesa, Ado Odo-Ota Local Government Area.
In a statement on Sunday, the Police Public Relations Officer, Omolola Odutola, disclosed that the incident occurred on March 14, 2025, around 1:20 p.m.
Oloyede, who was attached to the 78 PMF, Zamfara State, was found dead from a gunshot wound under unclear circumstances.
READ ALSO: No More Sacking Of Unmarried Pregnant Policewomen – NPF
According to preliminary reports, another officer, Tolorunloju Stephen, attached to the Force Headquarters Annex in Lagos, recounted that he had just returned from Ikeja when he saw Inspector Oloyede resting his head on a table in the security office.
After exchanging pleasantries, Oloyede reportedly assured Stephen that he was fine.
Moments later, Stephen went to the restroom but was startled by the sound of a gunshot. He rushed back to find Oloyede lying in a pool of blood.
With the help of private security personnel, the injured officer was immediately transported to Ota General Hospital, where he was pronounced dead by doctors.
The police confirmed that the firearm used in the incident has been recovered, and the body has been deposited for an autopsy.
Reacting to the incident, Ogun State Commissioner of Police, Lanre Ogunlowo, ordered a full-scale investigation to determine whether foul play was involved or if mental health issues contributed to the tragedy.
The case has been transferred to the State Criminal Investigation Department (SCID), Eleweran, for further inquiry.
“The Nigeria Police Force expresses its deepest condolences to the family, colleagues, and loved ones of Inspector Ajele Oloyede. The command remains committed to the well-being of its officers and will ensure that all necessary support is provided during this difficult time,” Odutola stated.
Authorities assured the public that the findings of the investigation would be made known once concluded.
Nine surveyors abducted in the Akure North Local Government Area of Ondo State have been released after their families paid a ransom of N20 million.
Recall that the victims were kidnapped a week ago while working at a site in Ilu-Abo.
Their captors initially demanded N100 million for their release.
However, following negotiations, market women intervened, pleading for a reduction to N50 million.
READ MORE: Ondo Market Women Block Governor’s Office Over Nine Abducted Surveyors
The kidnappers initially rejected the appeal before eventually settling for N20 million.
Confirming their release, Pastor Ajibade Owolanke, brother to the Ejemikin of Akure, High Chief Oluwole Omotayo, said: “The victims have joined their individual family members.”
It was gathered that after regaining their freedom, the surveyors were taken to different hospitals for medical examinations.
The abduction sparked widespread outrage in the state, prompting market women and youths in Akure to stage a protest.
The demonstrators urged Governor Lucky Aiyedatiwa and security agencies to take decisive action against the rising wave of kidnappings in the state.
Security authorities have yet to comment on any arrests related to the incident.
More to follow………..
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