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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.
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Corruption Trials: EFCC, NJI Push Specialised Judges, Digital Evidence Reforms
The Economic and Financial Crimes Commission (EFCC) and the National Judicial Institute (NJI) have called for specialised judges, improved digital evidence management and legal reforms to accelerate the prosecution of corruption and other financial crime cases in Nigeria.
The recommendations were contained in a communiqué issued at the end of the 8th Capacity Building Workshop for Justices and Judges, held in Abuja from October 13 to 15, 2026.
The workshop, organised by the EFCC in collaboration with the NJI, was themed “Investigation and Prosecution of Economic and Financial Crimes in a Digital Age.”
SEE MORE: EFCC Arrests Enugu Estate MD Over Alleged N128m Land Scam
According to a statement signed by the EFCC’s Head of Media and Publicity, Dele Oyewale, the workshop brought together justices and judges from across the country, alongside EFCC investigators and prosecutors, for three days of lectures and deliberations.
Participants resolved that designating specialised judges and court staff to handle corruption cases, alongside targeted training, would help address delays in the administration of justice.
According to the communiqué, delays in resolving corruption cases “will be greatly reduced by designating specialised judges and court staff to handle such cases as well as equipping such judges and courts with necessary skills through training to ensure efficient, certain and consistent application of existing laws in the administration of justice.”
The participants also called for a balance between protecting the rights of defendants and ensuring the speedy administration of justice.
They said the criminal justice system “must strike the proper balance between fairness, efficiency and legal certainty in the protection of individual rights on one hand and the speedy administration of justice, on the other hand.”
To achieve this, they recommended reviewing relevant provisions of the Administration of Criminal Justice Act where necessary.
EFCC, NJI Seek Better Digital Evidence Management
The participants called for stronger investigation standards, including improved digital management protocols, to ensure that prosecutions rely on credible and admissible evidence.
They also recommended a more coordinated approach to obtaining confessional statements, stressing that institutionalising video recording and other necessary safeguards would protect suspects’ rights and preserve the integrity of investigations.
On asset recovery, the communiqué described Non-Conviction Based Asset Forfeiture proceedings as “an effective tool for recovery of stolen assets.”
However, participants stressed that its use “must follow extant legal protocols, adherence to human rights standards and strong institutional oversight.”
They also called for procedural reforms to allow extensions of time for freezing suspected proceeds of financial crimes.
Participants Recommend AI Guidelines for Judiciary
The communiqué further called on Ministries, Departments and Agencies in the anti-corruption sector to work with the National Assembly and the Judiciary to develop governance protocols and policy guidelines for adopting and deploying artificial intelligence in the administration of justice.
Participants also urged stakeholders to familiarise themselves with existing laws and regulations governing the investigation, prosecution and adjudication of financial crime cases involving virtual assets.
These include the Investment and Securities Act (2025), the Executive Order on Virtual Assets Coordination (2026), the Rules on Digital and Virtual Assets Operations (2026) and the Proceeds of Crime Act (2022).
The workshop also highlighted the need for increased investment in digital forensic laboratories, technology infrastructure and specialised training for investigators, prosecutors and judicial officers.
Participants called for continuous training to equip judicial officers and anti-corruption agencies with the skills required to address evolving economic and financial crimes in line with global best practices.
On the use of open-source intelligence, they said investigators, prosecutors and judicial officers should treat it primarily as a source of investigative leads and corroboration, while ensuring that evidence relied upon in court complies with applicable evidential rules.
NJI, NJC Urged to Develop Certification Courses
The communiqué recommended that the NJI, working with the National Judicial Council (NJC), develop accredited certificate and diploma courses to equip judges and other relevant stakeholders with the skills required to improve justice delivery, subject to any necessary legislative review.
Participants also called for sustained coordination among stakeholders in the administration of criminal justice, particularly in sharing information on emerging trends in the investigation and prosecution of economic and financial crimes in the digital age.
They urged heads of courts to use insights from the workshop to develop policies clarifying judicial practice on the technical issues discussed.
The workshop featured nine interactive sessions covering the admissibility of confessional statements, garnishee proceedings, abuse of court processes, asset forfeiture, artificial intelligence in investigations and prosecutions, virtual asset recovery and digital forensics.
Attendees included justices of the Supreme Court and Court of Appeal, judges of the Federal High Court, State High Courts and the High Court of the Federal Capital Territory, alongside other stakeholders in the judiciary and anti-corruption sector.
Participants expressed appreciation to President Bola Ahmed Tinubu, who was represented at the workshop by Vice-President Kashim Shettima, as well as other stakeholders and organisers who contributed to its success.
Other News
LASTMA Alerts Motorists to Traffic Delays on Ogunnusi Road
The Lagos State Traffic Management Authority (LASTMA) has alerted motorists to traffic delays along Ogunnusi Road towards Ojodu-Berger due to ongoing rehabilitation work.
LASTMA disclosed this in a post on its official X account on Sunday, stating that the road rehabilitation was being carried out by the Lagos State Public Works Corporation (LSPWC).
According to the agency, “The ongoing work is affecting traffic flow, with vehicles moving at a slower pace in both directions.”
ALSO READ: Chaos On Lagos-Ibadan Expressway As LASTMA Shuts Otedola Bridge
To ease the situation, LASTMA said a contraflow arrangement had been introduced for motorists travelling from Omole Junction towards Vis Junction.
“A contraflow arrangement is in place for vehicles coming from Omole Junction towards Vis Junction to facilitate the movement of traffic,” the agency stated.
LASTMA added that its personnel had been deployed to manage traffic and ensure the continuous movement of vehicles around the affected area.
“Our personnel are on ground managing the traffic situation and ensuring the continuous flow of vehicular movement,” the agency said.
The traffic management authority advised motorists to remain patient and exercise caution while the rehabilitation work continues.
“Motorists are advised to exercise patience and drive with caution while the rehabilitation work continues,” LASTMA stated.
NEWS
Dangote Investments are Catalysts for Africa’s Economic Growth – AFC
Leading economists, financial experts and industry stakeholders have described the Dangote Group’s investments as major drivers of industrialisation and economic transformation across Nigeria and Africa.
The experts cited the Group’s impact on job creation, import substitution, foreign exchange conservation and economic competitiveness.
They voiced their thoughts at the Lagos Economic Summit themed “The Real Deal: Africa’s Greatest Investment Opportunity,” where they urged governments to implement policies that strengthen local industries and accelerate economic diversification.
President and Chief Executive Officer of the Africa Finance Corporation (AFC), Samaila Zubairu, commended the Dangote Group’s sustained investments across Africa, describing them as critical to unlocking the continent’s economic potential.
He noted that while recent economic reforms have improved foreign exchange stability, strengthened reserves and eased inflationary pressures, the focus must now shift to growth in industry, productivity and employment.
READ ALSO: NMDPRA Shares July Domestic Cooking Gas Supply Details
Also speaking, Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), Muda Yusuf, said industrialisation remains the most effective path to sustainable economic development.
He called for better alignment of trade and industrial policies, stressing that local manufacturers require strategic support to compete effectively and drive broader economic benefits.
Founder and CEO of Nairametrics, Ugodre Obi-Chukwu, said Africa’s growing population presents a significant industrial opportunity, noting that investments such as the Dangote Refinery are helping to retain capital within the continent while strengthening local production capacity.
In his keynote address, Managing Director of Financial Derivatives Company Limited, Bismarck Rewane, said Nigeria is gradually transitioning from a consumption-led economy to one driven by investment and production.
He added that sustained investments in productive sectors will continue to stimulate growth, create jobs and improve living standards.
Participants at the summit also advocated stronger credit infrastructure, improved national identification systems and increased investment in skills development to enhance the productivity and global competitiveness of Africa’s growing youth population.
Photo Caption: From Left – Chief Economist, Dangote Industries Limited, Dr. Hassan Mahmud; Lady Maiden Alex-Ibru; Chairman of Occasion/Special Guest of Honour, Samaila Zubairu; Key Note Speaker Session 1, Bismarck Rewane; during the Real Deal: Africa’s Greatest Investment Opportunity, Sponsored by Dangote Industry Limited in Lagos on Thursday 3, September 2026.





