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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.
The Labour Party has commended former President Goodluck Jonathan for conceding defeat in the 2015 presidential election, saying his decision demonstrated that political power was not worth the blood of Nigerians.
The National Chairman of the Labour Party, Senator Nenadi Usman, made the statement on Tuesday in Bauchi State while speaking with journalists on the sidelines of the 2026 Goodluck Jonathan Foundation Democracy Dialogue.
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The event, organised by the Goodluck Jonathan Foundation, was themed, “Beyond Elections: Can Political Parties and the Judiciary Save African Democracy?”
Usman said Nigeria’s democracy survived the tensions surrounding the 2015 election because Jonathan chose to put the national interest above his desire to remain in office.
She said, “Nigeria’s democracy survived the doomsday predictions of bookmakers in 2015 because of President Jonathan’s concession of defeat in that year’s election, even before the final votes were tallied.”
According to her, Jonathan’s approach to politics was exceptional, particularly because he had consistently maintained that neither his election nor remaining in power was worth the blood of any Nigerian.
Usman stated, “Such a principled approach to politics had never before been witnessed on the Nigerian political horizon. Jonathan, from the inception of his presidency, consistently maintained that neither his election nor remaining in power was worth the blood of any Nigerian.”
She added that Jonathan demonstrated the sincerity of his position when the 2015 election tested his commitment to the principle.
The Labour Party chairman urged politicians preparing for the 2027 general elections to emulate Jonathan’s non-violent approach to politics, respect democratic rules and place national interest above personal ambitions.
She also questioned whether politicians seeking the presidency in 2027 would be prepared to make similar sacrifices for national unity, particularly amid inflammatory rhetoric from some political camps.
Usman further recalled the saying attributed to Warren Buffett that someone is sitting in the shade today because someone planted a tree a long time ago.
She argued that Nigerians are able to practise democracy today partly because Jonathan made sacrifices at a critical moment.
On the Labour Party’s preparations for the 2027 elections, Usman described the party as the most structured opposition political party in Nigeria.
She said the Labour Party’s relationship with the Nigeria Labour Congress and the Trade Union Congress had strengthened its political structure nationwide.
Usman claimed that the party remained the only opposition party with a realistic presence across Nigeria’s 186,000 polling units.
She said, “With the combined strength of the NLC and the TUC, both of which are constitutional members of the party, no Nigerian political party is better positioned to show the APC government the exit door than the Labour Party.”
The democracy dialogue attracted several political leaders and dignitaries, including former Presidents Olusegun Obasanjo and Goodluck Jonathan, former Vice-President Namadi Sambo, Bauchi State Governor Bala Mohammed, former Senate President Anyim Pius Anyim and Labour Party’s 2023 presidential candidate, Peter Obi.
Others included former Plateau State Governor Jonah Jang, APC Deputy National Chairman, South, Dr Ben Nwoye, and the Emir of Bauchi, Dr Rilwanu Suleiman Adamu.
The dialogue provided a platform for discussions on strengthening democratic institutions, the role of political parties and the judiciary, and preventing democratic reversals across Africa.
Nigeria has recorded another major achievement on the international stage as the Mountain Top Chorale of Mountain of Fire and Miracles Ministries (MFM) emerged champion of the 2026 World Choir Games in Helsingborg, Sweden.
The Nigerian choir clinched the gold medal in the Spiritual Category (C14), scoring an impressive 87.38 points in the competition conducted by Oluwasegun Okedunmola.
The feat was celebrated by the General Overseer of MFM, Daniel Olukoya, who described the victory as a major moment of pride for Nigeria and the ministry.
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In a Monday Facebook post, Olukoya wrote, “A CHAMPION’S SOUND! GOLD FOR MOUNTAIN TOP CHORALE!”
According to him, the choir secured two major honours at the 2026 competition, including the gold medal in the Spiritual Category and the overall championship in the Champions Competition.
He said the achievement went beyond music, describing it as a demonstration of “discipline, excellence, dedication, teamwork and the power of using our gifts to glorify God.”
Olukoya also commended the choristers, conductor, leadership of the choir and everyone whose sacrifices and commitment contributed to the success.
The World Choir Games, organised by Interkultur, is regarded as the world’s largest international choir competition. The 2026 edition is being held in Helsingborg from August 6 to 16.
The host organisation said about 8,500 singers from more than 40 countries are participating, with more than 160 choirs taking part in the competition, concerts and other activities.
The 2026 edition is also the first time the World Choir Games are being held in Sweden.
Mountain Top Chorale’s victory places the Nigerian choir among the top performers at the global choral event and further highlights Nigeria’s presence in international gospel and choral music.
Celebrating the achievement, Olukoya said, “From Nigeria to the world, Mountain Top Chorale has raised the banner high.”
He concluded his message by congratulating the choir and giving glory to God for the historic achievement.
Former presidential candidate of the Nigeria Democratic Congress (NDC), Peter Obi, has called on President Bola Ahmed Tinubu to resign over what he described as “failure in governance,” drawing comparisons with political accountability in other democracies following the resignation announcement of UK Prime Minister Keir Starmer.
In a statement posted on his official X account on Monday, Obi said he had followed Starmer’s resignation speech and reflected on what he described as the importance of leadership responsibility in democratic governance.
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“As a keen observer of global politics, my primary interest lies in examining what successful nations do right and the structural factors that cause others to lag or struggle with governance and development,” Obi said.
He noted that Starmer’s decision followed growing public dissatisfaction over economic challenges, rising cost of living, and unmet campaign promises in the United Kingdom.
Obi then drew parallels with Nigeria, recalling that before the 2015 general elections, President Bola Ahmed Tinubu had repeatedly called on then-President Goodluck Jonathan to resign over insecurity.
“During the Chibok school kidnapping incident, he demanded the immediate resignation of President Jonathan, arguing that the government had failed in its most fundamental duty of protecting lives,” Obi stated.
He also referenced campaign promises made by Tinubu during the 2023 elections, including commitments to improve electricity supply, tackle corruption, and enhance the welfare of Nigerians.
“President Bola Ahmed Tinubu made several promises, including improved electricity supply. He also challenged the electorate not to vote for him for a second term if he failed to deliver on those commitments,” Obi said.
According to him, conditions in the country have since deteriorated, with persistent power shortages, worsening insecurity, and deepening economic hardship.
“At present, however, these conditions have worsened. Electricity supply remains unreliable, insecurity has intensified in many areas, including kidnappings, and economic hardship has deepened rather than eased,” he added.
Obi further argued that other sectors, including infrastructure, transportation, and anti-corruption efforts, had also suffered setbacks, insisting that Nigeria is currently in “the worst possible condition.”
The opposition figure therefore called on President Tinubu to step down, saying such a move would promote accountability in public office.
“I, therefore, join Nigerians of goodwill in calling for the resignation of the President over monumental failure in governance,” Obi said.
He added that resignation would help foster “a political culture rooted in accountability and responsibility” and reinforce the idea that “public office is a sacred trust, not an entitlement,” stressing the need for what he called “a New Nigeria that is possible.”
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