A damning report by special investigator Jim Obazee, appointed by President Bola Tinubu, has leveled serious accusations against the former Central Bank governor, Godwin Emefiele. The report alleges that Emefiele operated 593 unauthorized bank accounts in the US, UK, and China, where Nigerian funds were purportedly kept without approval by the CBN’s Board and Investment Committee.
Among the shocking claims are the alleged misappropriation of billions of naira, including a “fraudulent cash withdrawal of $6.23 million” just before the 2023 elections. The investigation reveals that Emefiele invested Nigeria’s money in foreign accounts without proper authorization, with funds traced to accounts in the US, China, and the UK.
Obazee contends that Emefiele manipulated the Naira exchange rate and committed fraud in the CBN’s e-Naira project. The controversial redesign of the naira, reportedly executed without proper approval, cost N61.5 billion, with questionable legal fees of N1,727,500,000 incurred. The investigator accuses Emefiele and his deputies of involvement in fraudulent activities related to the misapplication of the “Ways and Means” facility, purportedly misused to the tune of N26.627 trillion.
Emefiele and his deputies are also implicated in fraudulent intervention programs, questionable COVID-19 expenditures, and misrepresentation of presidential approval concerning the NESI Stabilisation Strategy Ltd. The investigator recommends the prosecution of Emefiele and at least 13 other individuals for alleged serious financial offenses.
The revelations have raised concerns about financial mismanagement and call for a thorough investigation into the allegations. As the report circulates, Nigerians await official responses from relevant authorities and anticipate the legal consequences that may follow.
