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Investigator spills new details of alleged financial crimes under Emefiele

He had accounts un UK, China US.

The Special Investigator on the Central Bank of Nigeria (CBN) and Related Entities, Jim Obaze, has unveiled a series of alleged corrupt practices during the tenure of the embattled former CBN governor, Godwin Emefiele.

According to the final report titled, 'Report of the Special Investigation on CBN and Related Entities (Chargeable Offences),' presented to President Bola Tinubu, Emefiele is accused of unlawfully lodging billions of naira in at least 593 bank accounts across the United States, United Kingdom, and China. These transactions reportedly occurred without the necessary approvals from the CBN board of directors and the CBN Investment Committee.

Notably, it was disclosed that Emefiele deposited £543,482,213 in fixed deposits in UK banks alone, without any form of authorisation.

The investigative team also found that the redesign of the naira, a move initiated by Emefiele, was not approved by former President Muhammadu Buhari.

The report reveals that the redesign proposal was only communicated to the CBN board on December 15, 2022, well after the contract had been awarded to the Nigerian Security Printing and Minting Plc on October 31, 2022.

Emefiele allegedly contracted the redesign project to De La Rue of the UK for £205,000 pounds after the Nigerian Security Printing and Minting Plc expressed its inability to deliver within the required timeframe.

The investigation further exposed that ₦61.5 billion was earmarked for the printing of new notes, with ₦31.79 billion already paid. As of August 9, 2023, ₦769 billion of the new notes were in circulation.

The probe extended to the fraudulent use of ₦26.627 trillion in Ways and Means of the CBN and the misuse of the COVID-19 intervention fund. Documents reportedly reveal instances where senior CBN and government officials padded approved amounts, leading to an alleged misappropriation of funds.

In one instance, the Consolidated Revenue Fund Account was debited with ₦124.860 billion without proper authorisation. Similarly, the Committee of Governors granted anticipatory approval for the payment of 250 billion to the Federal Government of Nigeria, pending formal requests and ratification.

The report claims that the Ways and Means of the CBN were manipulated, with alleged connivance by the former CBN governor and his four deputy governors. It further exposes the creation of a fictional presidential subsidy and an expansion of the Ways and Means portfolio to accommodate financial irregularities.

Emefiele is also accused of questionable practices related to the incorporation of the Nigeria Electricity System Integrity Strategy Limited. The report alleges that ₦1.325 billion was stolen pre-incorporation and funnelled to four companies, including a legal firm.

Between 2015 and 2021, an investment company reportedly received unlawfully a total of ₦4.89 billion. Additionally, Emefiele is accused of directing ₦17.2 billion to 14 deposit money banks involved in the Nigerian Electricity Market Stabilisation Facility, with allegations of manipulation and unauthorised fees.

The investigation has brought to light potential legal actions against Emefiele, including allegations of manipulating the naira exchange rate, fraudulent implementation of the e-naira project, and exempting three foreign firms from paying income tax.

The investigation uncovered the illegal withdrawal of $6.23 million from the CBN vault by two individuals who allegedly used a forged presidential letter.



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