According to reports, the former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, is alleged to have illicitly deposited billions of naira across 593 bank accounts in the United States, United Kingdom, and China without obtaining approval from the CBN board of directors and the CBN Investment Committee. Special Investigator Jim Obaze, handling matters related to the CBN, discovered that Emefiele deposited £543,482,213 in fixed deposits in UK banks without proper authorization. Emefiele’s counsel, Mathew Bukkaa, SAN, is yet to respond to inquiries regarding these allegations.
Obaze submitted the final report titled “Report of the Special Investigation on CBN and Related Entities (Chargeable Offenses)” to President Bola Tinubu, detailing Emefiele’s unauthorized investments in numerous foreign bank accounts during his tenure.
These accounts, where significant sums were lodged, have been identified by the investigator.
The report partly read, “The former governor of CBN, Godwin Emefiele invested Nigeria’s money without authorization in 593 foreign bank accounts in United States, China and United Kingdom, while he was in charge.
“All the accounts where the billions were lodged have all been traced by the investigator.”
Emefiele, who is currently in the Kuje Custodial Centre, faces prosecution for N1.2 billion procurement fraud and has been unable to fulfill the N300 million bail granted on November 22.
Documents obtained indicate that Emefiele may face additional criminal charges related to the handling of the CBN naira redesign policy. Under section 19 of the CBN Act, Emefiele, Tunde Sabiu (former aide to President Muhammadu Buhari), and 12 top CBN directors could be prosecuted for illegal issuance of currency. The naira redesign policy was reportedly initiated without approval from the CBN board and was promoted to President Buhari at the behest of Sabiu.
In a letter dated July 28, 2023, President Bola Tinubu appointed Jim Obaze, a former Executive Secretary of the Financial Reporting Council of Nigeria, as the CBN special investigator. Emefiele’s legal challenges continue to intensify, encompassing allegations of unauthorized foreign investments and potential prosecution for the naira redesign policy.
