The 17 allegations against Emefiele [READ Full Report]

The recent disclosure of a report by Jim Obaze, a Special Investigator appointed by President Bola Tinubu to scrutinise the activities of former Central Bank Governor Godwin Emefiele, has sparked a wave of reactions across Nigeria.

The report alleges that Emefiele employed surrogates to obtain shares in a new-generation bank during his tenure at the helm of the Central Bank of Nigeria (CBN). Submitted to President Tinubu on December 20, the report presents 17 grave allegations against Emefiele, shedding light on various financial irregularities.

The 17 allegations laid against Emefiele include:

1. Unauthorised funding of 593 bank accounts located in the UK, US, and China.

2. Fraudulent cash withdrawal of $6.23 million from the CBN vault under a purported presidential approval to pay foreign election observers.

3. Gross financial misconduct by Emefiele and at least 13 other individuals, including his Deputy Governors.

4. £543.4 million held in fixed deposits by Mr. Emefiele.

5. Manipulation of the Naira exchange rate and perpetration of fraud in the CBN’s e-Naira project.

6. The unauthorised Naira Redesign without Board or presidential approval.

7. The printing of new N200, N500, N1,000 notes costing N61.5 billion, with N31.8 billion paid to the Contractor.

8. Expenditure of N1.73 billion on questionable legal fees related to the Naira Redesign.

9. Payment of £205,000 to a UK Firm for the Naira Redesign effort.

10. Fraudulent use of Ways & Means totaling N26.627 trillion.

11. Fraudulent intervention programs.

12. Fraudulent expenditures related to COVID-19.

13. Misrepresentation of presidential approval on the NESI Stabilization Strategy Ltd.

14. Padding of former President Buhari’s approval by N198.96 billion.

15. Unapproved N500 billion taken and debited to Ways & Means without former presidential approvals.

16. Emefiele and 4 Deputies’ alleged connivance to misappropriate funds.

17. No approval for the breakdown of N22.72 trillion presented to the 9th National Assembly to illegitimately securitize the “Ways & Means” financing.

Obaze’s report on Emefiele, CBN and related entities