Tinubu's Investigator Uncovers 593 Foreign Accounts ‘Opened’ by Godwin Emefiele, Gives Details

Tinubu's Investigator Uncovers 593 Foreign Accounts ‘Opened’ by Godwin Emefiele, Gives Details

  • The investigator appointed by Tinubu to investigate CBN has finally submitted its report
  • Details from the report show how former CBN governor Godwin Emefiele opened several foreign accounts
  • Emefiele is currently in Kuje Custodial Centre and is being prosecuted for N1.2 billion procurement fraud

Legit.ng journalist Dave Ibemere has over a decade of experience covering Tech, Energy, Stocks, Investments, and the Economy

Jim Obaze, the special investigator appointed by President Bola Tinubu to examine the activities of the Central Bank of Nigeria and related entities, has submitted incriminating reports against Godwin Emefiele, the former CBN governor.

The final report, titled 'Report of the Special Investigation on CBN and Related Entities (Chargeable Offences),' was submitted to the president on Wednesday.

CBN governor, BolaTinubu
Investigator submit incriminating report against CBN Photo credit: CBN
Source: Facebook

The report revealed that Emefiele, the former governor, operated no fewer than 593 illegal bank accounts in the United Kingdom (UK), the United States (USA), and China.

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It added that the ex-CBN governor deposited £543 482,213 in fixed deposits in UK banks alone without authorisation, Punch reports.

Tinubu investigates CBN

Legit.ng had earlier reported that on June 9, 2023, Emefiele was suspended from office and picked up by security operatives. He has remained in custody since then.

On July 30, the president named the Chief Executive Officer of the Financial Reporting Council of Nigeria, Jim Obazee, as the special investigator of the CBN.

In the letter dated July 28, 2023, the president asked Obazee to investigate CBN and key government business entities, adding that the investigator would report directly to the president's office.

Other findings from CBN investigation

Also, various amounts running into billions of US dollars and Chinese Yuan were allegedly traced to the accounts opened by Emefiele.

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Part of the report reads:

“All the accounts where the billions were lodged have been traced by the investigator.
“In the UK alone, Emefiele kept £543, 482,213 in fixed deposits, without authorisation by the CBN board and the investment committee of the bank.
“The investigator has recommended Emefiele for trial over the illegal lodgements and also utilising the funds for what they were not meant…”

DailyTrust also reports that Emefiele might face fresh criminal charges over handling the CBN naira redesign policy.

The document added:

“Emefiele took the redesign, a mere change of colour to De La Rue in UK for a fee of £205,000; and only N1,000, N500, and N200 were ‘redesigned.
“As of August 2023, N769 billion of the new notes were in circulation. The printing cost was N61.5 billion, out of which N31.79 billion has been paid.”

Other areas Tinubu was asked to prosecute Emefiele on are the N1.7 billion spent as "questionable" legal fees in respect to the printing of the money, the ways and means spending totalling N26.627 billion; the COVID-19 expenditure amounting to N1.62 trillion; and other intervention programmes.

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Expert shares insight

Speaking on the ongoing investigation, Sam Amadi, the director Abuja School of Social Political Thought, noted that the allegations by the CBN investigator will need to be verified by a court of law.

"My take is all this is that, the allegations yes maybe for Emefiele but it beams a searchlight on the stewardship of Muhammdu Buhari. The executive power is on the president, if you are going to hold the CBN governor, is does not excuse Buhari.
"Also, I think there is a problem in the constitution of an investigator, this is a work for legislators to set up a committee and conduct public hearings, receive memorandum, review. This is an institutional audit, the notion of appointing an individual with powers to go and look at everything is not right."

CBN investigator probes bank CEOs over Anchor Borrowers Programme, other schemes

Legit.ng reported that Bank CEOs and top officials of banks in Nigeria may be investigated during the ongoing investigation into the affairs of Emefiele.

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Nigerian Bank allegedly owned By Emefiele opens up on relationship with Union Bank

The report shows that CEOs would be invited to ascertain any abnormalities around commercial banks' handling of intervention funds.

According to the report, the apex bank may be asked to withdraw its recently published financial statements.

Source: Legit.ng

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