₦airaland Forum

seankafor:
Make Dem free this guy ahbeg..

He no kill person

Says an upcoming scammer.

yusufmurry:
Until you lift ban on use of naira master/debit card for International transactions, stop float of naira in open market then I will commend you

Until you provide the scarce dollars for the government and banks to do so, then I will know you are talking sense.

ednut1:
By agreeing to all your husband says or all his decisions without pushback. A recipe for disaster in today’s society.

No, no, no, absolute wifey submission is a recipe for a good, enjoyable and long marital life.

Trophy12:
na poor man way no get sense they buy chicken 20k, when u fit buy meat 10k all the community self go chop still remain . Goat for my area na 12k and above

That chickens wey my papa dey ask me to sell for N7 (yes, N7) back then during Christmas and people still dey complain sey e dear.

Haaa, for the good old days!

macho44:
Very Laudable, Kudos to LASG.
But the beneficiaries in these pictures look VERY WELL FED😃

My own observation too.

tiswell:
Anambra na 8k for civil servant's Christmas bonus .

Dem try.

If dem no try, go court.

kason:
Delta state!
Delta state!!
Delta state!!!
How many times I call you so?
If you like no answer.

Stop calling us.

Your own time dey come.

Na turn by turn.

For now, it is Ebonyi's turn.

No lele

DamnnNiggarr:
Seun, some people on here are hell bent on sabotaging you and your moderators' efforts to make Nairaland work.

They sworn an oat never to see Nairaland make progress, even went as far as threatening "gbas gbos" from tomorrow.

It's high time you looked into this with utmost seriousness. Thanks

Thanks for the advice sir.

Every bigots will be removed from Nairaland, including you, very soon.

We are on top of the job, and will soon deliver it to your satisfaction.

Regards.

Emefiele operated 593 illegal US, UK, China accounts – CBN investigator
22nd December 2023

By Adelani Adepegba

The former Central Bank of Nigeria Governor, Godwin Emefiele, illegally lodged billions of naira in no fewer than 593 bank accounts in the United States, United Kingdom, and China without the approval of the apex bank’s board of directors and the CBN Investment Committee.

The Special Investigator on the CBN and Related Entities, Jim Obaze, found that the ex-CBN governor lodged £543, 482,213 in fixed deposits in UK banks alone without authorisation.

When contacted, counsel for Emefiele, Mathew Bukkaa, SAN, asked one of our correspondents to send him a text message. He has yet to reply to the message as of the time of filing this report.

Meanwhile, Obaze submitted his final report tagged, ‘Report of the Special Investigation on CBN and Related Entities (Chargeable offences) to President Bola Tinubu on Wednesday.

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.”

In a letter dated July 28, 2023, sighted by The PUNCH, President Bola Tinubu had named a former Executive Secretary of the Financial Reporting Council of Nigeria, Obazee, as the CBN special investigator


Emefiele, who is currently in Kuje Custodial Centre, is being prosecuted for N1.2 billion procurement fraud.

He has not been able to perfect the N300m bail granted him by a High Court of the Federal Capital Territory on November 22.

However, documents obtained by our correspondent on Thursday indicated that the former apex bank governor might face fresh criminal charges over the handling of the CBN naira redesign policy.

Emefiele could be prosecuted for illegal issuance of currency under section 19 of the CBN Act alongside Tunde Sabiu, a former aide to former President Muhammadu Buhari, and 12 top directors of the CBN.

It was gathered that the naira redesign policy was sold to Buhari at the instance of Sabiu and that the initiative was done without the approval of the board of the CBN.

No approval

The investigator found that Buhari didn’t approve of the naira redesign. It was Tunde Sabiu who first told Emefiele in September 2022 to consider the redesign of the naira. On October 6, 2022, Emefiele wrote to Buhari that he wanted to redesign and reconfigure N1000, N500 and N200 notes.


“The former President tagged along but did not approve the redesign as required by law. Buhari merely approved that the currency be printed in Nigeria. The redesign was only mentioned to the board of the CBN on December 15, 2022, after Emefiele had awarded the contract to the Nigerian Security Printing and Minting Plc on October 31, 2022,’’ the documents noted.

Emefiele was said to have contracted the redesign of the naira to De La Rue of the UK for £205, 000 pounds under the vote head of the Currency Operations Department after the NSPM said it could not deliver the contract within a short timeframe.

The special investigator found that N61.5bn was earmarked for the printing of the new notes out of which N31.79bn had been paid.

As of August 9, 2023, findings revealed that N769bn of the new notes were in circulation.

The probe of the CBN also revealed the fraudulent use of N26.627tn Ways and Means of the Apex Bank as well as the misuse of the COVID-19 intervention fund.

For instance, the CBN under Emefiele at its 661st meeting held on October 27, 2020, approved that the Consolidated Revenue Fund Account should be debited with the sum of N124.860bn, and the decision was implemented on October 9.

Similarly, the Committee of Governors at its 670th meeting held on December 9, 2020, granted anticipatory approval ‘’pending receipt of a formal request by Mr President and ratification by the board of directors the payment of the sum of N250bn only to the Federal Government of Nigeria to address challenges as a result of low revenue inflow and the payment of salaries.


The decision was implemented on December 15, 2020.

Anticipatory approval

Also on December 30, 2020, the committee of governors at its 672nd meeting granted another anticipatory approval for N250bn to the Federal Government for payment of salaries pending receipt of a formal request by Mr President and ratification by the board of directors.

The apex bank’s management through the Finance and General Purpose Committee equally granted anticipatory approval on the investment of $200mn in equity warrants of the Africa Finance Corporation.

According to section 38 of the CBN Act, 2007, the CBN could grant temporary advances to the Federal Government in respect of temporary deficiency of budget revenue at an interest.

The section also provides that such advances are to be repaid by the end of the financial year in which they are granted otherwise, the CBN shall be stopped from granting such advances in the subsequent year.

The advance is not to be repaid by way of promissory note, securitization or issuance of treasury bills.

The CBN investigator discovered that the CBN Ways and Means was abused under the Buhari administration.

The document further said, “In an instance, they (senior CBN and government officials) padded what the former President Muhammadu Buhari approved with N198,963,162, 187. There are instances where no approvals are received from the former president and yet, N500bn is taken and debited to Ways and Means.

“There are more shocking instances where the erstwhile CBN governor and his four deputy governors connived to steal outright in order to balance the books of the CBN.

“This was by violently taking money from the Consolidated Revenue account and then charging it to Ways and Means. It was a total of N124.860bn. They even created the narration as a presidential subsidy and expanded the ways and Means portfolio to accommodate crime.

“The CBN officers and even the then acting CBN governor could not produce the Presidential Approval of most of the expenses described as ‘Ways and Means.’ When confronted, to provide the breakdown of the supposed N22.7trn that was presented to the 9th National Assembly to illegally securitise as ‘Ways and Means’ financing, they were only able to partially explain a total of N9.063 trn or N9.2trn depending on which official you are considering his submission and an unreasonable attribution of non-negotiated interest element of N6.5tn.

“This shows that this was the point where the officers of the immediate past administration as well as the erstwhile CBN governor and his four deputy governors connived, defrauded, and stole from the commonwealth of our country with the aid of civil servants.’’

Continuing, the report said, “The true position of the Ways and Means as documented from the reconciliation between the CBN and the Ministry of Finance at the time is N4,449,149,411,584.54.


“This may have been the main reason the past administration hurriedly sought that the advances of N22.7trn be securitised by the 9th National Assembly on December 19, 2022, which they also hurriedly did despite the fact that it contravenes section 38 of the CBN Act, 2007.”

Legal fees

The CBN under Emefiele was also said to have spent N1.7bn on questionable legal fees for 19 cases instituted against the naira redesign policy.

The investigator also discovered how Emefiele misrepresented the presidential approval for the NESI Stabilisation Strategy Limited approved by former president Goodluck Jonathan.

The document read, “The Presidential approval granted by then President Goodluck Jonathan was rightly stated by him NESI should be a company limited by guarantee but the Committee of Governors misled the Board of the CBN by relying on non-existent advice by the office of Attorney-General and Minister of Justice to incorporate a company limited by shares for which the allotted share capital exceeded the authorised share capital (See 380th meeting of the Committee of Governors held in January in January 2015) and allotting unauthorised share capital to Mr Godwin Emefiele and Mr Mudashiru Olaitan without lawful approval by the President.

“N1.325bn was stolen pre-incorporation and the money funnelled to four companies, including a legal firm which got N300mn.’’

Between 2015 and 2021, an investment company was said to have collected unlawfully a total of N4.89bn.

A breakdown indicated that the firm received N262mn in 2015, N464mn in 2016, N550mn in 2017, N726mn in 2018, N762 in 2019, N684 in 2020 and N1.44bn in 2021, totalling N4.89bn.

Emefiele also allegedly paid N17.2bn to 14 deposit money banks participating in the Nigerian Electricity Market Stabilisation Facility.

“A total of 14 DMBs engaged in the manipulation by unlawfully arranging and collecting 1.9535 per cent of the total disbursements paid to the DMBs participating in the Nigerian Electricity Market Stabilisation Facility.

The fees are paid to the banks in the ratio of their contributions to the NEMSF disbursement, according to External Auditor’s Notes to the Financial Statement of NESI Stabilisation Strategy Limited.

“The CBN also went further by authorising the issuance of debenture for the NESI SPV, starting with N64.8bn in 2015. By 2021, N952bn debenture had been issued. The investigator said the money was diverted from public funds,’’ the document further stated.

It was further gathered that Emefiele could be tried for alleged manipulation of the naira exchange rate, fraudulent implementation of the e-naira project, and exemption of three foreign firms from paying income tax.

Meanwhile, the investigation has uncovered the strange illegal withdrawal/theft of $6.23mn from the CBN vault by two persons who used a forged presidential letter.

The suspects currently in custody were said to have presented a forged letter on February 7 and 8, 2023, purportedly signed by Buhari to withdraw the money allegedly meant for payment for foreign election observation missions.

Punchng.com
https://punchng.com/emefiele-operated-593-illegal-us-uk-china-accounts-cbn-investigator/

Elstan20:
All you said are lies I didn't remember telling you I want to go to a high market place I will go to where my money can start something
Not all places in Lagos has thier shop rent ranging from 400k na lie and not all houses in Lagos has their rent ranging from 150k too so stop with the unnecessary hype man .

Please don't listen to many of them giving you stupid advice here. Many of them are teenagers or school boys and girls who have never been to Lagos, or saw with their naked the various opportunities available there for you to start small and end up big.

Especially for Igbo people who have innate business acumen, the sky is your limit there to make it big. Many of their rich uncles, building big mansions there came to Lagos with Ghana-must-go bags, and end up massively rich within 10 or less years.

If it is your ambition, contact someone to assist in looking for low cost accommodation and shop between Mowe and Berger. After getting one, then relocate and start your raw food business there in a low key form, so that you can learn through experience, and then expand your business when you gain enough expertise in the business.

Lagos has the population to sustain your business type because man must wack, and there is less risk there of losing your money if you transact mostly through a bank account. And don't forget to look for a good spiritual church to go there, where you can get divine assistance. Before you know it you too will be rich.

So please start the process of relocating there now.

marlow1962:
It's so funny how everyone is getting bleeped by the government and yet they feel relaxed, but very quick to turn and attack their fellow man, but sing praises to the elites, both the ones that benefits from the peanuts and the ones that don't. When you talk they insult you, it's so funny. If I get a pack of my nestle water, 25k is already gone.

If you are drinking Nestle water, then you don't need the 25k.

Liverpool will soon score, their pressure against ManU is getting intense.

Chelsea has become a 3rd rated team, struggling to win lowly Sheffield.

SeriouslySense:
IQ
IQ
IQ
IQ
Please i need more IQ. Thank you.

I dey sell IQ.

In Rands pls.

Kafirbigot:
Yoruba and fake prophets and Propaganda prophecy...sef


What kind of tribe is this sef...

Biko, no vex. We are all kafirs according to your esteemed self.

fxexperts:
I am not the one who first called for the elite to be killed. so going by your insinuation i think you are just pained and jealous. where were you and your ancestors when those elite were making money for themselves and their children.

Balderdash. Not making any sense.

Please find something better to do with your time.

I am through with you.

Originality007:
the man from state.

If APC win again in Ondo state, that mean suffer never tire us.

Mimiko is still the best gov Ondo state ever produce since 1999 democracy.

the rest are thieves. Aketi is one of the worst.

can anybody supporting APC in Ondo state tell me what Aketi or APC has he done in the state for the past 7yrs?

apart from Ore fly over. show me one tangle project

Though Mimiko is far better than Akeredolu in terms of infrastructural development in Ondo, but is not the best governor in other areas of governance indices. Adefarati and Agagu were more compassionate than him in providing alleviation for the suffering masses by providing job massively for the unemployed youths, and other social amenities.

However Akeredolu is the worst governor the state has produced since 1999.

fxexperts:
What did you want him to do for the Ijaws. you wanted him to steal the national wealth and deposit it in Ijaws people ass. you must one of the corrupt stupid folks in this country.

Keep deceiving yourself with washed up lies you concuted in your ass. Exchange rate was never 250 to a dollar during GEJ it was actually 180 to a dollar. stop deceiving yourself. Joker.

including all the citizen of that shithole country who are above 18 they should all be killed or locked up in jail because the citizens are actually the enablers of corruption. An average Nigeria is a thief and is corrupt.

For justice to be fairly served, I hope you include yourself among those averagely corrupt Nigerians to be killed.

Sevenworldpower:
Rebellious against him started in Jan 2012 not up to a year as elected president.

A president would always face critical pressure from his political rivals, that should not stop him from performing once power is not taken from him.

And please stop giving excuses for Jonathan's failure in government, it is irritating. He is voraciously corrupt as all the other leaders who have ruled or is ruling this wretched country. His corruption records are too numerous in the public domain. He and all the other polithiefcians should end their lives in jail.

Bliss62:




When a fly lands on your scrotum, that's when you know, violence isn't everything


Wike miscalculated... Fabura was his accountant and he has all the details of Wike's loot


If Fabura opens his mouth and brings out reciept, Wike would be disgraced


.

Fubara has above N400Bn EFCC case hanging on his neck already (committed with Wike, being his Accountant General), which only his governorship immunity is protecting him from.

Him and Wike are playing a dangerous political game which will consume them both if care is not taken.

Sevenworldpower:
He had the chance but you were not patient with him. You fought him to install man who eventually destroyed Nigeria.

After 6 years ruling, what more time did he required to bring about a transformation in Nigeria developmental pace? Eternity?

SirLakes:
Stop putting big money in all these nonsense bank with no structure


If my money miss for FirstBank or GT I go bath with petrol stroll enter the place and demand for my money

And you come stroll pass one man wey dey light cigarette, and you go come become one big bonfire

Ogene001:
Yoruba CAF employee handling social media. Everything to them is promotion of tribe. Upon say their tribes no measure up, na to promote language

How come their tribe no measure up when their daughter, Ashisat, won the African Best Women Footballer of the Year for the 6th times, while their sons have won the African best footballer of the year many times: e.g. Rashidi Yekini?

Kingozymandias:
The kafir president is no believer. No true believer marries a kafir!!.

There are no true believers in the southwest just pretenders

How would you know, are you a Muslim?

TinubuThief:
Muslims are terrorist including you

You must be a complete ignoramus, a carton boy from Aba, or Alaba International to call me a Christian, a Muslim terrorist.

Moreover, are Muslims the only religion practising terrorism? Have you heard of IRA (Irish Republican Army) or of the Hindu terrorist organisations, or of your IPOB and ESN; they are all terrorist groups.

So go back to school and stop writing nonsense on an illiterate platform like Nairaland.

Kingozymandias:
The kafir president is the most useless in the history of this great nation. The useless kafir can't get one thing right . Just one thing he can't get right !!

How come a Muslim become kaffir again?

victorclean:
Travel to get sense, owamberians refused

Develop the odudu state capitals, they refused.

Receive developmental instinct, they refused

Do agbero, ogboni and ritual hunt human body to become baale , olowo, they accept

Make 400k, use it for owambe and become very poor later, they jubilate and accept

Built water closet toilet system, they refused and chose open defecation.

Don't you think you guys need deliverance?

Then why are your people running to Lagos and other Wsetern cities if your region is such a paradise?

richard870:
I'm lost

Call 911.

Petersamuel8:
Merry Christmas Nairaland

Merry Christmas to you too.

Kyase:
How far

Dem failed me. I will never boast with Chelsea again

2:0.

Sorry for Chelsea.

Let Chelsea bring in Sterling for some goal winning leg works.