₦airaland Forum

“Buhari’s nephew approved 2022 Naira redesign” – CBN investigator exposes massive corruption under Emefiele
December 22, 2023

The Special Investigator on the Central Bank of Nigeria and Related Entities, Jim Obaze, has exposed another massive corruption under the embattled former CBN governor, Godwin Emefiele.

According to to the final report tagged, ‘Report of the Special Investigation on CBN and Related Entities (Chargeable offences) to President Bola Tinubu on Wednesday, Emefiele, illegally lodged billions of naira in at least 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.

Obaze and his team found found that the ex-CBN governor lodged £543, 482,213 in fixed deposits in UK banks alone without any form of authorisation.

The investigator found that Buhari “didn’t approve” of the naira redesign. According to the report, it was Tunde Sabiu, his nephew, who first told Emefiele in September 2022 to consider the redesign of the naira.

According the report, 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 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.”

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.

When contacted, counsel for Emefiele, Mathew Bukkaa, SAN, was unavailable for comments on the allegations.

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Not surprised 🤨

Make una go sidon jare! So if nephew suggest redesign & uncle tags along but doesn’t approve except for his approval of printing it in the country, it means the nephew approved it abi? Getat!

Meffy might have been corrupt but the investigators can’t call a suggestion an approval.

And nothing will happen to him because the current president is not different from Buhari. He only have balls when it concerns his perceived opponents. I'll always maintain that Nigeria has the most incompetent leaders in Africa.

lol
If those people that killed muritala mohammed don’t kill buhari, then they must apologize to muritala

Yeah RIGHT

Story!
First, "it was Buhalli that ordered the naira redesign" , now "it was buhali's nephew that ordered it"

Las-las una go blame buhali's gateman.

Useless people! if you have your fact, come forward rather than always resorting to media trial

Eme-failure.

Destroyer of Nigeria.

May God judge you and all the wicked that plunged this nation into the current hardship

Meanwhile, they were hailed by the likes of as saints

meum:
Make una go sidon jare! So if nephew suggest redesign & uncle tags along but doesn’t approve except for his approval of printing it in the country, it means the nephew approved it abi? Getat!

Meffy might have been corrupt but the investigators can’t call a suggestion an approval.

There has to be a documents signed showing the president approval as required by law

Never4getU:
There has to be a documents signed showing the president approval as required by law

If such document doesn’t exist why then did the uncle endorse the redesign by taking pictures with Meffy? Uncle even addressed the people LIVE on the same issue. No allow make dem deceive you. Ask questions abeg

..

😂 so it’s Buhari nephew, dey play oooo