In a detailed report submitted to President Bola Tinubu, former Central Bank Governor Godwin Emefiele and others have been accused of engaging in severe financial offenses. The Special Investigator, Jim Obazee, who probed the Central Bank of Nigeria, alleged that Emefiele and his associates embezzled significant sums and committed various financial infractions after a comprehensive investigation spanning over four months. The report, submitted on December 9, 2023, contains findings and recommendations for further action.
Among the accusations outlined in the report are Emefiele’s involvement in a “fraudulent cash withdrawal of $6.23 million” and his role in manipulating the exchange rate. Additionally, it is claimed that he orchestrated the fraudulent redesign of the naira, keeping 543.4 million pounds in the United Kingdom. Obazee also accused Emefiele of fraudulently using the Ways and Means amounting to N26.6 trillion, launching deceptive intervention programs, making dubious expenditures related to COVID-19, and manipulating presidential approvals, among other allegations.
As a result of these findings, Obazee recommended that Emefiele, along with his deputy governors and others implicated, face prosecution for their alleged financial offenses. The report also addressed the controversial naira redesign, asserting that the process violated the CBN Act. According to Obazee, the redesign was not recommended by the CBN Board and lacked approval from then-President Muhammadu Buhari, contrary to the provisions of Section 19(1) of the CBN Act, 2007.
Obazee was quoted as saying that the naira redesign “was a conspiracy against the Nigerian people and specifically the political class,” aiming to frustrate the political class and complicate their election agenda. He described it as a significant punishment to Nigerians and the national economy.
Godwin Emefiele has been in custody since his arrest by the Department of State Services (DSS) in June, following his removal from office. He is currently facing trial by the Economic and Financial Crimes Commission (EFCC) on charges of committing a N1.2 billion procurement fraud. Emefiele and his legal team have consistently denied any wrongdoing in response to previous allegations.