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A special investigator appointed by President Bola Tinubu said the former Central Bank of Nigeria (CBN) Governor Godwin Emefiele opened 593 foreign bank accounts.
According to documents obtained by Daily Trust, the investigator alleges that Emefiele opened those bank accounts without approval from either President Muhammadu Buhari or the CBN board of directors.
The documents reveal these accounts span across banks in the UK, the US, and China. While the findings haven't been officially released, sources say they were included in a report submitted to President Tinubu on December 20, 2023.
Emefiele's Suspension and Subsequent Investigation:
Recall that on June 9, 2023, President Tinubu suspended Emefiele from his position and he was subsequently apprehended by security officials. He has remained in custody since then.
On July 30, the president appointed Jim Obazee, CEO of the Financial Reporting Council of Nigeria, as the special investigator for the CBN.
President Tinubu's July 28 letter to Obazee outlined the scope of the investigation, emphasizing that the investigator would report directly to the president's office.
"This administration is continuing the fight against corruption by appointing you as a Special Investigator, to investigate the CBN and Related Entities," the letter stated.
Two Investigative Reports Submitted to President Tinubu:
Our reporter discovered that two reports have been submitted to President Tinubu so far, with the latest one dated December 20 detailing alleged offences committed by Emefiele and others.
The document recommends prosecuting not only Emefiele but also certain CBN officials and individuals outside the bank for various offences.
Alleged Misappropriation Through Unofficial Foreign Accounts:
One document reportedly indicates Emefiele allegedly invested Nigeria's money in 593 foreign accounts without authorization.
"All the accounts where the billions were lodged have been traced by the investigator," it stated.
"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 recommends legal action against Emefiele for these unauthorized deposits and their alleged misuse.
The document further claims Emefiele stashed significant amounts of US dollars and Chinese Yuan in accounts opened by him.
Emefiele's Previous Charges and Allegations:
Prior to these latest findings, our correspondent reports Emefiele was arraigned in July on charges related to "illegal possession" of firearms. He was granted bail for N20 million.
In 2022, the Department of State Service (DSS) accused Emefiele of financing terrorism, among other allegations.
Some of these accusations surfaced amid concerns about Emefiele's alleged involvement in partisan politics, including potential aspirations to run for president on the APC platform.
The Federal Capital Territory High Court remanded Emefiele in Kuje prison in November based on alleged procurement fraud. The federal government initially lodged 20 charges against him regarding N6.5 billion in alleged fraud, but this was later reduced to six charges exceeding N1 billion before his arraignment.
Emefiele has consistently denied all accusations through his lawyers.
Further Potential Actions and Transparency:
Daily Trust reports that the December report submitted to President Tinubu might not be the final chapter in this saga involving Emefiele and the federal government.
The special investigator also recommends prosecuting Emefiele for the naira redesign policy, which the report claims caused significant hardship for Nigerians and the economy.
"Emefiele took the redesign, a mere change of colour to De La Rue in the UK for a fee of £205,000; and only N1,000, N500, and N200 were ‘redesigned,” the document stated.
It further details the printing costs and circulation figures of the new notes.
President Tinubu is also urged to pursue legal action against Emefiele for other alleged financial irregularities, including legal fees related to the money printing, ways and means of spending, COVID-19 expenditures, and intervention programs.
The timeline for releasing the full investigative report remains unclear. However, sources close to President Tinubu confirmed the report's submission and emphasized his commitment to a thorough and transparent investigation.
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