The former Central Bank of Nigeria Governor, Godwin Emefiele, illicitly deposited billions of naira in over 593 bank accounts across the United States, United Kingdom, and China, bypassing approval from the apex bank’s board of directors and the CBN Investment Committee.
Jim Obaze, the Special Investigator on the CBN and Related Entities, discovered that Emefiele, without authorization, placed £543,482,213 in fixed deposits in UK banks alone.
Emefiele, currently held in Kuje Custodial Centre for N1.2 billion procurement fraud, faces potential additional charges related to the handling of the CBN naira redesign policy.
The investigation found that the naira redesign initiative was pursued without board approval, and Emefiele might be prosecuted for illegal currency issuance.
The probe also uncovered fraudulent use of N26.627tn in Ways and Means of the Apex Bank and misuse of the COVID-19 intervention fund.
Emefiele’s management approved anticipatory expenditures, with instances of padding approved amounts and questionable legal fees.
The report revealed Emefiele’s involvement in misrepresenting presidential approval for NESI Stabilisation Strategy Limited and an unlawful payment of N17.2bn to 14 deposit money banks.
Additionally, potential charges include manipulation of the naira exchange rate, fraudulent e-naira project implementation, and tax exemption for three foreign firms.
The investigation exposed a peculiar illegal withdrawal of $6.23mn from the CBN vault through a forged presidential letter, leading to the arrest of two individuals.
