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Abuja Reports

Explosive Allegations Unveiled: Former CBN Governor Emefiele Accused of Massive Financial Irregularities

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

Sequel to this development, new details on the erstwhile CBN Governor, Godwin Emefiele, with regards to his involvement in financial crime has emerged. Investigations by the lead investigator, Jim Obaze, has spilled and exhumed new details of alleged financial crimes under the embattled former CBN governor.

According to the final report titled, ‘Report of the Special Investigation on CBN and Related Entities (Chargeable Offences),’ presented to President Bola Tinubu, Emefiele is accused of unlawfully lodging billions of naira in at least 593 bank accounts across the United States, United Kingdom, and China. These transactions reportedly occurred without the necessary approvals from the CBN board of directors and the CBN Investment Committee.

Some of the key excerpts from Obaze’s document are as follows;

1.Former Central Bank of Nigeria (CBN) Governor Godwin Emefiele is accused of stashing billions of naira in unauthorised foreign accounts, questionable legal fees, and irregularities surrounding the naira redesign policy.

The report, delivered to President Bola Tinubu by the Special Investigator on the CBN and Related Entities, Jim Obaze, alleges Emefiele illegally deposited £543 million in UK banks alone, alongside billions more in the US and China. These unauthorised transactions, totaling potentially hundreds of billions of naira, were reportedly conducted without board or investment committee approval.

The investigation scrutinises the naira redesign policy, suggesting it bypassed proper channels. Documents reveal Emefiele awarded the contract without board approval and potentially misled former President Buhari about the initiative’s scope.

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 could face charges for illegal currency issuance alongside officials who allegedly influenced the process.

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.

Obaze, in his report, found that N61.5bn was earmarked for the printing of the new notes, out of which N31.79bn had been paid.

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

  1. Officials inflated approvals, took unauthorised withdrawals, and even created false narratives to conceal discrepancies. This pattern allegedly resulted in over N198 billion unaccounted for.
  2. Non approval of N198,963,162, 187. There are instances where no approvals were received from the former president, Muhammadu Buhari, and yet, N500bn was taken and debited to Ways and Means.
  3. 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.

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 was 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 securitized 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.

  1. The investigators also raise concerns about irregularities in the COVID-19 intervention fund, with specific instances of bypassing formal procedures and potentially diverting funds. Questionable legal fees incurred during the naira redesign controversy, totaling N1.7 billion for 19 cases, add to the list of alleged irregularities.
  2. N1.325bn was stolen and the money funneled to four companies, including a legal firm which got N300m.
  3. 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, totaling N4.89bn.
  4. 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.

9.The investigation suggests Emefiele may face additional charges for alleged manipulation of the exchange rate, fraudulent e-naira implementation, and tax exemptions granted to foreign firms.

  1. The investigation also reveals a strange illegal withdrawal/theft of $6.23mn from the CBN vault by two persons who used a forged presidential letter. The suspects who are in custody reportedly 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.

 

Abuja Reports

Ekiti Attack, an Assault on Church, Human Dignity -CAN

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By Samson Adeyanju 

The Christian Association of Nigeria (CAN), has described the recent attack on a church gathering in Eda Oniyo, Ekiti State, where a pastor was killed and several worshippers abducted, as an assault on the Church, human dignity, and the sanctity of life.

In a statement issued on Tuesday and signed by the President of CAN, His Eminence, Archbishop Daniel Okoh, CAN expressed deep shock over the incident, noting that the victims were attacked while peacefully gathered for an open-air crusade.

The association strongly condemned the violence, stressing that it was not only an attack on a place of worship but also a “brutal assault on shared humanity.”

CAN mourned with the family of the slain pastor and expressed solidarity with the victims and the Christian community in Ekiti State. It also called for the immediate and safe release of those abducted, urging security agencies to act without delay.

The association further noted that the Ekiti incident reflects a disturbing pattern of insecurity, referencing similar attacks in parts of Kogi State where residents, including clergy and their families, were abducted. It warned that the repeated incidents point to a deepening security crisis in the country.

CAN stressed that the protection of lives and property remains the primary responsibility of government, calling for swift, decisive, and transparent action to apprehend the perpetrators and rescue the abducted victims unharmed.

It also urged authorities to strengthen security presence in vulnerable communities and improve intelligence gathering to prevent further attacks.

The body condemned what it described as the growing normalization of violence against worshippers, warning that such acts reflect a dangerous disregard for life, faith, and national values.

It called on Nigerians and relevant authorities to speak out firmly against insecurity and ensure that places of worship are not turned into targets for criminal attacks.

CAN concluded by praying for comfort for the bereaved families, the safe return of the abducted worshippers, and lasting peace and security in the country.

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Abuja Reports

CAN Condemns Jos Killings, Demands Action

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By Samson Adeyanju

The Christian Association of Nigeria has strongly condemned the killing of innocent Nigerians during a Palm Sunday attack in Jos, Plateau State, describing the incident as unacceptable and a grim reminder of the country’s worsening security situation.

In a press statement signed by its President, Archbishop Daniel Okoh, the association decried the March 29 attack in Angwan Rukuba, Gari Ya Waye area of Jos North, where armed men reportedly stormed a civilian community and opened fire on defenceless residents.

CAN lamented that what should have been a sacred day of peace and reflection turned into a moment of bloodshed, as men, women and children were killed in cold blood, leaving families shattered and the community traumatised.

The apex Christian body expressed deep concern over reports that the attackers wore uniforms resembling those of Nigerian security forces, warning that such tactics could erode public trust in the military and other security institutions.

“This development is particularly alarming and must be thoroughly investigated,” the statement noted, stressing that security agencies must not only respond to attacks but also take proactive steps to prevent them.

While acknowledging efforts by the Plateau State Government, CAN insisted that temporary responses are no longer sufficient, calling for sustained and effective strategies to guarantee the safety of lives and property.

The association further noted that Nigerians are weary of recurring violence and routine condemnations, urging authorities to ensure that those responsible for the killings are swiftly apprehended and brought to justice.

CAN also advised Christians across the country to remain prayerful but vigilant during the Holy Week, especially as they participate in religious activities such as Good Friday observances and Easter vigils.

The statement emphasised that while faith remains strong, it must be complemented with wisdom and caution in the face of rising insecurity.

“A nation cannot keep bleeding like this and expect to move forward,” CAN declared, adding that the country owes the victims justice, the living protection, and future generations a safer society.

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Abuja Reports

Palm Sunday: Pope condemns war, urges peace as Kaigama, CAN call for hope in Nigeria

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By Samson Adeyanju

Pope Leo XIV has declared that God rejects the prayers of leaders who wage war, as Christians across the world marked Palm Sunday with renewed calls for peace and reflection.

Speaking at St. Peter’s Square in the Vatican before thousands of worshippers, the Pope delivered a strong message against violence, insisting that Jesus Christ, the “King of Peace,” cannot be used to justify war under any circumstance.

He warned that God does not listen to those whose actions are marked by bloodshed, in remarks widely seen as a reaction to the ongoing Iran war.

The pontiff, who has repeatedly called for a ceasefire, described military airstrikes as indiscriminate and urged global leaders to embrace dialogue over conflict.

Similarly, in Abuja, Ignatius Kaigama called on Christians to embrace sacrifice and hope, stressing that true victory comes through suffering.

Delivering his Palm Sunday homily at Our Lady Queen of Nigeria Pro-Cathedral, Kaigama explained that while Palm Sunday celebrates Christ’s triumphant entry into Jerusalem, it also ushers in His passion and suffering.

He noted that the waving of palms symbolizes victory, peace and unity, while Christ’s humble entry on a donkey reflects a kingdom built not on violence or domination, but on peace and service.

The Archbishop warned that human loyalty can be fleeting, recalling how cries of “Hosanna” quickly turned to “crucify him.”

Kaigama also urged political leaders to govern with fairness and empathy, stressing that power should be used for service rather than oppression. He called for credible elections, justice, and equitable distribution of resources, warning against actions that could undermine public trust.

In the same vein, the Christian Association of Nigeria, in a statement signed by its President, Daniel Okoh, urged Nigerian leaders to show empathy and take deliberate steps to ease the burden on citizens amid rising economic hardship.

The association linked current economic challenges to global tensions involving Iran, Israel and the United States, noting that rising fuel, transport and food costs are already impacting Nigerians. It emphasized that leadership must inspire confidence through calm, responsible actions that promote stability and unity.

CAN further encouraged Nigerians not to lose hope, urging citizens to remain steadfast and supportive of one another during the Holy Week.

Across both global and local messages, a common theme emerged: a call for peace, humility, and responsible leadership. As Christians begin the Holy Week journey, religious leaders insist that faith must inspire unity and compassion in a world increasingly marked by conflict and uncertainty.

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