After an extensive four-month investigation, Jim Obazee, the Special Investigator examining the Central Bank of Nigeria, reveals allegations of embezzlement of billions of naira and other serious financial offenses involving former CBN Governor Mr. Godwin Emefiele and associates.
According to a report by the online news outlet Premium Times, Jim Obazee’s findings and recommendations were included in a report submitted to President Bola Tinubu on December 9, 2023.
The findings reveal that during Emefiele’s tenure from June 2014 to June 2023, he was involved in a “fraudulent cash withdrawal of $6.23 million” and committed fraud in the redesign of the naira. Simultaneously, Emefiele maintained 543.4 million pounds in the United Kingdom.
Premium Times, having access to a copy of Obazee’s report submitted to President Tinubu, also disclosed that Emefiele was discovered to have manipulated the exchange rate, fraudulently utilized Ways and Means amounting to N26.6tn, initiated deceptive intervention programs, incurred fraudulent expenditures related to COVID-19, and manipulated presidential approvals, among other offenses.
As a result, Obazee recommended the prosecution of Emefiele and others, including his deputy governors, for financial offenses.
Regarding the contentious redesign of the naira, which ultimately resulted in a severe shortage of the currency and imposed hardship on millions of Nigerians, Obazee asserted that the process violated the CBN Act.
He stated that the redesign was not endorsed by the CBN Board and did not receive approval from the then President, Muhammadu Buhari, in contradiction to the provisions outlined in Section 19 (1) of the CBN Act, 2007.