News
The many crimes of Emefiele! *How N27trillion ‘Ways and Means’ disappeared *COVID-19, Naira design, conduit pipe for stealing – probe
Published
3 years agoon
Godwin Emefiele former Governor of the Central Bank of Nigeria (CBN), virtually had his hands in a lot of sticky pies at the apex bank during his tenure before it came to an abrupt end on June 9, 2023, when he was booted out by President just about 11 days after assuming office on May 29.
Emefiele, who has been in detention, since he was picked up by men of the Department of State Services (DSS), and has since been transferred to prison, where he has been held for his inability to perfect the bail conditions slammed on him by a Federal High Court, in the case he is currently facing from the Economic and Financial Crimes Commission (EFCC), which took over from the DSS, has also been a subject of a special investigation as initiated by the President himself.
It was this five-month probe, headed by Jim Obazee, Special Investigator on CBN and Related Entities, which Tinubu appointed in July, 2023 that has now opened a can of worms, for which Emefiele, seen as the linchpin, would be facing trial alongside a former Minister and 14 others, all implicated in over N26.6 trillion fraud.
No fewer than 16 former government, found to have collaborated with top CBN officials were alleged to have indulged in fraudulent use of ‘Ways and Means,’ which stood at N26.627 trillion, to siphon funds belonging to Nigeria, with a top aide to former President, Muhammadu Buhari, said to have in September 2022, instructed the ex-CBN boss to proceed with the naira redesign, which threw the country into chaos for the later part of 2022 and early part of 2023.
Preliminary investigations into the activities of the CBN and related entities revealed many infractions, as released by December 9, including the violation of the apex bank’s Act, alleged looting, diversion of funds, sidelining of the Board of Directors, lack of presidential approval, extra budgetary spending, forgery, concealment, stealing, conspiracy and fraud.
Part of the revelations, indicate that Emefiele invested public money (billions of dollars) in 593 accounts in the United States, China and the United Kingdom without authorisation and kept £543,482, 213 in fixed deposits in the United Kingdom alone, without authorisation by the CBN Board and the Investment Committee, while allegedly diverting a whopping N1.7 trillion of COVID 19 money to other means.
Again, revelations in the probe showed instances of arbitrariness where there was no presidential approval, but billions of Naira were taken out from the nation’s Consolidated Revenue Fund (CRF) account, indicating fragrant abuse of the Ways and Means provisions.
“The CBN officers and even the then Acting CBN Governor could not produce the presidential approval of most of the expenses described as “Ways and Means. When confronted to provide the breakdown of the supposed N22,719,703,774,306.90 that was presented to the 9th National Assembly to illegally securitise as “Ways and Means” financing, they were only able to partially explain a total of N9,063,286,720,318.92 or N9,258,040,720,318.92 (depending on which official you are considering his submission) and an unreasonable attribution of non-negotiated/unadvised interest element of N6,678,874,321,541.97. This shows the point where the officers of the immediate past administration as well the erstwhile CBN governor and others connived, defrauded and stole from the common wealth of the country with the aid of civil servants,” part of the findings, say.
It added: “The true position of the “Ways and Means” as documented from the reconciliation between the CBN and the Ministry of Finance at the time is N4, 449, 149, 411. 584.54. This may have been the main reason the past administration hurriedly sought that the advances of N22,719,703,774,306.90 be securitised by the 9th National Assembly on the 19th December 2022; which they also hurriedly did despite the fact that it contravenes Section 38 of the CBN Act, 2007.”
“The probe showed that the CBN Governor on the 19th December 2022 “ signed an advice to the former President Muhammadu Buhari to restructure “Ways and Means” of N23,719,703,774,306.90, despite presenting a different figure to the National Assembly on the same date.
“The fact that the balance of the “Ways and Means” was documented as N26.63 trillion as at June 8, 2023 by the erstwhile CBN Governor shows an unrepentant attitude of the management of the CBN because they continued to carry the “Temporary Advances to the Federal Government” as a running current account, despite the obvious contravention of Section 38 of the CBN Act, 2007, which they swore to uphold.” The document released by Obazee, who worked with different teams of crack detectives, was said to have uncovered the intrigues behind the naira redesign, which almost led to the collapse of the nation’s economy, stating that much as it was attributed to Buhari himself, it was actually the handiwork of the Presdent’s aide.
Again, part of the document read: “The Naira Redesign was not approved by the Board of CBN and President Muhammadu Buhari in accordance with the law. Buhari only tagged along. Sometimes in September 2022, the erstwhile Governor of the CBN claimed that during his visit to the Presidential Villa, one of the presidential aides told him to go and consider redesigning the Naira.
“On 6th of October, 2022, Emefiele wrote Buhari seeking approval to redesign and reconfigure N1,000, N500, N200 and N100 notes. Buhari approved the proposal same day. But Buhari approved the currency be printed in Nigeria.
“On that 6th October 2022, former President Muhammadu Buhari approved Emefiele’s request and directed that he should redesign and reconfigure the four denominations of the Naira notes as prayed, but should print them locally.
“Emefiele did not consult with the management of the CBN or seek any recommendation from the Board of the CBN as required by Section 19 of the CBN Act, 2007.
“Emefiele did not seek the recommendation of the Board of the CBN nor revert to former President Muhammadu Buhari to inform him nor seek his presidential approval for the new redesigns and the fact that he is now recommending only three denominations
“Emefiele took the redesigns, a mere change of colour to De La Rue in UK for a fee of £205,000. Only N1, 000, N500 and N200 were redesigned. As at August 9, 2023, N769 billion of the new notes were in circulation. The printing cost was N61.5 billion, out of which N31.79 billion has been paid.
Confirming the investment of billions of dollars in 593 foreign accounts in the United States, China and the United Kingdom without approval from the board or the President, the document further said: “The former governor of the CBN invested Nigeria’s money without authorisation in 593 foreign accounts in the United States, China and the United Kingdom while he was in charge.
“All the accounts where the billions were lodged have all been traced by the investigator, In the UK alone, Emefiele kept £543,482, 213 in fixed deposits without authorization by the CBN board and the Investment Committee of the bank.”
Regarding the COVID-19 intervention fund, the document revealed: “The N1,622,119,412,095.16 was surreptitiously transferred to the following individuals and organisations: Police Trust Fund (N29,750,000,000.00); Companies and individuals (N22,680, 275, 135.45); borrowed for salaries (N720, 682,827,000.00); Donations to public (N40,000,000,000.00); Office of Accountant-General of the Federation (N196, 190,789,994.72); MDAs (N303,514, 294,725.21); and others (N293,986, 243,831.39).
There was also the allegation of diversion of another whopping N17billion by Deposit Monetary Banks (DMB), with the probe revealing that 14 of the banks were involved in what is termed “criminal diversion of N17, 232,349, 193.55, though the identities of the banks were kept secret.
The report, which said a web management firm is to refund N4.8 billion, being the sum said to have been illegally diverted from NESI Stabilisation Strategy Limited, explained: “The Presidential Approval granted by the then President Goodluck Jonathan was rightly stated by him that NESI should be a Company Limited by Guarantee, but the Committee of Governors misled the Board of the Central Bank of Nigeria by inter-alia:
“Relying on a non-existent advice by the Office of the Attorney General and Minister of Justice, to incorporate a Company Limited by Shares for which the Allotted Share Capital exceeded the Authorized Share Capital (See 380% Meeting of the Committee of Governors held in January 2015); and Allotting unauthorised share capital without lawful approval by the President of the Federal Republic of Nigeria.
“There was misrepresentation of Presidential Approval (NESI Stabilisation Strategy Limited). NESI, as approved by former President Goodluck Jonathan, was supposed to be an SPV limited by Guarantee, but Emefiele, relying on a non-existent advice, made it a company limited by shares.
“By law, an SPV cannot issue Debentures, as it is precluded from forming a Debenture Trust. Worse still, a virgin entity without any operational track record cannot issue Debentures as it has no trading or earnings history to justify the requirements of the Debenture issue.
“Despite these, the Committee of Governors of the Central Bank of Nigeria on the date of its Meeting of 21st January 2015, caused a violation of Section 31 of the CBN Act, 2007 by authorising the issuance of Debentures by NESI Stabilization Strategy Limited to which the initial sum of N64,861,954,000.00 (Sixty Four Billion, Eight Hundred and Sixty One Million, Nine Hundred and Fifty Four Thousand Only), was diverted from Public Funds under the guise of Debenture issuance. This practice has grown to N952,414,745,000 (Nine Hundred and Fifty Two Billion, Four Hundred and Fourteen Million, Seven Hundred and Forty Five Thousand Naira Only) by the Financial Year end 2021.
“N1.325billion was stolen pre-incorporation and the money was funneled to four companies, including a legal firm which got N300 million.”
The note on the allegations against some banks read: “A total of 14 DMBs engaged in the manipulation by unlawfully arranging and collecting 1.9535 percent of the total disbursements paid to the DMBs participating in the Nigerian Electricity Market Stabilisation facility.
“The fees are paid to the banks in the ratio of their contributions to the NEMSF disbursement, according to External Auditor’s Notes to the Financial] Statement of NESI Stabilisation Strategy Limited. Also, a firm linked with some CBN officials was paid N4, 897,789,000 allegedly “illegally diverted from NESI Stabilisation Strategy Limited.”
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The Sundiata Post Model (2): Historical and intellectual foundations of a knowledge-producing newsroom
Published
2 hours agoon
July 12, 2026
Every institutional framework has a history, even when it introduces something new. Ideas rarely emerge in complete isolation; they arise from deep, structural conversations that began long before us, evolving across generations as societies confront new realities, systemic shocks, and unanswered questions.
The Sundiata Post Model is no exception. Although formally introduced in the previous essay as an institutional framework for media-based knowledge production, its intellectual roots extend much further back. They lie within a long tradition of journalism’s engagement with ideas and society, while simultaneously responding to a distinctly twenty-first-century challenge: the transformation of the newsroom in the age of artificial intelligence, digital knowledge architectures, and global scholarly networks.
The question at the heart of this essay is therefore not whether journalism has ever produced ideas—history provides an unequivocal answer to that. The more critical question is whether the modern newsroom can become an institution deliberately organised to generate original analytical constructs that contribute simultaneously to journalism, deep scholarship, and public policy. That is a different, more demanding question altogether.
Nigeria’s Tradition of the Newspaper as an Intellectual Institution
Long before the emergence of today’s hyper-accelerated digital media, some of Nigeria’s most influential newspapers were already serving purposes far beyond the passive reporting of daily events.
The press architectures established by pioneers like Nnamdi Azikiwe and Obafemi Awolowo—both of whom I previously discussed, alongside Chinweizu, as members of Nigeria’s rare tradition of framework builders—became foundational vehicles through which sophisticated ideas about nationalism, constitutional development, socio-economic planning, democracy, and self-government entered the public consciousness. Their publications did not merely describe political transformation; they actively generated the conceptual architecture that shaped it.
Crucially, they achieved this by building powerful media infrastructures designed to carry these ideas at scale. Azikiwe did not just publish in Lagos; he deployed a sweeping, cross-regional syndicate anchored by the West African Pilot alongside a network of provincial pillars including the Eastern Guardian in Port Harcourt, the Nigerian Spokesman in Onitsha, and the Southern Nigeria Defender in Warri. Similarly, Awolowo founded the Nigerian Tribune in 1949 as a highly structured institutional vehicle to systematically articulate socio-political theory and regional constitutional destiny.
In his seminal work, Renascent Africa (1937), Azikiwe laid out a broad intellectual and ideological vision that extended far beyond the immediate horizon of standard journalism, charting a course for mental emancipation and African self-determination. A decade later, Awolowo’s Path to Nigerian Freedom (1947) demonstrated how a publisher and institutional thinker could systematically articulate a rigorous, structured constitutional vision for a developing nation.
This historical experience reminds us that journalism in Nigeria has never been confined solely to stenography. At critical turning points in the nation’s history, newspapers operated as the primary intellectual laboratories through which society debated its structural future.
This tradition of intellectual leadership through journalism is not merely of historical interest. In The Sunday Stew essay mentioned earlier, ‘The Insecurity Triad: Azikiwe, Awolowo, and Chinweizu — Nigeria’s Elite Class of Framework Builders’, I argued that Nigeria has, on rare occasions, produced public intellectuals who moved beyond commentary to construct enduring analytical frameworks. Azikiwe and Awolowo exemplified that earlier tradition, while Chinweizu demonstrated that independent conceptual innovation could continue outside formal state institutions and conventional academic structures. The present essay extends that argument by asking a different question: can the contemporary newsroom itself become an institution deliberately organised for systematic framework building and knowledge production?
Yet, an important distinction must be recognised between that era and our contemporary challenge:
The Nationalist Press primarily advanced political ideas, anti-colonial mobilisation, and national aspirations.
The Sundiata Post Model represents a shift from ideological mobilisation to systematic institutional knowledge production. It asks whether an independent newsroom can generate original analytical constructs capable of standing up to the rigorous validation of the global academic ecosystem while serving active policy discourse.
The distinction is subtle, but fundamental. It marks the evolution from political journalism to scholar-journalism.
Journalism and the Life of Ideas
The structural relationship between journalism and ideas extends well beyond regional borders. To understand the global intellectual foundations of this model, we must reconcile two complementary traditions of public thought—both of which proved invaluable in shaping the conceptual foundations of my Trinity of State Decay (TSD) theory.
In framing the mind dimension of the Money–Land–Mind dynamic of the TSD, I found the works of Walter Lippmann and Hannah Arendt particularly illuminating, insightful, and enriching. Few journalists have shaped modern thinking about public communication as profoundly as Lippmann. Throughout his six-decade career in American journalism, he demonstrated that journalism could become far more than a chronicle of events; it could serve as an instrument for decoding how societies acquire knowledge, construct public opinion, and navigate increasingly complex realities.
In his foundational classic, Public Opinion (1922), Lippmann demonstrated that journalism could contribute not merely rapid information, but macro-level interpretation, permanently altering how we view the relationship between media, knowledge, and public policy. It is this Lippmannesque understanding on how information is filtered, misperceived, and understood that informs the epistemic foundations of the TSD.
From a different, deeply philosophical tradition, Hannah Arendt, a political theorist and independent scholar whose ideas reached wide audiences through public intellectual magazines and cultural journals, devoted her life’s work to understanding the structural anatomy of politics, authority, institutional decay, and the conditions that make collective civic life possible.
In The Human Condition (1958), Arendt examined human action, public space, and the enduring value of disciplined conceptual inquiry in explaining political reality far beyond the fleeting nature of immediate headlines. Her profound insights into the erosion of institutional authority and the fragility of the public realm provide an important philosophical foundation for understanding the Trinity of State Decay’s vectors of systemic fragility.
Although operating within vastly different institutional environments, Lippmann and Arendt represented complementary pillars of intellectual rigor:
One demonstrated journalism’s unmatched capacity to shape and democratise public understanding.
The other demonstrated the enduring value of rigorous, uncompromised conceptual thinking regarding public life and the human world.
Together, they illuminate an important institutional possibility. If journalism can generate immediate public understanding, and disciplined inquiry can generate enduring concepts—as demonstrated by their influence on the conceptual foundations of the Trinity of State Decay—might there exist an institutional framework capable of integrating both traditions within a single, independent newsroom?
That synthesis is the exact intellectual domain of the Sundiata Post Model.
An Abuja Newsroom and a Contemporary Question
The Sundiata Post Model emerged not from an insular academic department, a government research institute, or a foreign-funded policy think tank, but from an independent newsroom in Abuja. That geographical and operational fact is highly significant.
The framework did not begin as an abstract theory searching for practical application. It emerged from journalism itself—from the lived, daily experience of reporting, investigating, analysing, and reflecting on the severe structural forces shaping Nigeria and the wider Global South.
Over time, The Sunday Stew gradually evolved beyond a weekly opinion column into a platform for systematic, empirical inquiry. Through that deliberate evolution emerged a succession of original analytical frameworks:
•The Insecurity Triad: A conceptual framework explaining how kidnapping (Money), banditry (Land), and terrorism (Mind) function as mutually reinforcing dimensions of contemporary insecurity, generating parallel systems of violence, governance, and authority;
•The Trinity of State Decay (TSD): A macro-theoretical formulation explaining how the interaction between the Institutional Mirage, the Shadow Order, and the Money–Land–Mind dynamic drives the decoupling of formal sovereignty from effective state authority, and
•The Decoupling Sovereignty Index (DSI): An indigenous, multidimensional measurement framework designed to quantify the extent to which effective sovereignty has decoupled from formal state authority across subnational territories.
What gradually became apparent was that these were not isolated intellectual exercises. They were the deliberate products of an emerging institutional philosophy developed through the Sundiata Post Intelligence Unit (SPIU).
More importantly, these constructs did not emerge as a single research project conceived in advance. They appeared sequentially, each responding to new empirical observations while simultaneously expanding the analytical capacity of the newsroom itself. The Insecurity Triad provided a structured lens for understanding the interconnected dimensions of insecurity. The TSD extended that inquiry into a broader theory of institutional authority and governance. The DSI subsequently translated those theoretical insights into an operational framework capable of empirical assessment. Viewed together, this progression revealed something larger than the individual frameworks themselves. It demonstrated that the newsroom had begun to develop an internal capacity for cumulative knowledge production, with each construct building upon and extending the intellectual foundations laid by its predecessor.
The fundamental question therefore shifted from “What new framework has been developed?” to “What kind of newsroom structure makes the systematic development of such frameworks possible?” The answer is the Sundiata Post Model.
A New Institutional Proposition
The Sundiata Post Model does not argue that journalism should become academia, nor does it suggest that scholarly research should migrate from the university to the newsroom. Instead, it advances a new institutional proposition:
The Core Proposition: An independent media institution can systematically integrate high-velocity journalism, original qualitative research, conceptual innovation, and global scholarly dissemination within a single institutional framework, contributing simultaneously to
informed public discourse and the international knowledge ecosystem. The Sundiata Post experience demonstrates the practical viability of this proposition.
This proposition reflects neither a rejection of journalism’s traditional role nor an attempt to merely imitate academic institutions. Rather, it represents a strategic institutional adaptation to the changing architecture of knowledge itself.
In an era when global digital repositories, artificial intelligence discovery layers, academic networks, and news organisations increasingly intersect, the traditional boundaries separating journalism from formal knowledge production have become entirely permeable. The Sundiata Post Model seeks to explore what becomes possible when those boundaries are approached not as rigid barriers, but as unprecedented opportunities for intellectual sovereignty.
The historical journey from Azikiwe and Awolowo to Lippmann and Arendt reveals a long-standing, symbiotic relationship between journalism and ideas. The Sundiata Post Model does not seek to replicate any of those legacy traditions perfectly. It seeks to answer a contemporary institutional question:
What becomes possible when an independent newsroom deliberately organises itself as a primary knowledge-producing institution?
The answer begins with philosophy. The next essay examines structure.
Trust is sacred. Stay seasoned
•Dr. Max Amuchie is a Scholar-Journalist, Media CEO, Lead Researcher at the Sundiata Post Intelligence Unit (SPIU), and an Expert Member and Peer Reviewer at ScienceOpen. He is the architect of The Insecurity Triad framework for African security analysis as well as the Trinity of State Decay theory, and the Decoupling Sovereignty Index (DSI)—original frameworks for understanding, categorising, and measuring conflict, state decay, and sovereignty in the Global South. He writes ‘The Sunday Stew’, a weekly syndicated column on faith, character, and the structural forces that shape society, with a focus on Nigeria, Africa, and the Global South in a changing world.
X (formerly Twitter): @MaxAmuchie | Email: max.a@sundiatapost.com | Tel: +234(0)8053069436
News
Don’t jump to conclusion! *Umahi speaks on mysterious death of female students!
Published
1 day agoon
July 11, 2026
In a quick riposte on Saturday, Dave Umahi, Minister of Works, has cautioned Nigerians to be circumspect in the manner they react to the story of the death of a female student in his home in Ebonyi State, warning against the temptation of jumping to conclusion.
Conveying his position on the highly-volatile matter through Francis Nwaze, his spokesman, Umahi, former Governor of Ebonyi State and a key figure in the government of President Bola Tinubu, said caution was needed to enable the police conduct unfettered investigation into the matter.
It was his response to breaking of how one Mary Habila, a female physiotherapist reportedly died in his palatial home at Uburu, Ohaozara Local Government Area of Ebonyi State, on June 27, hours after arriving the day before.
Nwaze, a Senior Special Assistant on Media and Publicity, specifically cautioned against speculations by “tale bearers,” while conveying the Minister’s shock over the matter and his eagerness for the authorities to get at the root of the matter through forensic investigations.
He wrote in the statement: “The attention of the Media Office of the Honourable Minister of Works, Senator Engr. David Nweze Umahi, has been drawn to a publication by a publication concerning the unfortunate passing of Miss Mary Habila in Uburu, Ebonyi State, alleging that the circumstances surrounding her death were shrouded in secrecy.
“The Honourable Minister received the news with profound shock and sadness and has since extended his heartfelt condolences to the bereaved family. For the avoidance of doubt, immediately the unfortunate incident occurred, appropriate emergency steps were taken. Medical personnel, including the Chief Medical Director of the David Umahi Federal University of Health Sciences, Uburu, were contacted without delay, while the Nigeria Police was promptly notified in accordance with the law.
“Following confirmation of Miss Habila’s passing, the Honourable Minister personally received her parents, conveyed his sincere condolences, and advised that an autopsy be conducted to scientifically establish the exact cause of death. At the time, however, the family declined the recommendation.
“It is important to clarify that Miss Mary Habila and Miss Anita Baski are employees of the David Umahi Federal University of Health Sciences, Uburu, who had been on secondment to the Federal Ministry of Works as physiotherapists for the past three years until the unfortunate passing of Miss Habila.
“Following the recent developments and in the interest of ensuring that the truth is established beyond doubt, the Honourable Minister has again reiterated his position that an autopsy must be conducted. He remains convinced that this is the most credible and responsible path to resolving all questions surrounding the unfortunate incident.
“We therefore urge the public to exercise restraint, refrain from speculation or premature conclusions, and allow the relevant authorities to carry out their responsibilities without interference. At this difficult time, our thoughts and prayers remain with the family of the deceased, and we pray that God grants them the strength to bear this irreparable loss.”
News
BREAKING: Mystery death! *Female student dies a day after arriving Umahi’s home!
Published
1 day agoon
July 11, 2026
The circumstances that led to the sudden death of Mary Habbila, a Nigerian female student died in the Uburu, Ohaozara Local Government Area of Ebonyi State, home of Dave Umahi, Minister of Works, has now thrown the entire household and environs into serious quandary.
SaharaReporters, which first broke the revealed that the incident, which happened since June 27 this year, has been shrouded in secrecy, with both the Ebonyi State Government and the state police command maintaining silence over the matter.
The incident, the report, added, took place barely a day after Habbila and another woman, Anita Baski, both from Kaduna State, were reportedly brought to the minister’s residence, triggering a police investigation, with the case transferred from the Ohaozara Divisional Police Headquarters to the Ebonyi State Criminal Investigation Department (SCID) in Abakaliki.
Habbila and Baski reportedly arrived at the minister’s residence on June 26 to “attend” to him, only for Habbila to be found dead inside the residence the following morning under circumstances investigators are still trying to establish.
Police sources were quoted by the paper as saying that Jonathan Bawado, a police officer who serves as Senator Umahi’s Personal Assistant and previously worked as his Aide-de-Camp (ADC) during his tenure as Governor of Ebonyi State, alerted medical personnel after Habbila was discovered unresponsive.
Subsequently, a doctor and an ambulance were dispatched to the residence, while Tobechukwu Godwin, Chief Superintendent of Police (CSP) Divisional Police Officer (DPO) of Ohaozara Police Division, was notified of the incident, the report said, adding that at the hospital Chihurumnanya Alo, a Professor and Consultant Public Health Physician, Infectious Diseases Specialist and Chief Medical Director of the David Umahi Federal University Teaching Hospital (DUFUTH), Uburu, was also alerted about the incident.
The police who subsequently conveyed Habbila’s body to a mortuary, were said to have handed over the identification tag attached to Habbila’s to the Ebonyi State Police Command by the said DPO, as part of the ongoing investigation.
SaharaReporters, quoted a senior police officer, with knowledge of the case as saying: “The case has been transferred to the State Criminal Investigation Department in Abakaliki,” but, however declined to provide further details, citing the ongoing investigation.
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July 12, 2026 9:04 pm
July 12, 2026 9:04 pm
The Sundiata Post Model (2): Historical and intellectual foundations of a knowledge-producing newsroom
Don’t jump to conclusion! *Umahi speaks on mysterious death of female students!
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