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The many crimes of Emefiele! *How N27trillion ‘Ways and Means’ disappeared *COVID-19, Naira design, conduit pipe for stealing – probe
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.”
For Diezani Alison-Madueke, there is nothing more to prove to anyone as God has finally fought her battle and restored her dignity, with here exoneration from allegation of massive looting on Nigeria during her years as Minister of Petroleum Resources.
Emerging from the Southwark Crown Court in London, where she was eventually exculpated from blames after many months of trial, the former Minister, who had been living in the UK since 2015, as a fugitive, having escaped the claws of the government of Muhammadu Buhari, Nigeria’s former President, which had accused her of multiple cases of sleaze, she told reporters that everything would be kept in abeyance to enable her enjoy her freedom which had been denied for so long.
But before then, she attributed her acquittal on bribery charges which said had ended years of “unjust vilification,” to the handiwork of God while thanking those who stood by her during the trial period she described as “arduous” and “traumatic.”
The court had freed the once very powerful Minister, who ended up in the petroleum ministry after hitherto serving in different capacities of all six charges after hours of deliberation on Wednesday, after six months of trial, which began in January when the UK government charged her in August 2023 over an alleged £100,000 bribe.
Part of the prosecution in the UK court was that she accepted bribes in the form of luxury goods and use of high-level properties from industry figures in return for awarding multi-million-pound oil and gas contracts during her time in office.
But in her defence, the former Minister through her lawyers, told the jury that she had limited control over oil contract approvals during her time in office, as most decisions were made before reaching her desk.
After the court agreed with her, she told reporters: “I’m just thankful to God. It’s been a very, very arduous and long, almost 11 years. It’s been traumatic not just for me but for my family, for friends, for all those who have stayed and supported, for my 93-year-old mother in Port Harcourt, for my son, and for all those who love us, friends and family. We’re surrounded by friends here. So it has been a hard journey.
“But I tell you this, God will always do as God wills, and God will be God. God is not a man that he should lie. So, when he promises you something, he will see it through.
“It has been almost 11 years I’ve been here. I did my job to the best of my ability, but like I said, God is not a man that he should lie. God is God, and we thank him.”
Also, in a statement issued by Bolouere Opukiri, her representative, Alison-Madueke said “a decade of unrelenting and unjust vilification, condemnation, and scrutiny has finally concluded.
“I give thanks to Almighty God for His faithfulness and for the complete vindication I have received. I am grateful to my legal counsel for their diligence and to my family and friends for their steadfast support and encouragement throughout this period. I am profoundly relieved. My name has been cleared, and this ordeal has come to an end.”
Allison-Madueke said she would speak about the events of the past decade and her future plans “in due course” but, in the meantime, would focus on embracing what she described as the freedom she had been unjustly denied for many years.
Nigeria is sure to witness an impending doomsday sooner than later if the Federal government fails to take definite and decisive steps to arrest the current parlous state of the nation’s medical system.
Association of Medical Doctors (ARD), which dropped the warning, cited how Nigeria currently boasts of just 55,000 doctors to serve a population of more than 220 million people, warning that with the current paucity in its healthcare system, an impending doomsday was only a matter of time.
The doctors, who raised the alarm at the Ordinary General Meeting and Scientific Conference of the association, held at the Federal Neuropsychiatric Hospital (FNPH), Yaba, Lagos, the doctors, among whom were mental health experts, also said the present situation was worsening access to psychiatric care and leaving millions of vulnerable Nigerians untreated.
Citing no fewer than 16,000 Nigerian doctors, who have emigrated in the last five years, had worsened an already dire manpower shortage in the country’s health sector, they warned that the sustained exodus of healthcare workers under the “Japa” syndrome had severely depleted the country’s mental health workforce, widened treatment gaps, increased the cost of care and placed enormous pressure on the few specialists remaining in the system.
Vanguard quoted Omoti Ernest, President of Nigerian Medical Association (NMA), as saying that recent data showed that the Medical and Dental Council of Nigeria (MDCN), had registered over 130,000 doctors but noted only about 55,000 are actively practicing within Nigeria.
Stressing that with a population exceeding 220 million, this translated to roughly one doctor for every 3,600 to 4,000 people, he added: “This ratio is far below the World Health Organisation’s recommended threshold of one doctor to about 600 people, highlighting the significant shortage of medical personnel and the strain on healthcare delivery.
“Many Nigerian-trained doctors have emigrated or are no longer engaged in active clinical practice, contributing to the country’s healthcare workforce shortage. The emigration of skilled professionals in search of better opportunities abroad has had a significant impact on Nigeria’s hospitals and healthcare workforce.
“Thousands of doctors and other healthcare professionals have left the country in recent years, leading to severe staff shortages, increased workload for those who remain with many suffering from burnout, longer waiting times for patients, and declining quality of care in many public hospitals.
“Rural and under-served communities have been particularly affected, as they already struggle with limited access to healthcare services. ’The reasons behind this migration include poor remuneration, inadequate working conditions, insecurity, limited opportunities for career advancement, and insufficient investment in healthcare infrastructure, among others.
“Many professionals are attracted by better pay, improved facilities, and more stable environments in countries such as the United Kingdom, Canada, and the United States.”
‘What can be done’
To address the trend, he said the Federal Government should prioritise salaries and welfare packages for healthcare workers, invest more in modern medical equipment and hospital infrastructure, expand residency and specialist training opportunities, and create clear career progression pathways.
“Strengthening security, ensuring timely payment of wages, and providing incentives for professionals to work in under-served areas will also help retain talent. ’In addition, partnerships with the private sector and diaspora engagement programmes could encourage Nigerian healthcare professionals abroad to contribute their expertise and support development of the country’s healthcare system.”
Yesir Kareem, a Consultant Psychiatrist at the Neuropsychiatric Hospital, Aro, also lamented how Nigeria’s doctor-to-patient ratio had fallen to about one doctor for more than 10,000 patients, far below the World Health Organisation’s recommended ratio of one doctor to 600 people.
The consequences, he argued were particularly devastating for mental healthcare, he said, adding: Only about 55,000 doctors remain to serve a population of over 220 million Nigerians. More than 40 million Nigerians suffer from mental health disorders, yet about 85 per cent of them do not have access to mental healthcare services,” Kareem said.
He noted that Nigeria’s shortage of psychiatrists and other mental health specialists has reached alarming levels, warning that untreated mental illnesses contribute to family breakdowns, substance abuse, unemployment, delayed diagnosis and premature deaths.
“The economic consequences are equally devastating, with billions of dollars lost annually due to untreated mental health conditions. Over 94,000 doctors and nurses have left Nigeria since the Japa syndrome started some years ago due to poor remuneration and delayed salaries, competitive salaries in destination countries, overwhelming patient loads (1:10,000+), better work-life balance and conditions, and inadequate medical equipment & facilities.
He listed access to modern medical technology, limited career advancement opportunities, professional development and training, unsafe working conditions and long hours, unstable political and economic environment and insecurity and socioeconomic instability as factors encouraging migration of doctors from the country.
Vanguard, also quoted Veronica Nyamali, President of the Association of Psychiatrists in Nigeria (APN) as saying that the manpower shortage was a crisis that had forced consultants to abandon higher-level responsibilities, such as research and specialist care, in order to fill gaps left by departing doctors.
She said: “There are gaps everywhere. Work that should be done by four psychiatrists is now being handled by one or two people. Consultants are increasingly forced to work at lower levels because the doctors they are supposed to supervise are no longer there.
“Those we train are leaving. Junior registrars, senior registrars, many complete their examinations and return abroad. The result is that we have shortages at every level of care. Nigeria has less than 150 psychiatrists. The dwindling number of specialists is making mental healthcare increasingly expensive and inaccessible, especially for patients in rural communities where psychiatrists are virtually non-existent.
“When specialists become scarce, services become more expensive. Access becomes difficult because patients must travel long distances to find care. This is contrary to the principle of universal health coverage, where mental health services should be available, affordable and accessible to everyone.
Lagos State Police Command, has thrown a security cordon around university communities in the state to prevent any form of mishap as a result of recent concerns that they could come under attack.
On Wednesday, Olohundare Jimoh, Lagos State Commissioner of Police, gave the hint while conducting an on-the-spot security assessment at Pan-Atlantic University, Lekki, following the circulation of a viral video showing two masked individuals emerging from a forest area adjoining the institution.
The visit, carried out alongside operational personnel of the command, was part of efforts to evaluate the security situation around the university and reassure students, staff and parents of measures being taken to ensure their safety.
The police boss, in a meeting with the university’s management while stressing the need to continually strengthen the institution’s security architecture to forestall potential threats, also advised on practical steps to enhance security within and around the campus, cautioning against actions that could inadvertently weaken existing security structures.
Emphasising the importance of adopting proactive security measures, particularly in the areas of perimeter protection, access control and collaboration with relevant security agencies, he said as part of efforts to boost security operations in the area, the Lagos State Security Trust Fund (LSSTF), had deployed surveillance drones to support law enforcement activities around the university and neighbouring communities.
The measure facilitated by the Lagos State Government, is expected to enhance aerial surveillance, intelligence gathering and crime-prevention efforts within the axis, he said stating that the command was fully committed to protecting lives and property across the state.
He assured the management, staff, students and parents of Pan-Atlantic University of the police’s readiness to respond swiftly to security concerns and maintain a safe environment conducive to learning and other lawful activities, urging the institution to sustain close collaboration with security agencies and remain vigilant in addressing emerging security challenges.
“The Command remains committed to the protection of lives and property across Lagos State. The university community must support security efforts by promptly reporting suspicious activities. We are resolved to maintain peace, public safety and security across the state. We urge residents to remain security-conscious and provide credible, timely information to law enforcement agencies. Residents are also encouraged to make use of the Command’s emergency lines to report security-related incidents and suspicious movements.
The assessment followed heightened public concern generated by the viral video, with authorities moving swiftly to reassure the public and strengthen surveillance around the institution and its environs.
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