News
The many crimes of Emefiele! *How N27trillion ‘Ways and Means’ disappeared *COVID-19, Naira design, conduit pipe for stealing – probe
Published
1 year 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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News
On Tinubu, you’re on your own, ACF tells Ganduje *We’re wiser now
Published
9 hours agoon
February 13, 2025
It does not lie in the mouth of Abdullahi Ganduje, National Chairman of the All Progressives Congress (APC) or any othe party’s big-wigs from the North to corral the people into voting for President Bola Tinubu in 2027, as the people were now wiser and more prudent to make crucial decisions.
This much was delivered by Arewa Consultative Forum (ACF), a pro-North socio-political organisation, as a clapback to the assurance of Ganduje, former Governor of Kano State to the effect that the people would have no choice but to allow the President do two terms in office as was allowed Muhammadu Buhari, his predecessor.
The PUNCH, in a report, quoted ACF and other northern leaders as declaring that no individual could claim to be the mouthpiece of the North and, as such, it was wrong for the ACF boss to ask the North to wait till 2031 before vying for the Presidency.
Ganduje who spoke on Tuesday, urging politicians nursing presidential ambition in 2027 to bury the idea, as Tinubu would complete two terms in office, told a delegation of the Tinubu Media Centre and Tinubu Northern Youth Forum at the APC National Secretariat in Abuja that it would be unfair to deny Tinubu the chance of being re-elected after a fellow northerner was allowed to finish his tenure of eight years.
His words: “When a leader from the northern part of this country was in office for eight years, we advocated that the next president in our party should come from the south. Luckily enough, we worked very hard with the cooperation of Nigerians. Our president has come from the south and is going, Insha Allah, for a second term come 2027. And after that, it will be the turn of the northern part of this country.”
The PUNCH, however quoted Tukur Muhammad-Baba,National Publicity Secretary of the ACF, as saying that the comment credited to the former governor was a reflection of the cult-like nature of the presidency, where allegiance to the president is paramount.
His words: “Given the nature of the Presidency, it has become something like a cult; a personality cult and allegiance to the president because it looks like the president wants total allegiance and nothing else.
“We are in the season of politics and you should expect that those who are near the corridors of power should express those things. But it’s not constitutional.
“There’s nothing new in what Ganduje said. So many people have said so before. Not too long ago, the Secretary to the Government of the Federation, Senator George Akume said the same thing that northerners should forget about it until 2031.
“He or she or party members cannot influence voters by force. So, what he said was an opinion and his personal opinion and it’s up to the voters to endorse, reject or modify what he said. I think voters are becoming wise as to where the president comes from. In 2015, we were sold a dummy of anti-corruption.
“We were sold a dummy of many things and people have realised that it wasn’t true. Then, of course, the Renewed Hope came in 2023 and the hope is turning into a nightmare. What will sell President Bola Tinubu, I think and I hope, is not whether he will contest or not, it will be his policies and their impact on the people. If they buy it, fine.”
Mallam Salihu Lukman, former APC National Vice Chairman (North-West), who echoed the same sentiment, was also quoted as saying: “El-Rufai is not saying anything different from what I have been saying all thise while. The only difference is that he is talking for the North while I talk for the whole country.”
Also, Bauchi State Governor, Bala Mohammed, has declared once again that he remains the right candidate for President in the 2027 general elections.
Reacting to Ganduje’s admonition for the North to wait till 2031 for Tinubu to finish his second term before aspiring for the Presidency, Mohammed, who spoke through his Commissioner for Natural Resources Development, Maiwada Bello, described Ganduje’s comment as silly.
Bello urged the youths to rally around Governor Mohammed, saying that he had set a national precedent by appointing more youths into key positions in government than any other governor in Nigeria.
The commissioner said the Bauchi governor’s bold move underscores his administration’s commitment to youth empowerment and inclusive governance, adding that he deserves the collective support of the Nigerian populace to propel him to the country’s highest political office in 2027.
He said, “We are committed to building a government that reflects the energy and innovation of the youth. No other administration in the country has given young people as many opportunities to serve in high-level positions as my administration.”
In an interview, a former ally-turned-foe of the President Tinubu, Babachir Lawal, affirmed that the North can never forgive Tinubu over the manner he allegedly brought suffering to the region through his nail-biting reforms.
The former SGF reiterated El-Rufai’s warning that the North is massively mobilising its people ahead of the 2027 polls.
He stated, “The North is seriously mobilising with a consensus that Bola Tinubu must give way in the 2027 election. This is no doubt about the consensus. There’s no argument about that. I may not have been supporting El-Rufai’s position. But on this one, I will join him to see how we can stop Bola Tinubu from winning the 2027 election. Because if he does win, you know there will be one large refugee camp.’
“So, there’s that consensus. Everybody understands that if we are to continue with these policies for another four years, northern Nigeria will become one large refugee camp. So, there’s a consensus that for self-preservation alone, we must look for another candidate.”
Babachir said the state of origin of the candidate doesn’t matter, noting that the important thing is for the candidate to understand the need for one Nigeria.
He added, “Now, that is where quite a number of people think that it is only right to find someone who is patriotic and sees Nigeria as one, even if it’s from the South or the North. Some want it to come from the South while others are saying we cannot take the risk of bringing a southerner for self-preservation alone. So, that is where the divergence is.
“But we all agree that we must look for a substitute for Bola Tinubu. Unfortunately, quite a lot of people like Ganduje and other northerners benefiting directly from this government are just irritants. They are people who are talking to justify their positions in this rogue government. So they are justifying their place in it not caring what the other parts of northern Nigeria are going through.
“So, if we can get a good southerner that can rule with equity, we are okay. It’s not actually about the elite consensus. It’s about the masses and what they are saying at the bottom. Even if some elite pretend to be supporting Bola, they will not vote for him because they are the ones at the receiving end of this thing. They are also the ones directing us, political elites of northern origin, to make sure this man doesn’t have a second chance.”
Commenting on the development, a Peoples Democratic Party chieftain and lawmaker representing Benue South Senatorial District, Abba Moro, also observed that what is playing out is an alignment of forces ahead of the electoral contest.
Moro also noted that El-Rufai and Ganduje’s remarks smacked of political alignment
He said, “There are several fireworks that are going on in the political firmament at the moment. These are attempts at alignment and realignment. Ambitions are on display and people are expressing sentiments in line with their ambitions.
“My take is that with time, the picture will become clearer as to the direction of things takes shape. Nigerians will make up their minds as to where to go. Don’t forget that this present government is barely a year and a few months old.”
However, taking a different position on the matter, a former Secretary General of the Arewa Consultative Forum, Anthony Sani, submitted that El-Rufai and Ganduje do not speak for the North.
He said, “There is nothing controversial about the statements of the two. This is because none of the two people you have mentioned speaks for the North in so far as partisan politics is concerned. This is because the North can be united politically on issues of real concern to northerners but when it comes to partisan politics, the North does not act in unison.”
He recalled that in the Second Republic, “Shehu Shagari contested against Nnamdi Azikiwe of the Nigeria People’s Party while Obafemi Awolowo of Unity Party of Nigeria from the South and with Mallam Aminu Kano of Peoples Redemption Party from Kano and Alhaji Waziri Ibrahim of famous ‘politics without bitterness’ from the North joined forces together.
“During the third and the current Fourth Republics, the North voted for Moshood Abiola against their son, Bashir Tofa, and voted for Bola Tinubu in 2023 from the South against the son of the soil, Atiku Abubakar. This should also inform political pundits that the North can use contingency in its approach to politics depending on the situation on the ground,” he elaborated.
The National Chairman of the Peoples Redemption Party, Malam Falalu Bello, expressed disappointment that El-Rufai and Ganduje were playing ethnic or religious politics.
Bello said though the constitution of the country gives Tinubu the privilege of running for re-election, the PRP would field a sellable candidate in 2027.
He said, “The Constitution of the Federal Republic of Nigeria does not allow for an eight-year term for the President of the Federal Republic but a four-year term which for President Ahmed Bola Tinubu comes to an end in 2027 at the end of which he must face the Nigerian electorate to seek for another mandate.
“The PRP had a candidate in the presidential elections of 2023 who came 8th out of the 19 presidential candidates and would, Insha Allah, field its presidential candidate in the 2027 election to face President Tinubu or whoever APC decides as its candidate and our choice will be any Nigerian to bring good governance to Nigerians.”
The Immediate past Publicity Secretary of the PDP in Benue State, Chief Bemgba Iortyom, warned El-Rufai to stop heating the polity with his posturing as the mouthpiece of the north.
The PDP chieftain said playing the south against the North in the name of promoting the interest of the region is an ill wind that will bring no good.
He said, “So I asked again, who are the northerners? Are they Almajiris who are the real face of poverty or El-Rufai, whose children are part of the bourgeois? I think one of his sons is in the House of Reps, right? You have his children in the upper echelons of life. He wants you to understand that he and his children and those Talakawa and the downtrodden are all North.
“He should basically be trying to pacify certain areas where he has caused so much strife within the polity of that state. El-Rufai had placed himself in a larger perspective in the eyes of Nigerians as an ethnic and religious extremist. He’s not the sort of person that should be talking about the north and the south dichotomy. As far as I’m concerned, he’s only leading a crusade in the wrong direction.”
The National Secretary of the APC, Senator Ajibola Basiru, described the claim that Tinubu brought poverty to the North as laughable.
He said, “First and foremost, El-Rufai and others cannot speak for the North. Lukman, on the other hand, is a hireling of El-Rufai. So, whatever he says is from the same person and the way they going about it is laughable. I don’t know when El-Rufai turned himself to the mouthpiece of the north.
“He should, first of all, go and make peace with the Kaduna chapter of the APC before talking about national leadership. Then two, this idea of trying to represent the North is for his personal and egoistic interest because when you look at the structure of government we have in place now, you cannot be saying anybody is anti-north.
“The Ministry of Defence, Ministry of Budget and National Planning, the national chairman of the party, the Vice President, Speaker of the House of Representatives, deputy senate president, and key other ones from the North. So, we don’t know what they meant meant. This is not even a military government. It’s a democratic one.
“The structure and setup of the Nigerian Constitution does not even facilitate or allow marginalisation of any part of the country. There’s no northern state that does not have members in the Federal Executive Council. So, where did El-Rufai and others come up with their theory of Tinubu being anti-North? Even as we speak, the North now North-West, North-East and North Central Development Commissions. All of them have been activated?”
The APC scribe emphasised that El-Rufai was free to exit the APC if he so wished without levelling any false claim.
Basiru also advised that the former governor should have been engaging in penance over the manner he managed Kaduna State amid the turbulence, killings and rife state of insecurity that rocked the state under his watch.
“We all know he is working together with Atiku. He should not divert from the implementation of the Renewed Hope Agenda of Mr President. He has also been going about alleging that they want to arrest him and put him in a dungeon. Who does that in a democratic society? The president is a detribalised Nigeria.
“That was why the Federal Government also gave out N150bn support to Kaduna State. But El-Rufai turned around and claimed it was a bribe to Governor Uba Sani. We are talking about funds that will benefit farmers and the agricultural structure in the state. Rather than commending the federal government and seeing it as charitable, he is labelling it as a bribe to his governor.’’
News
Natasha unveils 150 free JAMB forms, five scholarships after Tuface’s engagement
Published
12 hours agoon
February 13, 2025
Even while currently in the heat of the public storm over her current blistering love affair Natasha Osawaru, Deputy Majority Leader of the Edo State House of Assembly, has moved to endear herself with her constituency with the announcement of the purchase of 150 free JAMB registration forms on a first-come, first-served basis to students of the state.
Osarawu, whose love affair with Innocent Idibia, Nigeria’s iconic and award-winning singer, popularly known as Tuface, is on top of social discussions in the country, at the moment, made the announcement in a video, which surfaced on Thursday, the same day she received an engagement from the popular artist.
She said in the video that she would also award scholarships to the top five students with the highest JAMB scores, covering their university education, a rare outing from the legislature in Nigeria, very low on public-spirited gestures in recent years.
She said: “The time has come again to push education into another level. With my fronts as a politician, I will be offering 150 JAMB registration forms for Edo State. It will be first come first serve. The 5 most intelligent students with the best score, I will sponsor their education.”
It is not known whether the gesture is purely a measure of philanthropy, political or appreciation for finally attaining the status of a wife-to-be to the singer, who announced recently that he was divorcing Annie Idibia, nee Macaulay, his childhood love.
News
Canada hits Nigerian military! *Denies CDS, others visa *They can go to hell – Ribadu
Published
13 hours agoon
February 13, 2025
What appears to indicate the new rating of Nigeria on the global stage came to the fore on Thursday with report that Canada denied the topmost echelon of the country’s military, including Christopher Musa, Chief of Defence Staff (CDS), to visit the country.
But in a swift riposte, Nigeria has clapped back through the Nuhu Ribadu, National Security Adviser, who brushed off the obvious snub, with an equally disparaging message to the North-American country – go to hell!
Musa, the head of the Nigerian military, had briefed the NSA, himself a retired top police officer, about the snub during the maiden annual lecture of the National Association of the Institute for Security Studies (AANISS), held at the Shehu Yar’adua Centre, Abuja, on Thursday, leading to his angry retort.
Ribadu, pioneer Chairman of the Economic and Financial Crimes Commission, in expressing his strong disapproval over the incident, maintained that such a treatment would not affect Nigeria’s march to greatness.
Musa, who though did not give reasons for the rejection of the visa application, explained that the delegation of the top military echelon was going to honour of an invitation for war veterans in Canada, adding that while half of the delegation, including himself, was denied visas, others were allowed into the country.
Describing the incident as disappointing, but served as a reminder for Nigeria to stand strong as a nation and not be taken for granted, Musa had told the NSA: “Every disappointment is a blessing. Yesterday, I was meant to be in Canada. There’s an event to honour our veterans, those who were injured during battles, and we were meant to be there. We were invited with our team. Half has gone and half has been denied. It’s very disappointing.”
Replying Ribadu, commended the CDS for speaking out about the incident, saying: “Thank you for the courage to say Canada denied you visas. They can go to hell.”
Restating that despite the disappointment, Nigeria remained “peaceful and strong” and must work hard to overcome such challenges, Ribadu also praised the CDS for providing “purposeful leadership” in the war against terrorism, banditry, and other security threats in the country.
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February 14, 2025 5:54 am



February 14, 2025 5:54 am

On Tinubu, you’re on your own, ACF tells Ganduje *We’re wiser now

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