News
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.”
Afenifere, the pan-Yoruba socio-cultural organisation, seems to find merit in the damning verdict of the US Commission on International Religious Freedom (USCIRF), accusing security agencies in Nigeria of complicity in the deluge of terrorist attacks in the country.
Jare Ajayi, National Secretary of the group, in agreeing with the position, posited on Wednesday: “This is because of the strong belief that the nature of terrorism bedeviling Nigeria would not be festering for this long without complicity from some powerful quarters.”
Though he acknowledged the determination of some patriotic operatives and government to stem the tide, he posited how difficult it was to believe that the activities of the terrorists would continue to thrive without active connivance.
Hear him: “With the vows by the President and top security officers, one has the feeling that the government is determined to end terrorism in Nigeria. When President Bola Tinubu appointed General Christopher Musa, (retd), as Minister of Defence, we had a lot of hope that within months, a total stop would be put to terrorism and banditry in the country.
“Unfortunately, there seems to be a spike, rather than reduction. The reason for this could be rooted in sabotage and complicity from within and from without. This tends to buttress the alarm raised by the US Commission.”
Stressing how the organisation been consistently calling the attention of authorities to areas that needed be looked into he maintained that these included politicians, who could be complicit in promoting the urgly situation.
Citing the recent comments by Godswill Akpabio, Senate President, who pointed in the same direction, Ajayi stated that no matter how unpalatable the position of the US body could be: “It is very important not to dismiss it but to use it a beacon with which to comb all areas.”
“Many people doubted us. Some dismissed us. Others predicted confusion, division, and even outright collapse. But you stood firm. You kept faith with the ADC. And today, because of your commitment, our party stands taller, stronger, and more united.”
With these words, David Mark, National Chairman of the African Democratic Congress (ADC) on Wednesday’s night showered praises on members for conducting what he considered a flawless presidential primary election to choose its candidate for the 2027 election.
Mark, Senate President from 2007 to 2015, his audience at the Congress Hall of Transcorp Hilton, Abuja, that by the outcome, the party had demonstrated that democracy and political competition could still thrive in Nigeria without crisis or division.
Regardless of the rejection of the result of the exercise by Rotimi Amaechi, former Minister of Transportation and Mohammed Hayatu-Deen, former Chairman of the Nigerian Economic Summit Group (NESG), who contested in the exercise, the former Chairman of the National Assembly, was still upbeat about its outcome.
Atiku Abubakar, Vice President between 1999 and 2007, had emerged winner of the process that took place across Nigeria from Monday till Wednesday, when the result was eventually announced.
The declared result showed that the former VP who would be running for the nation’s number one job for a record seven times came tops with Atiku 1,846,370, to Amaechi’s 504,117 and Hayat-Deen’s 177,120. Total votes cast in the election: 2,546,457 in the 3,113,599 tally.
Mark, who officially presented the ADC flag to Atiku as the party’s presidential standard-bearer, was emphatic that the exercise was not merely about producing a presidential candidate but about proving that internal democracy could still function effectively in the country.
Hear him: “Today is not just about announcing a presidential candidate. Today is also about proving a point to Nigeria and to Nigerians. It is about proving that democracy can still work.
“Proving that political competition does not have to become political warfare. That a party can organise itself around principles instead of personalities. This event has shown that in a season of deep national anxiety, a bright future is still possible.”
Stressing that had doubted the party’s ability to conduct a peaceful and credible primary, with some predicting division and collapse within the ADC, he praised members of the Presidential Screening Committee and Presidential Primary Election Committee for what he described as their professionalism and commitment to fairness despite pressure surrounding the exercise.
“In the face of enormous pressure, logistical complexity, and intense national attention, they carried out their responsibilities with courage, discipline, and an unwavering commitment to fairness and transparency. The conduct of the primary has strengthened confidence in the party and its democratic process.
“Their work has strengthened the credibility of this exercise and reinforced the confidence of our members and the Nigerian people in the integrity of the African Democratic Congress.
“It is important to mention that we are the only political party to have three strong aspirants contest for the presidential ticket. This alone makes the ADC unique in its deep commitment to democracy and democratic practices.
“By subjecting themselves to this process, they did not merely contest an election. They strengthened democracy. And despite efforts in some quarters to create uncertainty and tension, they remained committed to this process and to the ideals of this party,” he added.
For Nnenna Nnannaya-Oti, the first female Vice-Chancellor of the Federal University of Technology, Owerri (FUTO), it was another day of glory, as Alex Otti, Governor of Abia laid out another red carpet for her in lieu of her starling performance in the 2023 governorship election in the state.
The university don, was the Returning Officer of the Independent National Electoral Commission (INEC), who was nationally recognised for standing her ground against forces that reportedly tried to skew the process, leading to the emergence of Otti as governor.
Since then, she had received several recognitions including from the governor and other bodies, including her own students at FUTO, who gave her a heroic welcome upon the conclusion of her INEC task – the first and only one to be so accorded in Nigeria.
Wednesday’s recognition came through the naming of the newly inaugurated Umuahia Central Bus Terminal, a multimodal transport facility in the state capital after her, by the governor, who said it was in recognition of her role in that exercise.
Otti, who stressed that the decision was informed by her act of courage, integrity and commitment to truth, said: “This terminal has been named after Professor Nnenna Nnannaya-Oti, the courageous INEC returning officer who demonstrated unflinching integrity in the discharge of her duties during a high-stakes election assignment here in Abia.”
The governor, while stating that the honour was not limited to don alone but symbolised all individuals who resisted electoral manipulation added: “In 2023, through her courageous disposition of standing firmly by the truth… she reminded us that ordinary people can achieve extraordinary results by simply saying no.
“So she’s just a representative of all of you—INEC staff who never bent, party officials who didn’t give in, security agencies… people who said no to intimidation.”
Stressing that the state had moved beyond basic infrastructure delivery to building an integrated transport system, he said: “The days of playing small is over. We shall no longer confine ourselves to the margins.”
He explained that the terminal was designed to accommodate over 340 buses and would improve accessibility, safety and efficiency in urban transport operations, adding that it would be supported by electric bus services, with 20 already in operation, while additional units are expected in phases.
“Services will keep improving as more buses are delivered… and you can tell with accuracy when a particular bus will arrive and depart,” he said.
He urged residents to protect the facility and support government efforts by maintaining order and paying taxes, warning against vandalism, waste disposal violations and other practices that could undermine the project, stressing that offenders would face sanctions.
-
News4 weeks agoBREAKING: Makinde, Turaki, lose! *S’Court affirms Wike’s PDP leadership
-
News2 weeks agoTinubu to African leaders: Copy Nigeria, produce your way out of poverty
-
News1 week agoBREAKING: US-Nigeria troops slaughter 175 ISWAP fighters
-
Features4 weeks agoJim Nwobodo: The Sun shines, thrills, at ‘The Vanguard Awards’
-
Columns1 week agoDear General Gowon: That apology you’re running from is your nemesis
-
News2 weeks agoWhy we pegged presidential ticket forms at N60million – NDC
-
News3 weeks agoBREAKING! Coast brightens for Obi, as NDC zones presidency to South
-
News2 weeks agoGowon on civil war: My book is to put records straight, remove falsehood