Business
Emefiele operated 593 illegal US, UK, China accounts – CBN investigator
Emefiele operated 593 illegal US, UK, China accounts – CBN investigator
The former Central Bank of Nigeria Governor, Godwin Emefiele, illegally lodged billions of naira in no fewer than 593 bank accounts in the United States, United Kingdom, and China without the approval of the apex bank’s board of directors and the CBN Investment Committee.
The Special Investigator on the CBN and Related Entities, Jim Obaze, found that the ex-CBN governor lodged £543, 482,213 in fixed deposits in UK banks alone without authorisation.
When contacted, counsel for Emefiele, Mathew Bukkaa, SAN, asked one of our correspondents to send him a text message. He has yet to reply to the message as of the time of filing this report.
Meanwhile, Obaze submitted his final report tagged, ‘Report of the Special Investigation on CBN and Related Entities (Chargeable offences) to President Bola Tinubu on Wednesday.
The report partly read, “The former governor of CBN, Godwin Emefiele invested Nigeria’s money without authorization in 593 foreign bank accounts in the United States, China, and United Kingdom, while he was in charge.
“All the accounts where the billions were lodged have all been traced by the investigator.”
In a letter dated July 28, 2023, sighted by The PUNCH, President Bola Tinubu had named a former Executive Secretary of the Financial Reporting Council of Nigeria, Obazee, as the CBN special investigator,
Emefiele, who is currently in Kuje Custodial Centre, is being prosecuted for N1.2 billion procurement fraud.
He has not been able to perfect the N300m bail granted him by a High Court of the Federal Capital Territory on November 22.
However, documents obtained by our correspondent on Thursday indicated that the former apex bank governor might face fresh criminal charges over the handling of the CBN naira redesign policy.
Emefiele could be prosecuted for illegal issuance of currency under section 19 of the CBN Act alongside Tunde Sabiu, a former aide to former President Muhammadu Buhari, and 12 top directors of the CBN.
It was gathered that the naira redesign policy was sold to Buhari at the instance of Sabiu and that the initiative was done without the approval of the board of the CBN.
No approval
The investigator found that Buhari didn’t approve of the naira redesign. It was Tunde Sabiu who first told Emefiele in September 2022 to consider the redesign of the naira. On October 6, 2022, Emefiele wrote to Buhari that he wanted to redesign and reconfigure N1000, N500 and N200 notes.
“The former President tagged along but did not approve the redesign as required by law. Buhari merely approved that the currency be printed in Nigeria. The redesign was only mentioned to the board of the CBN on December 15, 2022, after Emefiele had awarded the contract to the Nigerian Security Printing and Minting Plc on October 31, 2022,’’ the documents noted.
Emefiele was said to have contracted the redesign of the naira to De La Rue of the UK for £205, 000 pounds under the vote head of the Currency Operations Department after the NSPM said it could not deliver the contract within a short timeframe.
The special investigator found that N61.5bn was earmarked for the printing of the new notes out of which N31.79bn had been paid.
As of August 9, 2023, findings revealed that N769bn of the new notes were in circulation.
The probe of the CBN also revealed the fraudulent use of N26.627tn Ways and Means of the Apex Bank as well as the misuse of the COVID-19 intervention fund.
For instance, the CBN under Emefiele at its 661st meeting held on October 27, 2020, approved that the Consolidated Revenue Fund Account should be debited with the sum of N124.860bn, and the decision was implemented on October 9.
Similarly, the Committee of Governors at its 670th meeting held on December 9, 2020, granted anticipatory approval ‘’pending receipt of a formal request by Mr President and ratification by the board of directors the payment of the sum of N250bn only to the Federal Government of Nigeria to address challenges as a result of low revenue inflow and the payment of salaries.
The decision was implemented on December 15, 2020.
Anticipatory approval
Also on December 30, 2020, the committee of governors at its 672nd meeting granted another anticipatory approval for N250bn to the Federal Government for payment of salaries pending receipt of a formal request by Mr President and ratification by the board of directors.
The apex bank’s management through the Finance and General Purpose Committee equally granted anticipatory approval on the investment of $200mn in equity warrants of the Africa Finance Corporation.
According to section 38 of the CBN Act, 2007, the CBN could grant temporary advances to the Federal Government in respect of temporary deficiency of budget revenue at an interest.
The section also provides that such advances are to be repaid by the end of the financial year in which they are granted otherwise, the CBN shall be stopped from granting such advances in the subsequent year.
The advance is not to be repaid by way of promissory note, securitization or issuance of treasury bills.
The CBN investigator discovered that the CBN Ways and Means was abused under the Buhari administration.
The document further said, “In an instance, they (senior CBN and government officials) padded what the former President Muhammadu Buhari approved with N198,963,162, 187. There are instances where no approvals are received from the former president and yet, N500bn is taken and debited to Ways and Means.
“There are more shocking instances where the erstwhile CBN governor and his four deputy governors connived to steal outright in order to balance the books of the CBN.
“This was by violently taking money from the Consolidated Revenue account and then charging it to Ways and Means. It was a total of N124.860bn. They even created the narration as a presidential subsidy and expanded the ways and Means portfolio to accommodate crime.
“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 N22.7trn 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 trn or N9.2trn depending on which official you are considering his submission and an unreasonable attribution of non-negotiated interest element of N6.5tn.
“This shows that this was the point where the officers of the immediate past administration as well as the erstwhile CBN governor and his four deputy governors connived, defrauded, and stole from the commonwealth of our country with the aid of civil servants.’’
Continuing, the report said, “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 N22.7trn be securitised by the 9th National Assembly on December 19, 2022, which they also hurriedly did despite the fact that it contravenes section 38 of the CBN Act, 2007.”
Legal fees
The CBN under Emefiele was also said to have spent N1.7bn on questionable legal fees for 19 cases instituted against the naira redesign policy.
The investigator also discovered how Emefiele misrepresented the presidential approval for the NESI Stabilisation Strategy Limited approved by former president Goodluck Jonathan.
The document read, “The Presidential approval granted by then President Goodluck Jonathan was rightly stated by him NESI should be a company limited by guarantee but the Committee of Governors misled the Board of the CBN by relying on non-existent advice by the office of Attorney-General and Minister of Justice to incorporate a company limited by shares for which the allotted share capital exceeded the authorised share capital (See 380th meeting of the Committee of Governors held in January in January 2015) and allotting unauthorised share capital to Mr Godwin Emefiele and Mr Mudashiru Olaitan without lawful approval by the President.
“N1.325bn was stolen pre-incorporation and the money funnelled to four companies, including a legal firm which got N300mn.’’
Between 2015 and 2021, an investment company was said to have collected unlawfully a total of N4.89bn.
A breakdown indicated that the firm received N262mn in 2015, N464mn in 2016, N550mn in 2017, N726mn in 2018, N762 in 2019, N684 in 2020 and N1.44bn in 2021, totalling N4.89bn.
Emefiele also allegedly paid N17.2bn to 14 deposit money banks participating in the Nigerian Electricity Market Stabilisation Facility.
“A total of 14 DMBs engaged in the manipulation by unlawfully arranging and collecting 1.9535 per cent 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.
“The CBN also went further by authorising the issuance of debenture for the NESI SPV, starting with N64.8bn in 2015. By 2021, N952bn debenture had been issued. The investigator said the money was diverted from public funds,’’ the document further stated.
It was further gathered that Emefiele could be tried for alleged manipulation of the naira exchange rate, fraudulent implementation of the e-naira project, and exemption of three foreign firms from paying income tax.
Meanwhile, the investigation has uncovered the strange illegal withdrawal/theft of $6.23mn from the CBN vault by two persons who used a forged presidential letter.
The suspects currently in custody were said to have presented a forged letter on February 7 and 8, 2023, purportedly signed by Buhari to withdraw the money allegedly meant for payment for foreign election observation missions.
NAPS COMMENDS OPAY DIGITAL SERVICES FOR ITS STUDENT SCHOLARSHIP INITIATIVE
The National Association of Polytechnic Students (NAPS) acknowledges and commends Opay Digital Services for its significant commitment to the educational advancement of Nigerian students through the Opay Scholarship Program.
The leadership of NAPS, under the stewardship of Comrade Oyewumi Festus Ayomide, has been actively engaged in discussions with Opay Digital Services to facilitate meaningful collaborations that benefit polytechnic students across Nigeria. These deliberations have now yielded a remarkable milestone as Opay Digital Services has entered into a strategic partnership with polytechnics across the nation. The scholarship initiative, which officially kicks off today at Kwara State Polytechnic, Ilorin, marks the beginning of a nationwide rollout aimed at empowering polytechnic students for the next ten years.
This scholarship program is designed to alleviate financial burdens that hinder students from pursuing higher education, aligning with NAPS’ commitment to academic excellence, inclusivity, and student empowerment. The initiative will provide financial support to deserving students, ensuring that economic constraints do not hinder their academic and professional growth.
Key Benefits of the Opay Scholarship Program:
Access to quality education and financial assistance for students with demonstrated need.
Promotion of inclusivity by ensuring equal opportunities for all eligible students.
Enhancement of employability and future career success for scholarship recipients.
Encouragement of academic excellence and holistic student development.
Reduction of financial burdens associated with tuition fees and educational expenses.
Support for students in their career aspirations through funding for internships, research opportunities, and professional development activities.
Eligibility Criteria:
Must be an undergraduate student enrolled in a tertiary institution.
Open to students from all departments and academic levels.
Must have an active Opay account.
Scholarship Structure:
Each beneficiary will receive ₦300,000 per academic session.
20 students from each tertiary institution will be selected.
The scholarship will be extended to institutions across Nigeria’s six geopolitical zones.
During a stakeholder meeting at Kwara State Polytechnic, NAPS President, Comrade Oyewumi Festus Ayomide, commended Opay Digital Services for its leadership in the fintech sector and its dedication to student welfare. He also urged the Federal Government to support Opay’s initiative, as it aligns with the government’s Nigeria Education Loan Fund (NELFUND) policy. Additionally, he called on other fintech companies to emulate Opay’s commitment to education.
The Rector of Kwara State Polytechnic also lauded the initiative and encouraged Opay to consider further investments in student development, including projects such as Opay Farm, Opay ICT Center, Opay Library, and Opay Sports Festival, among others.
Mr. Itoro, the Manager of Corporate Social Responsibility (CSR) at Opay Digital Services, expressed his appreciation for the positive reception and collaboration from NAPS and polytechnic institutions nationwide, affirming Opay’s commitment to supporting Nigerian students.
NAPS remains dedicated to fostering impactful initiatives that elevate the educational and professional prospects of polytechnic students nationwide. We urge all students to remain engaged and supportive while rejecting misinformation or deceptive promises from external influences.
Our commitment remains unwavering—until all polytechnic students in Nigeria stand out in all aspects, Aluta Continua!
Co-Signed:
Comrade Oyewumi Festus Ayomide
National President, NAPS
Comrade Jimoh Ibrahim
Public Relations Officer, NAPS
LASUSTECH Mass COMMUNICATION DEPARTMENT EARNS FULL ARCON ACCREDITATION
Lagos, Nigeria – The Advertising Regulatory Council of Nigeria (ARCON) has granted the Department of Mass Communication at Lagos State University of Science and Technology (LASUSTECH) a five-year full accreditation to run advertising-related courses. This milestone achievement is a testament to the department’s commitment to excellence and its positioning for global competitiveness.
The accreditation exercise, conducted in January 2025, underscores the department’s adherence to industry standards and best practices. With this accreditation, students of the department will no longer need to write the ARCON professional examination before applying for membership in the noble council.
According to Dr. Steven Anu’ Adesemoye, Head of Department, Mass Communication, “This accreditation is a significant milestone for us, and we’re thrilled to have met ARCON’s rigorous standards. Our students will greatly benefit from this, as they’ll have a competitive edge in the industry.”
The department’s accreditation status places it at a greater advantage in marketing communication training, providing students with a comprehensive education that prepares them for the ever-dynamic media and communication workspace.
“As we continue to reculture and position ourselves for global competitiveness, this accreditation serves as a validation of our efforts,” said Adesemoye.
“We’re committed to providing our students with a world-class education that equips them for success”
The department is open to mutual collaborations, seeking to leverage partnerships with industry stakeholders to enhance its curriculum and provide students with practical, real-world experience.
“We’re excited to collaborate with industry partners to further enrich our curriculum and provide our students with the skills and knowledge required to excel in the industry,” added Dr. Adesemoye.
With this accreditation, LASUSTECH’s Mass Communication Department solidifies its position as a leading institution for media and communication education in Nigeria, offering students a globally recognised qualification that opens doors to exciting career opportunities.
The Dean, College of Applied Social Sciences (CASS), Professor Olamuyiwa Olamade felicitate the department for the academic feat, “The College extends heartfelt congratulations to the Department of Mass Communication and expresses its gratitude to the Vice-Chancellor for meeting our accreditation requirements, leading to this significant achievement.”
Public Relations and Advertising, Unit,
Department, Mass Communication
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