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.
14 Reasons Nigerians Should Own Property with the Trusted Real Estate Brand
As part of activities marking its 14 years of transforming Nigeria’s real estate landscape, Adron Homes and Properties has unveiled 14 compelling reasons why individuals and families should consider owning property with the company reinforcing its commitment to accessible, stylish, and sustainable homeownership.
In a statement released by the company, Adron Homes described property ownership not just as an investment but as a strategic lifestyle decision rooted in long-term security, wealth creation, and community development. The company noted that over the past 14 years, it has remained consistent in providing affordable housing solutions while delivering well-planned estates that cater to diverse income levels.
According to the statement, Adron Homes’ success is anchored in its strong value proposition, which ranges from affordable pricing and flexible payment structures to prime estate locations nationwide. The company emphasized that its gated communities are designed with security, modern architectural standards, and structured infrastructure that ensure comfort and functionality for residents.
Adron Homes further highlighted its transparent documentation process and verified property titles, which have continued to boost investor confidence and encourage long-term property ownership among Nigerians at home and in the diaspora. The company added that its developments are intentionally designed to promote thriving communities, environmental sustainability, and long-term urban planning.
With a proven track record of helping thousands of customers achieve their property dreams, Adron Homes reaffirmed its commitment to delivering high-value investments that appreciate over time while maintaining strong customer service support from initial inquiry to allocation and beyond.
The organisation also noted its culture of appreciation for clients, partners, and staff through consistent reward programmes and promotional incentives. This strategy has strengthened loyalty and deepened engagement across its growing customer base.
Reflecting on its 14-year journey, Adron Homes reiterated that its mission goes beyond selling land and houses; it focuses on building vibrant communities where families thrive, investments grow, and futures are secured. The company encouraged Nigerians to take advantage of its flexible ownership opportunities, stressing that the best time to invest in property is now.
As it continues to expand its footprint across Nigeria, Adron Homes remains committed to innovation, excellence, and redefining the real estate experience through sustainable developments that stand the test of time.
Ogun Unveils Plan for ₦1bn AI-Driven Digital Classroom at Remo Secondary School
The Ogun State Government has announced plans to deliver a 900-capacity, Artificial Intelligence-enabled digital learning complex at Remo Secondary School, Sagamu, in a move aimed at strengthening technology-based education across the state.
Governor Dapo Abiodun disclosed activities marking the institution’s 80th anniversary, noting that the proposed facility represents a deliberate investment in modern learning infrastructure designed to prepare students for a rapidly evolving, knowledge-driven global economy.
He explained that the digital classroom project complements ongoing smart-education initiatives within the school, which already features a functional resource centre and a state-of-the-art robotics laboratory established to nurture innovation, problem-solving skills, and digital competence among learners.
Reaffirming his commitment to the school’s growth, the governor announced a financial pledge of ₦100m, stating that ₦50m representing half of the amount would be released immediately to kick-start development efforts. He also assured stakeholders that at least one of the outlined projects would be fully executed before the end of his administration.
Abiodun further disclosed that the state government had upgraded the school’s science laboratories, equipping them with modern facilities and teaching tools to ensure safer and more effective practical learning experiences for students.
He added that renovation works had also been completed on both the male and female hostels to improve accommodation standards, enhance security, and promote the overall well-being of boarding students.
Describing Remo Secondary School as a symbol of enduring heritage, the governor said the anniversary celebration went beyond mere commemoration of years of existence, emphasising the institution’s long-standing role in shaping generations of leaders and professionals.
He praised members of the old students’ association for their unwavering support and contributions to the school’s development, stressing that their collective efforts demonstrate a shared commitment to sustaining its legacy of excellence.
According to him, the projects and improvements carried out at the school reflect a strong belief in education as a foundation for future growth, as well as the power of collaboration between government, alumni, and the wider community.
Abiodun also revealed that the institution had been recognised as one of Ogun State’s model schools, urging students to remain focused on their academic pursuits, uphold strong moral values, and continue the tradition of excellence for which the school is known.
Business
BUA Group Chairman, Abdul Samad Rabiu, Calls for Shift from Extraction to Value Addition at AFC Event during Mining Indaba 2026
BUA Group Chairman, Abdul Samad Rabiu, Calls for Shift from Extraction to Value Addition at AFC Event during Mining Indaba 2026
Cape Town, South Africa
Founder and Executive Chairman of BUA Group, Abdul Samad Rabiu CFR CON, has called for a decisive shift in Africa’s development strategy, urging governments, financiers, and the private sector to move the continent from raw material extraction to large scale industrial processing and value addition.
Rabiu made the remarks as Special Guest of Honour at an Africa Finance Corporation forum during Mining Indaba 2026, where African leaders, policymakers, financiers, and industry executives gathered to discuss the future of mining, industrialisation, and real sector development on the continent.
Commending AFC for its role in mobilising long term capital for Africa’s industrial sectors, Rabiu noted that the institution’s leadership and recent S&P Global rating with a positive outlook underscored the importance of strong development finance institutions in shaping Africa’s growth trajectory.
Drawing from BUA Group’s experience, he recounted the company’s decision over sixteen years ago to transition from cement importation to local production in Nigeria, despite the capital intensity and long gestation periods associated with mining and heavy industry.
“At the time, Nigeria was importing cement despite being richly endowed with limestone,” Rabiu said. “We were spending more time chasing foreign exchange than selling cement. The real question was not whether the resources existed, but whether there was enough conviction to stop importing and start producing locally.”
Today, he noted, BUA mines and processes about forty thousand tonnes of limestone daily, producing roughly one million tonnes of cement every month. That shift has helped Nigeria move from being a cement importer to a net exporter, saving the country billions of dollars in foreign exchange annually.
Rabiu stressed that such transformation would not have been possible without patient, long term financing from DFIs, particularly the Africa Finance Corporation, which has supported BUA’s cement and industrial operations with over four hundred million dollars in financing.
He added that a significant portion of those facilities has already been repaid, demonstrating that well structured African industrial projects are not only developmental but also commercially viable and recyclable.
Turning to the broader continental picture, Rabiu highlighted what he described as a structural paradox: Africa remains one of the world’s most resource rich regions, yet exports the bulk of its minerals and agricultural produce in raw or minimally processed form.
He cited examples across gold, cobalt, copper, iron ore, diamonds, and cocoa, noting that while Africa supplies much of the world’s raw inputs, it captures only a fraction of the value created downstream.
“Africa does not lack resources,” he said. “What it lacks is processing capacity, industrial scale, and disciplined execution.”
He argued that the same challenge extends beyond mining into agriculture, where Africa holds a majority of the world’s arable land yet continues to import billions of dollars’ worth of food annually.
Rabiu called for coordinated action among governments, DFIs, and the private sector, urging DFIs to scale long term financing targeted at beneficiation and industrial value chains, while governments adopt deliberate policies that incentivise local processing and invest in power, transport, and industrial infrastructure.
“Industrialisation does not happen by accident,” he said. “Countries that industrialised did so by design, not by chance. Africa must do the same.”
He concluded by stressing that Africa’s opportunity lies in aligning private enterprise, patient capital, and supportive policy to move the continent from extraction to transformation, and from potential to shared prosperity.
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