The immediate past Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, a former minister, and 14 others have been indicted in over N26.627 trillion fraud at the apex bank.<\/p>\n
Others who were implicated in the fraud and recommended for trial include former and serving top officials of the CBN.<\/p>\n
No fewer than 16 former government and CBN officials were alleged to have indulged in fraudulent use of \u2018Ways and Means,\u2019 which stood at N26.627 trillion.<\/p>\n
It was further gathered that an ex-influential aide of former President Muhammadu Buhari may be arraigned with Emefiele.<\/p>\n
The aide was said to have, in September 2022, told Emefiele to proceed with the naira redesign.<\/p>\n
The printing of the new notes cost N61.5 bilion out of which N31.79 billion has been paid.<\/p>\n
There were indications that the aide also sold a \u201cdummy\u201d to Buhari.<\/p>\n
Investigations into the activities of the CBN and related entities revealed many infractions, including the violation of the apex bank\u2019s Act, alleged looting, diversion of funds, and sidelining of the Board of Directors.<\/p>\n
Other allegations were lack of presidential approval, extra budgetary spending, forgery, concealment, stealing, conspiracy, and fraud.<\/p>\n
Some documents released on the report by the Office of Special Investigator showed how the rot in the CBN was perpetrated.<\/p>\n
In the documents, it was discovered that Emefiele invested public money (billions of dollars) in 593 accounts in the United States, China, and the United Kingdom without authorisation.<\/p>\n
In the UK alone, Emefiele kept \u00a3543,482,213 in fixed deposits without authorisation by the CBN Board and the Investment Committee.<\/p>\n
Also, about N1.7 trillion spent on COVID 19 intervention management did not get to the right beneficiaries.<\/p>\n
The documents showed that Emefiele and those who worked with him could not produce evidence of \u2018Ways and Means\u2019.<\/p>\n
It was discovered that there were instances of arbitrariness where there was no presidential approval, but billions of naira were taken out from the nation\u2019s Consolidated Revenue Fund (CRF) account.<\/p>\n
The documents stated: \u201cThe CBN officers and even the then Acting CBN Governor could not produce the presidential approval of most of the expenses described as \u2018Ways and Means\u2019.<\/p>\n
\u201cWhen 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 \u2018Ways and Means\u2019 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.<\/p>\n
\u201cThis 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.<\/p>\n
\u201cThe true position of the \u2018Ways and Means\u2019 as documented from the reconciliation between the CBN and the Ministry of Finance at the time is N4,449,149,411,584.54.<\/p>\n
\u201cThis 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.<\/p>\n
\u201cThe probe showed that the CBN Governor on the 19th December 2022 signed an advice to the former President Muhammadu Buhari to restructure \u2018Ways and Means\u2019 of N23,719,703,774,306.90, despite presenting a different figure to the National Assembly on the same date.<\/p>\n
\u201cThe fact that the balance of the \u2018Ways and Means\u2019 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 \u2018Temporary Advances to the Federal Government\u2019 as a running current account, despite the obvious contravention of Section 38 of the CBN Act, 2007, which they swore to uphold.\u201d<\/p>\n
The immediate past Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, a former minister, and 14 others have been indicted in over N26.627 trillion fraud at the apex…<\/p>\n","protected":false},"author":1,"featured_media":109810,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-109809","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\n