Jim Obazee, the Special Investigator probing the Central Bank of Nigeria (CBN), has reportedly uncovered 593 bank accounts in the United States, United Kingdom, and China, where the CBN allegedly kept Nigerian funds without proper authorization. The investigation also revealed alleged financial improprieties, including unauthorized withdrawals and fraudulent activities, implicating Godwin Emefiele, the former CBN governor, and several other officials.
According to Mr. Obazee’s report, the funds, amounting to billions of naira, were held in accounts without the necessary approvals from the CBN’s Board and Investment Committee. The report also alleges a fraudulent cash withdrawal of $6.23 million (approximately N2.9 billion) from the CBN’s accounts.
In the UK alone, the investigation found that Mr. Emefiele had kept 543.4 million Pounds in fixed deposit accounts. The report further accuses Mr. Emefiele of manipulating the Naira exchange rate and involvement in fraudulent activities related to the CBN’s e-Naira project.
The report recommends the prosecution of Mr. Emefiele and at least 13 other individuals for various financial offenses. It also highlights alleged irregularities in the redesign of the Naira in October 2022, which was reportedly done without proper approval.
President Bola Tinubu appointed Mr. Obazee as a Special Investigator to probe the CBN and related entities, aiming to strengthen transparency and accountability in government institutions. The investigation’s findings raise concerns about financial mismanagement and call for decisive action to address the alleged wrongdoing.
The report also identifies other financial irregularities, including the fraudulent use of “Ways and Means” amounting to trillions of naira and questionable expenditures related to COVID-19 interventions. It further alleges misrepresentation of presidential approvals and irregularities in the redesign of the Naira.
The investigation’s revelations are likely to have significant implications for the CBN and its former officials, as well as broader implications for financial governance in Nigeria. It remains to be seen how the government will respond to these findings and what actions will be taken to address the alleged financial misconduct.
Source: Premium Times