The Economic and Financial Crimes Commission (EFCC) launched a comprehensive investigation into Godwin Emefiele, the former governor of the Central Bank of Nigeria (CBN), yesterday. The inquiry’s primary focus is on $15 billion in purported foreign debts.
The apex bank’s N74.84 billion expenditure on producing and distributing currencies, including new naira notes, will also be reported by Emefiele.
These accusations come on top of the fraud that Special Investigator Jim Obazee, who is investigating the CBN’s operations, is said to have discovered.
Obazee has also given President Bola Ahmed Tinubu an interim report on the CBN; his group is working with the Nigeria Police’s Federal Bureau of Investigation.
The ex-CBN governor was moved from the Department of State Services (DSS) to the EFCC, it was discovered on Friday, as the new inquiry falls beyond the purview of the security agency’s jurisdiction.
According to a highly placed source, the DSS lacks the fundamental competency to look into the serious accusations of financial crimes against Emefiele. This was stated yesterday.
There were concerns that the ex-CBN governor would prevail in court on technical grounds if the DSS pursues the inquiry.
According to the source, based on the DSS’s preliminary findings, Emefiele can only be tried by the EFCC.
On Thursday afternoon, Emefiele was sent (technically freed) to the EFCC in order to facilitate a thorough investigation and trial.
The transaction was kept under wraps to prevent a “distraction,” according to the source.
After evaluating the claims made against Emefiele and the preliminary findings of the CBN’s investigation, the Attorney-General of the Federation and Minister of Justice, Mr. Lateef Fagbemi (SAN), advised the President that the EFCC should look into Emefiele, according to information obtained.
In keeping with due process, the President accepted the AGF’s advice. According to the source, the DSS submitted Emefiele to the EFCC on Thursday based on this.
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The President received an interim report from Special Investigator Jim Obazee regarding CBN actions around two or three weeks ago. The report contained numerous findings that necessitated further inquiry. This was yet another factor supporting the AGF’s strong belief that the EFCC ought to oversee the current investigation.
““The DSS’s mandate does not extend to such an investigation,” the fact is. Otherwise, the highly placed source stated, Emefiele will prevail on technical grounds if the DSS puts him on trial.
It was revealed at the time of publication that Emefiele was being questioned by a group of EFCC agents about the accusations made against him, which included the following:
- $15 billion in outstanding foreign obligations
•N74.84 billion was spent on the redesign, manufacturing, and distribution of Naira currency.
- Anchor Borrowers Scheme alleged fraud
- Doubtful CBN account audit
•The acquisition of bank and Fintech licences by a few senior CBN officials
•Award of dubious contracts for billions of Naira
“We have Emefiele in custody, and he is already responding to issues or allegations raised for him from a team led by Director of Operation, Abdulkarim Chukkol,” an additional EFCC source stated.
“As a commission, we will not discuss his case to avoid jeopardising the current investigation.”
At the time of publication, Mr. Dele Oyewale, the EFCC’s Head of Media and Publicity, had not returned his call.
(The Country)
