Crime
Emefiele operated 593 illegal US, UK, China accounts – CBN investigator
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 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, 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.
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.
Two police officers have been killed after suspected armed herders ambushed the convoy of the Divisional Police Officer (DPO) in Ayilamo, Logo Local Government Area of Benue State.
The latest attack occurred on Monday evening, barely four days after another deadly incident in the community reportedly left four policemen and seven residents dead.
Community sources said the DPO had travelled to Makurdi on official duty and was returning to Ayilamo when his entourage came under attack.
One of the sources, who spoke on condition of anonymity, said the victims were among newly deployed Mobile Police officers stationed in the area.
He said the officers were attacked at about 6pm while travelling from Ayilamo to escort the DPO back to the community from Makurdi.
Confirming the incident, the spokesperson for the Benue State Police Command, DSP Peter Aondongu, said two officers attached to the DPO’s entourage were killed in the attack.
“The DPO came to Makurdi to collect some things, and while returning to Ayilamo, he was attacked and lost two of his men in the attack,” Aondongu said.
The latest incident has raised fresh concerns over the security situation in Ayilamo, where repeated attacks have resulted in casualties among security personnel and residents.
The Nigeria Police Force has placed its formations nationwide on red alert following intelligence reports of planned terrorist attacks on worship centres, schools, NYSC orientation camps and other public places.
The alert followed fresh intelligence indicating increased mobilisation of terrorist elements for possible coordinated attacks on vulnerable targets across the country.
Police authorities also reportedly received intelligence on the movement of armed elements from Katsina through Kaduna towards Plateau State.
The operational order was contained in a police wireless message dated September 13, 2026, with reference number CB: 0900/FDPS/DOPS/FHQ/ABJ/VOL38/68, issued by the Department of Operations at Force Headquarters, Abuja.
Marked “Security General” and tagged “Treat as Very Important,” the message was circulated to Assistant Inspectors-General of Police overseeing Zones 1–17, Mobile Police formations, counter-terrorism and other specialised units, as well as Commissioners of Police in the 36 states and the Federal Capital Territory.
The police directed formations to intensify vigilance and take proactive measures to prevent criminal and terrorist elements from carrying out attacks.
The warning specifically highlighted places of worship, educational institutions, NYSC orientation camps and other vulnerable public locations as potential targets.
A 16-year-old boy, Favour Ayogu, who was allegedly abducted in Igboeze South Local Government Area of Enugu State, has been rescued in Onitsha, Anambra State, after his abductors reportedly abandoned him near a security checkpoint.
Ayogu was rescued on the evening of September 13, 2026, by a joint security patrol team operating along Oguta Road, Onitsha.
According to the Anambra State Police Command, the teenager was found at Ekene Junction after unidentified persons reportedly pushed him out of a black Toyota Highlander SUV close to a security checkpoint.
The patrol team immediately intervened and rescued the victim, thereby preventing what the police described as further danger to his life.
Following the rescue, the Command said it had intensified surveillance and intelligence-led operations to identify and apprehend members of the suspected criminal gang responsible for the abduction.
The police also appealed to residents of Igboeze South and Ibagwa-Aka in Enugu State who may have useful information about Ayogu or his family to contact the nearest police station or the Anambra State Police Command in Awka.
The Commissioner of Police, Anambra State, CP Nnanna Oji Ama, commended the security personnel involved in the rescue and directed officers to sustain strategic checkpoints, intelligence-led patrols and coordinated security operations across the state.
The Command assured residents and visitors that it would continue to intensify efforts to prevent criminal elements from using Anambra as a safe haven.
At least nine passengers have been killed after gunmen opened fire on a commercial bus at Dungus Junction in Kuru community, Jos South Local Government Area of Plateau State.
The attack reportedly occurred around 9:40 p.m. when the bus, which was travelling towards Jos, stopped at the junction to drop off some passengers.
Several other passengers were reportedly injured in the attack and rushed to hospitals for treatment.
Lawan Suleiman, a neighbour and teacher of one of the victims, identified the driver as Ibrahim and said three of the victims were from his community in Bukuru.
“The driver is Ibrahim and he was my student. Three of them are from our community here in Bukuru. Their bodies have been deposited at the hospital. But relatives are preparing to collect them for burial,” Suleiman said.
The bus was reportedly riddled with bullets, with bloodstains visible inside the vehicle after the attack.
Rwang Tengwong, spokesman for the Berom Youth Moulders (BYM), also confirmed the incident, saying the victims were passengers travelling to Jos when the attackers opened fire on the vehicle.
Tengwong said one of those killed was a member of Operation Rainbow.
“The incident happened around 9.40 p.m. The victims were all passengers travelling to Jos when the terrorists opened fire on the vehicle. Among those killed was a member of Operation Rainbow. It is a very sad development and we lament the loss of lives,” he said.
He added that some passengers sustained gunshot injuries and were taken to hospitals, while some of the injured reportedly later died.
The attack has raised fresh concerns over the safety of commuters travelling along the route at night amid continuing security challenges in parts of Plateau State.
As of the time of filing this report, the Plateau State Police Command had yet to issue an official statement on the incident.
The Enugu State Police Command has ordered an investigation into two separate incidents of alleged disruption of political gatherings in Nkanu West Local Government Area of the state.
The incidents reportedly occurred on Saturday, September 12, 2026, at Ndiuno-Obuoffia community and St. Joseph Primary School, Agbani.
In a statement issued on Sunday, the Command’s spokesperson, SP Daniel Ndukwe, said the Commissioner of Police, CP Mamman Bitrus Giwa, directed the Deputy Commissioner of Police in charge of the State Criminal Investigation Department (CID) to thoroughly investigate the incidents and ensure that those responsible are brought to justice.
According to the statement, armed hoodlums allegedly disrupted a National Democratic Congress (NDC) ward meeting at Ndiuno-Obuoffia with sporadic gunshots, leaving two attendees injured.
In a separate incident at St. Joseph Primary School, Agbani, hoodlums allegedly destroyed canopies and chairs arranged for a Peoples Democratic Party (PDP) rally.
The police said operatives were promptly deployed to both locations after receiving reports of the incidents to prevent further breaches of peace and track down the fleeing suspects.
The Command, however, noted that neither of the political gatherings had been formally brought to the attention of the police for security coverage.
CP Giwa reiterated his warning that all political activities in the state must be conducted peacefully and in accordance with the law.
He stressed that electoral offences are punishable under the law and warned political parties, candidates, supporters and other stakeholders against violence, intimidation, destruction of property and other acts capable of disrupting public peace or the electoral process.
The Commissioner urged political parties and other stakeholders to notify the police ahead of campaigns, meetings, rallies and other political gatherings to enable the Command to make adequate security arrangements.
He assured residents that the police would continue to maintain a peaceful and secure environment for lawful political activities while dealing decisively with anyone found violating the law.
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