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.
According to a local source, the assailants stormed the community in the early hours of Sunday and unleashed terror.
Angered by the development, youths and women from the community took to major streets in Otukpo, including the palace of the Och’Idoma, to protest the killings.
As of the time of filing this report, the protesters had blocked all entrances into the ancient town, including the Enugu–Otukpo and Makurdi–Otukpo roads.
One of the protesters, who identified herself as Comfort Inalegwu, told our correspondent in a telephone interview on Sunday, “Some Fulani herdsmen, between 3:30 a.m. and 4:30 a.m. today, attacked Nobi community in Otukpo, shooting sporadically, which made residents flee.
“At least 16 people were killed this morning during the attack. I lost my sister and two of her children in the attack. The Fulani entered her house and shot them. Their corpses are now at the morgue of Otukpo General Hospital.”
Inalegwu, who said several people were also injured during the attack, threatened that women would continue to protest and ensure that elections were not held in the area unless the government stopped the incessant killings of innocent people in Idoma land.
She added that many people were still missing as of the time she spoke with our correspondent.
The Chairman of Otukpo Local Government Area, Maxwell Ogiri, could not be reached for comment as of the time of filing this report.
Meanwhile, Governor Hyacinth Alia condemned the killings, describing them as “not only a breach of peace, but also a barbaric and inhuman assault on the sanctity of life and the collective soul of the people of Benue State.”
The statement read in part, “The suspected armed herders reportedly invaded Akpachi Village in Akpa, Otukpo Local Government Area, between 3:00 a.m. and 4:00 a.m. while residents were asleep. The attackers killed scores of people, while many others sustained varying degrees of injuries.
“These acts of mindless bloodshed are a direct attempt to sabotage the progress of our state.”
Alia, who expressed sadness over the attack, said, he “shares in the grief and anger of the people of Otukpo and the entire Benue South Senatorial District,” saying, ‘Your lives are precious, and I can assure you that your ancestral lands will not be surrendered to fear.’”
The governor said the people of the state had consistently demonstrated remarkable restraint and commitment to peace but warned that such restraint must never be mistaken for weakness.
While consoling the people of Otukpo, the governor said, “My government stands firmly with you, and we will not allow our communities to be turned into killing fields.”
He directed all security agencies operating in the state to liaise with their counterparts in neighbouring states and to “swing into action” with renewed vigour by intensifying surveillance and patrols across the affected communities and border areas.
He also called on security agencies to ensure the arrest and prosecution of the perpetrators and to deploy additional personnel and resources to protect vulnerable communities and prevent further attacks.
While calling on Benue residents to remain vigilant, the governor urged every citizen to cooperate with the police and military by providing timely and credible intelligence, saying, “Security is a collective responsibility, and your information is a vital tool in our defence.”
Meanwhile, the spokesperson for the Benue State Police Command, DSP Udeme Edet, could not be reached as of the time of filing this report.
The Enugu State Police Command has launched a manhunt for the driver and conductor of a Mitsubishi L300 commercial bus over their alleged involvement in the assault of police officers, attempted murder, dangerous driving, and the temporary snatching of a police rifle.
According to a statement issued on Sunday by the Command’s Public Relations Officer, SP Daniel Ndukwe, the incident occurred at about 1:20 p.m. on July 9, 2026, at All Saints Roundabout along Abakaliki Road, Enugu.
The police said the Command’s Control Room received reports that the driver and conductor had assaulted a traffic police officer on duty. Operatives of the Distress Response Squad (DRS) were subsequently deployed and intercepted the commercial bus.
However, the suspects allegedly refused to submit to arrest. Police said the driver initially slowed down as if to stop before suddenly accelerating in an attempt to escape, knocking down one of the operatives in the process.
According to the statement, the officer’s AK-47 rifle became entangled with the moving vehicle and was dragged away as the bus sped off.
The police said that during a pursuit, the suspects threw the rifle out of the vehicle at IMT Bus Stop along Abakaliki Road before fleeing. The weapon was immediately recovered intact with its ammunition.
Commissioner of Police, Mamman Bitrus Giwa, has ordered a comprehensive investigation and intensified efforts to arrest and prosecute the fleeing suspects.
He also urged the driver and conductor to voluntarily report to the police for investigation, warning that all lawful measures were being deployed to apprehend them.
The commissioner further appealed to members of the public to disregard what he described as misleading narratives surrounding the incident and cautioned against assaulting or obstructing police officers in the lawful discharge of their duties, stressing that such acts are criminal offences that would be dealt with in accordance with the law.
Okwudili Ndiwe, popularly known as Derico Nwamama, was a notorious Nigerian armed robber and serial killer who terrorized parts of Anambra State, particularly Onitsha and its environs, between 2000 and 2001. He became one of Nigeria’s most feared criminals because of his gang’s involvement in armed robberies, killings, and attacks on police officers and civilians. Reports from the time attributed more than 100 civilian deaths and the killing of numerous police officers to his gang, though some figures vary by source.
Derico reportedly began as a street urchin and pickpocket before graduating to violent armed robbery. His activities created widespread fear across southeastern Nigeria, leading traders and residents to demand stronger action against criminal gangs.
In July 2001, he was captured by the Bakassi Boys after the group was invited to help tackle violent crime in Anambra State. Rather than being handed over to the police for trial, he was publicly executed by beheading in Onitsha, an act that drew both public approval from some residents and strong condemnation from human rights organizations because it was an extrajudicial killing.
Derico’s story remains one of the most infamous episodes in Nigeria’s criminal history and is often cited in discussions about crime, vigilantism, and the rule of law in the country.
Derico’s reign of terror lasted only about a year (2000–2001), but it left a lasting mark on Anambra State. Some accounts are well documented, while others have become part of local folklore, so it’s important to distinguish between verified facts and widely repeated stories.
Some of his most notorious escapades include:
The Upper Iweka luxury bus massacre (December 2000): This is considered his most infamous crime. His gang reportedly stopped a Lagos-bound luxury bus at Upper Iweka in Onitsha, robbed the passengers, and then executed most of them. Reports say about 55 of the 59 passengers were killed, with only a handful surviving.
Repeated bank robberies: Derico’s gang carried out daring raids on banks in Onitsha, escaping with millions of naira at a time when police struggled to stop them.
Killing of police officers: He was blamed for the deaths of around 25 police officers, often attacking patrol teams and police checkpoints. His gang became notorious for directly confronting law enforcement rather than avoiding them.
The killing of Chiejina: According to widely circulated accounts, Derico was once allied with another feared criminal, Chiejina. After Chiejina allegedly murdered Derico’s father, Derico tracked him down and shot him dead, ending his rival’s reign before becoming the dominant crime boss himself. This story is widely recounted but is based largely on historical narratives rather than court records.
Control through fear: Traders, transporters, and residents in Onitsha, Nkpor, Nnewi, Ihiala, and nearby towns reportedly lived in fear of his gang. Some accounts claim he would send advance warnings before attacks to demonstrate that security agencies could not stop him.
His downfall came in July 2001 when the Bakassi Boys captured him near the Niger Bridge after an intelligence-led operation. Six days later, he was publicly beheaded in Onitsha without trial, an extrajudicial execution that was celebrated by many residents but condemned by human rights groups.
He was beheaded by Bakassi at the public square at Ochanja Market Onitsha on July 9, 2001.
Crime
Traditional rulers indispensable partners in community policing, security management – CP Giwa
The Commissioner of Police in Enugu State, Mr Mamman Giwa, says traditional rulers remain indispensable partners in community policing and grassroots security management.
This is contained in a statement issued by the Command’s Spokesman, SP Daniel Ndukwe, on Saturday in Enugu after the commissioner’s stakeholders’ engagement visit to the leadership of Enugu State Traditional Rulers Council on Friday.
The commissioner noted that traditional rulers are indispensable and imperative in grassroots security matters due to their closeness to the people and understanding of the security dynamics within their communities.
He emphasised that the command would continue to leverage their support in intelligence gathering, crime prevention, conflict resolution, and the prompt reporting of suspicious activities.
According to him, the command is reaffirming its commitment to strengthening collaboration with the traditional institution in the fight against crime and criminality across the state.
Responding to questions from the traditional rulers, the commissioner pledged to continue to accord them due respect and recognition as custodians of peace and order in their communities.
He appreciated their continued support in promoting peace and security across the state.
The state police boss urged them to sustain their partnership with the police by encouraging residents to remain law-abiding and security-conscious.
Speaking, the Council, led by its Chairman, Igwe Samuel Asadu, appreciated the commissioner for the visit and commended his pragmatic leadership in combating crime and enhancing public safety in the state.
Describing him as “God-sent,” the traditional rulers offered him their royal blessings and prayed for his continued success.
They reaffirmed the council’s commitment to supporting police initiatives that promote peace and security across the state.
Also present at the engagement were the Council’s Deputy Chairman, Igwe Julius Nnaji; the Council’s Public Relations Officer, Igwe Emmanuel Ugwu; and Chairmen of the various Local Government Traditional Rulers’ Councils.
Others are: the Council’s former Chairman, Igwe Lawrence Agubuzu, and its First Grand Patron, Igwe Abel Nwobodo.
The engagement underscores the commissioner’s commitment to sustained collaboration with critical stakeholders to advance community policing, public trust-building, proactive crime prevention, and the maintenance of law and order.
Onanuga disclosed this in a post on his X handle, saying, “Finally, all the kidnapped pupils and teachers in Orire, Oyo have been rescued by our security agencies.”
He later revealed that eight suspected kidnappers were arrested during the operation and are currently in the custody of the Department of State Services, while several others were neutralised.
He also dismissed reports that the victims were freed through a prisoner exchange, stating that there was “no quid pro quo” because one of the terrorist kingpins whose release had been demanded by the kidnappers remains on trial for alleged terrorism-related offences.
The announcement caps months of denials, protests and false alarms since gunmen stormed three schools in the area on May 15, abducting 46 pupils, students and teachers.
Here is how the 56-day saga unfolded.
May 15: The attack
Armed men numbering in the dozens, some dressed in military fatigues and riding motorcycles, stormed three schools in the Ahoro-Esiele and Yawota communities of Oriire Local Government Area, near Ogbomoso — Community Grammar School, Baptist Nursery and Primary School, and L.A. Primary School.
They opened fire before seizing pupils, students and teachers, including a toddler aged two. At least one person was killed during the raid.
Governor Seyi Makinde later confirmed that seven students were abducted from Community Grammar School, while 18 children and seven teachers were taken from Baptist Nursery and Primary.
In total, 39 pupils and seven teachers — 46 victims — were confirmed abducted, including the school principal, Folawe Alamu.
President Bola Tinubu condemned the attack as barbaric and vowed a rescue operation, with the Inspector-General of Police, Tunji Disu, dispatching more detectives to Oyo State to lead a technology-driven operation.
Late May: The beheading of Michael Oyedokun
Mathematics teacher Michael Oyedokun was beheaded by his captors in a video that sparked nationwide condemnation and hardened public anger toward the government’s handling of the crisis. The killing was reportedly intended to deter security operatives closing in on the kidnappers’ camp.
Tinubu approved the recruitment of 1,000 forest guards for Oyo State and directed a specialised rescue unit to intensify operations.
Around this time, reports emerged that the kidnappers had opened communication channels with the state government, demanding the release of two detained Boko Haram/Ansaru commanders, Mahmud Usman (“Abu Bara’a”) and his deputy Abubakar Abba, as a condition for freeing the victims.
June 1: NUT declares indefinite strike
The Nigeria Union of Teachers ordered all public primary and secondary school teachers in Oyo State to withdraw services indefinitely, demanding the government secure the victims’ release before schools reopened. Solidarity rallies followed across state capitals on June 2.
Early-mid June: Fake “release” claims proliferate
At least three separate waves of misinformation falsely claimed the victims had been freed.. Oyo Police and the state government repeatedly and firmly debunked each claim, while fact-checkers (Africa Check) intervened publicly.
Late June: Ransom allegations, pressure campaigns
Social media activist VeryDarkMan (Martins Otse) led protests to the Oyo governor’s office. The Oyo government, through Commissioner for Information Dotun Oyelade, repeatedly denied any ransom payment. Civil society groups, including Socialist Labour, accused the government of complacency and demanded accountability.
July 2: NUT suspends strike
After roughly a month of industrial action, the NUT called off its strike, citing government assurances that efforts to secure the victims’ release were intensifying, and citing concern for pupils’ lost academic time.
July 8-9: Defence minister confirms standoff over use of force
Defence Minister Christopher Musa disclosed that the kidnappers had threatened to kill the captives if security forces attempted a forceful rescue, explaining the extended timeline and the shift toward a negotiated approach. Army Chief Waidi Shaibu said troops were making “tremendous progress” and had identified associates of the kidnappers.
July 10: Freedom, at last
Onanuga announced that all the kidnapped pupils and teachers had been rescued by security agencies, bringing the 56-day ordeal to an end.
He disclosed that eight suspected kidnappers were arrested during the operation and are currently in DSS custody, while some others were neutralised.
While the victims’ rescue brings an end to the 56-day ordeal, security agencies are expected to provide a comprehensive account of the operation, including details of the arrests and the circumstances surrounding the rescue.
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