Buhari's nephew, not former president Approved Naira Redesign
Godwin Emefiele, the former governor of the CBN, has been accused of implementing the naira redesign policy
Former CBN Governor Godwin Emefiele received orders from Sabiu “Tunde” Yusuf, the former personal secretary of former President Buhari, to alter Naira notes abruptly and to commit serious financial crimes.
The Special Investigator on the CBN and Related Entities, Obaze, claims that Buhari disapproved of the Naira redesign. In September 2022, Tunde Sabiu was the one who initially advised Emefiele to take the naira's redesign into consideration. Emefiele wrote to Buhari on October 6, 2022, expressing his desire to redesign and reorganize the 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 Pic on October 31, 2022,” the documents noted.
It was reported that Emefiele awarded the £205, 000 contract for the naira redesign to De La Rue of the UK, with the vote head of the Currency Operations Department in charge, following the NSPM's denial that it could complete the project in time.
He discovered that N31.79 billion had already been paid out of the N61.5 billion set aside for the printing of the new notes.
It was also alleged that the CBN under Emefiele paid N1.7 billion in dubious legal fees for 19 cases brought against the Naira Redesign Policy.
Without the consent of the CBN Investment Committee and the board of directors of the apex bank, the former governor of the Central Bank of Nigeria unlawfully deposited billions of naira into no fewer than 593 bank accounts in the US, the UK, and China.
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