How Emefiele Stashed Away £543m In 593 Illegal Accounts In The UK

Godwin Emefiele, former governor of the Central Bank of Nigeria (CBN)

According to CBN Investigator, Emefiele ran 593 illegitimate foreign accounts in the US, UK, and China

Godwin Emefiele, the former governor of the Central Bank of Nigeria (CBN), is accused of managing 593 illicit bank accounts worth billions of naira in the US, UK, and China.

Special Investigator Jim Obaze has revealed that there have been unapproved transactions totaling £543,482,213 in the UK alone.

In addition to the N1.2 billion procurement fraud for which Emefiele is presently being held in the Kuje Custodial Center, he also faces charges pertaining to the CBN naira redesign policy. According to reports, he may face charges for the unauthorized issuance of currency, along with 12 CBN directors and Tunde Sabiu, an aide to former President Buhari.

The inquiry uncovers that the naira redesign project was started without the required authorization, casting doubt on the initiative's transparency and compliance with the law. According to the report, Emefiele paid £205,00 to a UK-based company called De La Rue for the redesign.

The CBN investigation also reveals purported financial mismanagement, such as the dishonest use of N26.627 trillion in Ways and Means and improper management of the COVID-19 intervention fund. The report reveals cases in which approvals were issued ahead of schedule, in violation of established procedures.

Interestingly, the investigation reveals that N1.7 billion in legal fees were paid for dubious cases involving the naira redesign policy. In addition, Emefiele is charged with falsifying the president's approval for NESI Stabilization Strategy Limited, which is supposed to have resulted in the N1.325 billion theft.  

Emefiele is also accused of manipulating the value of the naira, implementing the e-naira project fraudulently, and exempting three foreign companies from income tax, according to the extensive investigation.

The current saga raises serious concerns about financial governance during the tenure of the former CBN governor, who is facing a number of serious allegations, including the atypical illegal withdrawal of $6.23 million from the CBN vault using a forged presidential letter. Emefiele's legal team has not yet responded to the most recent revelations.

As the court case progresses and changes the story of one of Nigeria's most well-known financial figures, stay tuned for more updates.