Emefiele's Conflict of Interest: CBN Contracts Awarded to His Own Firms
Ex CBN Governor Accused of Self-Dealing in Contract Awards
How Emefiele granted his companies contracts with CBN...
Former CBN Governor Godwin Emefiele faces trial for allegedly awarding contracts to his own companies, abusing his power and distributing N2.8 billion and $4.5 billion unlawfully.
On Tuesday, July 9, the trial of Godwin Emefiele, the former governor of the Central Bank of Nigeria (CBN), continued. Ifeoma Ogbonaya, a banker, said during the session that Emefiele had abused his position of authority by giving his own companies contracts with the CBN.
Judge Rahman Oshodi is presiding over Emefiele and Henry Omoile's trial in the Lagos State Special Offenses Court located in Ikeja.
Among the 26 counts against Emefiele are those of abuse of authority and unlawful distribution of N2.8 billion and $4.5 billion from his time as the governor of CBN.
Despite never having dealt with Godwin Emefiele directly, Ogbonaya, the fifth prosecution witness, claimed to have gotten instructions from his wife, Margaret Emefiele, to move money from the CBN to their private company's account.
She said that in addition to Emefiele's wife, two of Emefiele's acquaintances, John Ogah and Opeyemi Oludimu, also gave her orders.
EFCC prosecutor Rotimi Oyedepo (SAN), questioning the witness, revealed that she got these instructions through her official email, phone calls, or WhatsApp.
She told Justice Oshodi that Limelight Multidimensional Ltd., Kome Support Services Ltd., Ansbaswin Resources Ltd., and Mago Farm were the businesses that benefited from the CBN financial flows.
According to Ogbonaya's testimony, Emmanuel established the accounts for Emefiele's firms at first, but in 2021, fresh signatories took over.
The accounts are currently signed by Patricia and Stephen, but Emefiele's wife provided all transfer orders.
“Whenever she sent us instructions or sent it through the other two people who worked with them, I usually confirmed from her. All the transfers that came into that account were instructed by Madam Margaret Emefiele.
“Limelight manages the facilities of the CBN, located at Alakija. All transactions pertaining to power and fixing things that are not working were always done by the vendors.
“So far, Answabian was basically used to provide diesel to their vendors.
“They have a printing and minting company located at Ikoyi. For Kome, there were also facilities for the CBN guest house in Ikoyi.”
The account got cash inflows from the CBN totaling N1.7 million and N18.8 million between March 9 and 11, 2015, as Ogbonna further disclosed to the court.
“On February 22, 2021, there was a cash flow of N42.9 million from CBN; on July 21, 2022, there was a cash flow of N37.2 million; on October 21, 2022, there was a credit flow of N44.6 million; on May 10, 2023, there was a cash flow of N93.1 million from CBN, among others.”
Justice Oshodi had earlier granted Emefiele's motion to call Monday Osazuwa, the first prosecution witness, back for additional defense cross-examination.
The trial was therefore postponed until July 10 in order to continue.
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