CBN Investigator Accuses Emefiele of Multi-Billion Naira Embezzlement, Financial Offenses, Others

CBN Investigator Accuses Emefiele of Multi-Billion Naira Embezzlement, Financial Offenses, Others


Latiifah Amusan

Special Investigator Jim Obazee has accused former CBN Governor, Mr. Godwin Emefiele of embezzling billions of naira and engaging in various financial offenses during his tenure from June 2014 to June 2023.

Obtained by Premium Times, Obazee’s report submitted to President Bola Tinubu on December 9, 2023, outlines a series of shocking findings.


  • Unauthorized Funded Accounts: A staggering revelation unfolds as 593 unauthorized bank accounts, scattered across the UK, US, and China, come to light.
  • Fraudulent Cash Withdrawal: Emefiele faces accusations of orchestrating a fraudulent cash withdrawal of $6.23 million from the CBN vault, ostensibly approved by the president for foreign election observer payments.
  • Gross Financial Misconduct:The report implicates not only the former CBN Governor but also at least 13 other individuals, including Deputy Governors, in gross financial misconduct.
  • Fixed Deposit Revelation:A jaw-dropping £543.4 million is revealed to be held in fixed deposits by Mr. Emefiele, raising eyebrows about potential financial mismanagement and the allocation of substantial funds.
  • Naira Manipulation and E-Naira Fraud:The investigation exposes the manipulation of the Naira exchange rate and fraudulent activities within the CBN’s e-Naira project.
  • Unapproved Naira Redesign: The Naira redesign saga unfolds, revealing that neither the CBN Board nor the then President recommended or approved the redesign.
  • Questionable Expenditures: From the printing of new currency notes to hefty legal fees and payments to a UK firm for Naira redesign efforts, the report scrutinizes expenditures totaling billions of naira.
  • Massive Ways & Means Fraud: A staggering N26.627 trillion was allegedly fraudulently utilized through Ways & Means.
  • COVID-19 Expenditures:The investigation suggests fraudulent spending related to COVID-19 intervention programs.
  • Presidential Approval Misrepresentation: Misrepresentation of presidential approval on the NESI Stabilization Strategy Ltd. and the padding of former President Buhari’s approval with N198.96 billion.
  • Illegal Securitization: Emefiele faces accusations of presenting an unapproved breakdown of N22.72 trillion to the 9th National Assembly for the illegal securitization of “Ways & Means” financing.

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