Buhari’s Nephew, Not Former President, Allegedly Approved Naira Redesign, CBN Investigator Reveals

Explosive findings have surfaced concerning the redesign of Nigeria’s currency, pointing fingers at former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, and key individuals close to President Muhammadu Buhari’s administration.

According to Jim Obazee, the Special Investigator on the CBN and Related Entities, the naira’s recent redesign was executed without the express approval of the former President.

In a comprehensive report titled ‘Report of the Special Investigation on CBN and Related Entities (Chargeable Offences),’ Obazee’s probe revealed that the redesign initiative didn’t receive explicit consent from Buhari. Instead, the move to overhaul Nigeria’s currency was allegedly orchestrated by Sabiu Tunde ‘Yusuf,’ a close aide to the former President.

Obazee’s findings indicated that Emefiele, in collaboration with Sabiu, oversaw the implementation of the naira redesign. The revelations come at a time when Emefiele is entangled in a legal battle, facing allegations of involvement in a staggering N1.2 billion procurement fraud. Despite being granted bail by the High Court of the Federal Capital Territory, Emefiele has been unable to meet the stringent N300 million bail conditions.

Fresh charges might loom for Emefiele as documents suggest potential criminal prosecution over the handling of the CBN’s naira redesign policy. Emefiele, alongside Tunde Sabiu and 12 top CBN directors, could face prosecution for what’s cited as an “illegal issuance of currency” under Section 19 of the CBN Act.

The investigative report found that Emefiele had reportedly initiated the redesign of N1000, N500, and N200 notes without the required approval. While Buhari authorized the printing of the currency in Nigeria, the redesign itself lacked the mandated approval. It wasn’t until December 2022, after Emefiele had already awarded the contract to print new notes, that the board of the CBN was informed about the redesign.

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Documents revealed that Emefiele outsourced the redesign of the naira to De La Rue in the UK for £205,000. The investigation disclosed that N61.5 billion was allocated for the printing of new notes, with a significant portion of N31.79 billion already disbursed. It was also found that approximately N769 billion worth of the new notes had been put into circulation.

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Moreover, the inquiry raised red flags on the alleged misuse of the CBN’s Ways and Means provision and the mishandling of the COVID-19 intervention fund. Several decisions, purportedly implemented without necessary approvals, were flagged in the report, pointing to financial impropriety within the CBN during Emefiele’s tenure.

The investigation’s findings about the procedural discrepancies in the naira redesign and the potential misuse of funds underscore the need for thorough accountability and adherence to due process within Nigeria’s financial institutions. The spotlight is now on Emefiele and the allegations levied against him, intensifying the ongoing scrutiny of financial governance in the country.