Emefiele Accused of Illegally Stashing Billions in Overseas Accounts: Investigative Report

The former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, faces serious allegations involving illicit financial activities, as revealed by an extensive investigation.

Jim Obaze, President Bola Tinubu’s Special Investigator, brought to light startling information, stating that Emefiele orchestrated the opening of roughly 593 undisclosed bank accounts in the United States, United Kingdom, and China, a move executed without the necessary approvals from the CBN’s Board of Directors and Investment Committee.

In a damning disclosure, Obaze uncovered that Emefiele unilaterally deposited a whopping sum of 543,482,213 in fixed deposits specifically in UK banks, flouting proper authorization protocols.

The revelations, documented in Obaze’s detailed report (sighted by The PUNCH) titled ‘Report of the Special Investigation on CBN and Related Entities (Chargeable offences),’ were formally submitted to Tinubu.

Quoting sections from the report, it’s alleged that “During Emefiele’s tenure, Nigeria’s finances were channeled into 593 offshore accounts across the United States, China, and the United Kingdom without the requisite authorizations.”

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“The investigator meticulously traced and identified all accounts where these colossal sums were placed. Emefiele’s individual account holdings in the UK alone amounted to £543,482,213 in fixed deposits, an act conducted without the mandatory consent from the CBN board and the Investment Committee,” the excerpts elucidated.

Emefiele’s legal woes compound further as he remains detained in Kuje prison, facing severe accusations of being embroiled in a purported N1.2 billion procurement fraud, leading to his arraignment by the Nigerian Government.

Despite being granted bail by the High Court of the Federal Capital Territory (FCT) on bail terms amounting to N300 million, Emefiele has yet to fulfill the conditions required for his release.