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Former CBN Governor, Godwin Emefiele Operated 593 Illegal Foreign Bank Accounts- CBN Investigator Reveals

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2 years ago

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A panel appointed by President Bola Tinubu to investigate the Central Bank of Nigeria’s (CBN) activities during the tenure of former Governor Godwin Emefiele has uncovered unauthorised investments of Nigeria’s funds in 593 foreign bank accounts across the United States, China, and the United Kingdom.

The special investigator appointed by President Tinubu in July, Jim Obazee, submitted the final report on December 20. The report reveals that Emefiele, without authorization, invested significant amounts, including £543,482,213 in fixed deposits in UK banks alone.

According to the report, “The former governor of CBN, Godwin Emefiele, invested Nigeria’s money without authorization in 593 foreign bank accounts in the United States, China, and the United Kingdom while in charge. All the accounts where the billions were lodged have all been traced by the investigator.”

The investigator, Jim Obaze, recommends that Emefiele and some top management team members face trial for the alleged illegal transactions and misappropriation of funds for unauthorized purposes. The charges may include:

  • Unlawful issuance of currency under section 19 of the CBN Act.
  • Involving Tunde Sabiu.
  • A former aide to former President Muhammadu Buhari.
  • Twelve top directors of the CBN.

The investigation also exposed the unauthorized naira redesign policy, initiated without Buhari’s approval. Sabiu reportedly influenced Emefiele to consider the redesign in September 2022. 

The redesign, approved only for printing in Nigeria by Buhari, was mentioned to the CBN board in December 2022, after Emefiele awarded the contract to the Nigerian Security Printing and Minting Plc in October 2022.

Emefiele later contracted the redesign to De La Rue of the UK for £205,000 after the NSPM couldn’t meet the timeframe. N61.5 billion was allocated for printing the new notes, with N31.79 billion paid by August 9, 2023, and N769 billion in circulation.

The CBN probe also revealed the fraudulent use of N26.627 trillion in Ways and Means of the Apex Bank and the misuse of the COVID-19 intervention fund. 

The investigation found instances where former President Muhammadu Buhari approved amounts that were padded with N198,963,162,187 and cases where N500 billion was taken without approval from the former president and debited to Ways and Means.

“There are more shocking instances where the erstwhile CBN governor and his four deputy governors connived to steal outright to balance the CBN books. 

“This was by violently taking money from the Consolidated Revenue account and then charging it to Ways and Means. It was a total of N124.860bn. They even created the narration as a presidential subsidy and expanded the ways and Means portfolio to accommodate crime. 

“The CBN officers and even the then acting CBN governor could not produce the Presidential Approval of most of the expenses described as ‘Ways and Means.’ When confronted to provide the breakdown of the supposed N22.7trn that was presented to the 9th National Assembly to securitise as ‘Ways and Means’ financing illegally, they were only able to partially explain a total of N9.063 trn or N9.2trn depending on which official you are considering his submission and an unreasonable attribution of non-negotiated interest element of N6.5tn. 

“This shows that this was the point where the officers of the immediate past administration, as well as the erstwhile CBN governor and his four deputy governors, connived, defrauded, and stole from the commonwealth of our country with the aid of civil servants.” 

The report continued, “The proper position of the Ways and Means as documented from the reconciliation between the CBN and the Ministry of Finance at the time is N4,449,149,411,584.54. 

“This may have been the main reason the past administration hurriedly sought that the 9th National Assembly securitise the advances of N22.7trn on December 19, 2022, which they also hurriedly did even though it contravenes section 38 of the CBN Act, 2007.” 

Under Emefiele’s leadership, the CBN is reported to have expended N1.7 billion in dubious legal fees for 19 cases related to challenges against the naira redesign policy.

The investigator further unveiled instances where Emefiele purportedly misrepresented the presidential approval for the NESI Stabilisation Strategy Limited, sanctioned by former President Goodluck Jonathan.

The document read, “The Presidential approval granted by then President Goodluck Jonathan was rightly stated by him NESI should be a company limited by guarantee, but the Committee of Governors misled the Board of the CBN by relying on non-existent advice by the office of Attorney-General and Minister of Justice to incorporate a company limited by shares for which the allotted share capital exceeded the authorized share capital (See 380th meeting of the Committee of Governors held in January in January 2015) and allocating unauthorized share capital to Mr. Godwin Emefiele and Mr. Mudashiru Olaitan without lawful approval by the President. 

“N1.325bn was stolen pre-incorporation, and the money was funneled to four companies, including a legal firm that got N300mn.” 

Between 2015 and 2021, an investment company was said to have unlawfully collected a total of N4.89bn. 

A breakdown indicated that the firm received N262mn in 2015, N464mn in 2016, N550mn in 2017, N726mn in 2018, N762 in 2019, N684 in 2020, and N1.44bn in 2021, totaling N4.89bn. 

Emefiele also allegedly paid N17.2bn to 14 deposit money banks participating in the Nigerian Electricity Market Stabilisation Facility. 

“A total of 14 DMBs engaged in the manipulation by unlawfully arranging and collecting 1.9535 percent of the total disbursements paid to the DMBs participating in the Nigerian Electricity Market Stabilisation Facility. 

According to External Auditor’s Notes to the Financial Statements of NESI Stabilisation Strategy Limited, the fees are paid to the banks in the ratio of their contributions to the NEMSF disbursement. 

“The CBN also went further by authorising debenture issuance for the NESI SPV, starting with N64.8bn in 2015. By 2021, N952bn debenture had been issued. The investigator said the money was diverted from public funds,” the document further stated. 

It is additionally reported that Emefiele may face charges for the alleged manipulation of the naira exchange rate, fraudulent execution of the e-naira project, and granting exemption from income tax payment to three foreign firms.

During the investigation, it was revealed that an illicit withdrawal/theft of $6.23 million occurred from the CBN vault. Currently, in custody, two individuals allegedly used a forged presidential letter to carry out the unauthorized withdrawal. 

The forged letter, dated February 7 and 8, 2023, purportedly bore the signature of President Buhari and was used to withdraw funds supposedly designated for payment for foreign election observation missions.

Emefiele, presently held at Kuje Custodial Centre, faces prosecution for N1.2 billion procurement fraud. 

Despite being granted N300 million bail by a High Court of the Federal Capital Territory on November 22, he has been unable to fulfill the bail conditions.

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President Tinubu Confers National Honours on 50 Pro-Democracy Figures

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3 days ago

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12/06/2026

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President Tinubu
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President Tinubu honoured 50 Nigerians on Democracy Day 2026, including Dasuki, Joe Igbokwe and Dele Alake. See the full list and what it means.

president Tinubu

On 12 June 2026, President Bola Tinubu conferred national honours on 50 Nigerians described as key figures in the country’s pro-democracy struggle.

The announcement was made during the 2026 Democracy Day address, which commemorates the annulled 12 June 1993 presidential election. Honourees include journalists, civil rights activists, and military officers.

President Bola Tinubu conferred national honours on 50 prominent Nigerians on Friday, 12 June 2026. The honourees were recognised as central participants in the nation’s pro-democracy movement, a campaign that opposed military dictatorship throughout the 1990s.

The announcement formed part of the president’s nationwide 2026 Democracy Day address. Democracy Day marks the anniversary of the 12 June 1993 presidential election, a poll widely regarded as the freest in Nigerian history before its annulment by the military government of the period.

READ ALSO: Why I Refused To Align Any Political Party In Nigeria—Yakubu Gowon

This article outlines the context of the awards, identifies the categories of honourees, names notable recipients such as Sambo Dasuki, Joe Igbokwe, and Oladele Alake, and explains the next steps in the conferment process.

Why did Tinubu confer the national honours on 12 June 2026?

The conferment is tied directly to Democracy Day, an annual observance commemorating the 12 June 1993 presidential election. President Tinubu used the occasion to recognise individuals identified as central figures in Nigeria’s transition from military rule to civilian democracy.

In his address, the president stated that the honourees suffered persecution in the course of the pro-democracy struggle. He noted that many endured indignities, exile, incarceration, and, at times, solitary confinement so that Nigeria could enjoy democratic governance today.

The recognition therefore functions as both a historical acknowledgement and a formal state honour, linking the sacrifices of the 1990s to the present democratic order.

Who are the notable recipients of the national honours?

The honours list comprises several categories of recipients, including journalists, civil rights leaders, legal practitioners, and senior military officers. Among the most widely recognised names are the following:

  • Oladele Alake, a long-standing public figure in Nigerian governance and media.
  • Joe Igbokwe, a prominent political activist and commentator.
  • Colonel Sambo Dasuki, a senior military officer included in the soldier-democrats category.
  • Dr Joe Okei-Odumakin, a recognised civil rights campaigner.
  • Dr Arthur Nwankwo (posthumous), honoured for his role in the democratic struggle.
  • Ben Charles-Obi (posthumous), recognised among the journalists and activists.

The inclusion of posthumous awards reflects the state’s intention to acknowledge contributors who did not survive to witness the present democratic dispensation.

What categories of honourees were recognised?

The honours list is organised into two broad groupings. The first comprises journalists, lawyers, academics, and civil rights leaders. The second comprises military officers designated as “soldier-democrats”.

Journalists, lawyers, and civil rights leaders

This grouping recognises individuals who advanced the pro-democracy cause through media, advocacy, and legal channels. Named recipients include:

  • Barrister Ayoka Lawani
  • Tunde Fagbenle
  • Oladele Alake
  • Olatunji Bello
  • Louis Odion
  • Segun Babatope
  • Sam Omatseye
  • Sir Ademola Osinubi
  • Bola Bolawole
  • Lade Bonuola
  • Femi Kusa
  • Debo Adeniran
  • Chief Ayo Opadokun
  • Chief Ralph Obiora
  • Ose Osayande
  • Barrister Osa Director
  • Professor Sylvester Odion-Akhaine
  • Dr Arthur Nwankwo (posthumous)
  • Dr Osagie Obayuwana
  • Dr Joe Okei-Odumakin
  • Barrister Titus Mann
  • Joe Igbokwe
  • Richard Akinnola
  • Ben Charles-Obi (posthumous)
  • George Mbah
  • Dr Niran Malaolu
  • Major-General Ishola Williams (retired)
  • Femi Aborisade
  • Jenkins Alumona
  • Gbemiga Ogunleye
  • Muyiwa Adekeye
  • Babajide Kolade-Otitoju
  • Ike Okonta

Soldier-democrats

This grouping recognises military officers associated with resistance to military dictatorship. Named recipients include:

  • Major-General M. A. Garba
  • Brigadier-General Lawal Jaafaru Isa
  • Colonel Umar Farouk Ahmed
  • Colonel Sambo Dasuki
  • Colonel Lawan Gwadabe
  • Brigadier Jonathan Ndam Temlong
  • Colonel Musa Shehu
  • Major-General Chris Eze
  • Major-General Harris Dzarma
  • Colonel Isa Jibrin
  • Major-General Joseph Oshanupin
  • Colonel Olusegun Oloruntoba, Olugbede of Gbede Kingdom
  • Lieutenant-Colonel Happy Kefas Bulus
  • Colonel J. Okai
  • Colonel Emmanuel Ndubueze
  • Lieutenant-Colonel Yakubu Muazu
  • Brigadier Yahaya Abubakar, the current Etsu Nupe and existing holder of the CFR title

When will the awards be formally presented?

The president stated that the formal presentation and conferment of the awards will be carried out in the coming days. According to the address, the full honours list will be released within the next few days.

The announcement therefore represents the declaration stage of the process rather than the formal investiture, which is scheduled to follow.

What does this conferment signify for Nigeria?

The 2026 Democracy Day honours connect the historical pro-democracy struggle to contemporary national recognition. By including journalists, activists, lawyers, and military officers, the awards acknowledge a broad spectrum of contributors to Nigeria’s civilian transition.

The presence of posthumous awards further underlines the state’s intention to honour participants across generations, including those who did not live to see the present democratic order.

Frequently asked questions

How many Nigerians received national honours on Democracy Day 2026?
President Bola Tinubu conferred national honours on 50 Nigerians during the 2026 Democracy Day address on 12 June 2026.

Why is 12 June significant in Nigeria?
12 June marks the anniversary of the 1993 presidential election, which was annulled by the military government of the time. The date is now observed as Nigeria’s Democracy Day.

Who are the most notable recipients of the 2026 national honours?
Notable recipients include Oladele Alake, Joe Igbokwe, Colonel Sambo Dasuki, and Dr Joe Okei-Odumakin, alongside posthumous honourees such as Dr Arthur Nwankwo and Ben Charles-Obi.

Were any awards conferred posthumously?
Yes. Posthumous honours were conferred on Dr Arthur Nwankwo and Ben Charles-Obi in recognition of their contributions to the pro-democracy struggle.

When will the national honours be formally presented?
President Tinubu stated that the formal presentation and conferment will take place in the coming days, with the full honours list to be released shortly after the announcement.

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Dating A Short Man Feels Like I Am Dating My Son— Diminutive Ghanaian Woman (Video)

Published

2 years ago

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29/11/2024

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A short-statured Ghanaian woman has sparked online debate after making contentious remarks regarding her romantic relationship preferences.

Diminutive Ghanaian Woman

During a recent interview with De God Son TV, the diminutive lady expressed her aversion to dating guys of shorter height despite her diminutive Ghanaian woman. She remarked that short men do not match her “specifications” for relationships.

When questioned about her explanation, she stated that she sees shorter men as resembling infants, even though they are adults.

“I have a 7-year-old son, so dating a short man feels like dating my son,” she explained, finding parallels between her personal and romantic lives.

Watch the video below.

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Celebrity

Davido Trends As His New Rolls Royce And Tesla Cybertruck Land In Nigeria (PHOTOS)

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2 years ago

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29/11/2024

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Once again, Nigerian singer Davido has made headlines for proving his status as a rich man with two luxury cars entering Nigeria: a Rolls-Royce and a Tesla Cybertruck.

Davido

The musician posted a picture of the trip on social media, his pure white Rolls Royce parked on the runway, ready for shipment.

https://femotech.com.ng/coming-out-as-hiv-positive-was-harder-than-coming-out-as-gay-gay-rights-activist-bisi-alimi-video/

Another photo depicted the Tesla Cybertruck being loaded into an aircraft to verify the truck’s arrival in Nigeria.

Davido tesla cybertrucks

Cubana Chief Priest, another close associate and entrepreneur, also saluted the new cars with an Instagram image. He congratulated Davido on his feats, dubbed him the “GOAT,” and hinted at a festive December with new vehicles added to the singer’s collection.

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