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The Special Investigator probing the Central Bank of Nigeria (CBN), Jim Obazee, has discovered 593 bank accounts located in the United States, United Kingdom and China in which the Central Bank of Nigeria (CBN), under Godwin Emefiele, kept Nigerian funds without authorisation by the Board and Investment Committee of the bank.

The investigator also discovered how billions of naira were allegedly stolen by Mr Emefiele and other officials from the CBN’s accounts including a “fraudulent cash withdrawal of $6.23 million” – about N2.9 billion at the then official exchange rate of N461 to a dollar.

Mr Obazee disclosed these in his report in which he recommended the prosecution of Mr Emefiele and at least 13 other individuals, including his deputy governors, for alleged gross financial offences.

In the UK alone, the Special Investigator said his probe led him to 543.4 million Pounds kept by Mr Emefiele in fixed deposit accounts. He also said Mr Emefiele manipulated the Naira exchange rate and perpetrated fraud in the e-Naira project of the CBN.


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FIRS
In his report, which he submitted to President Bola Tinubu on 9 December, a copy of which was seen by PREMIUM TIMES, Mr Obazee identified several “chargeable offences” for which the former CBN governor may be asked to defend himself before a court.

Special Investigator probing the Central Bank of Nigeria (CBN), Jim Obazee
Special Investigator probing the Central Bank of Nigeria (CBN), Jim Obazee
President Bola Tinubu had on 28 July appointed Mr Obazee as a Special Investigator to investigate the CBN and related entities, charging him to set up a suitably experienced and competent team and to work with relevant security and anti-corruption agencies for the assignment.

Mr Tinubu said the appointment relied on the fundamental objective outlined in Section 15(5) of the Nigerian constitution and was in furtherance of the country’s anti-corruption fight.

The president had also directed Mr Obazee, who was the chief executive officer of the Financial Reporting Council of Nigeria (FRCN) between 2011 and 2017, to take immediate steps to ensure the strengthening and probity of key Government Business Entities (GBEs) and block leakages in the CBN and related GBEs.

He also directed him to provide a comprehensive report on public wealth currently in the hands of corrupt individuals and establishments (whether private or public).

Naira redesign “fraud”
According to the report of the Special Investigator, the highly controversial redesign of the Naira in October 2022 “was neither recommended by the Board of the CBN nor approved by the then President, Muhammadu Buhari, contrary to the provisions of Section 19 (1) of the CBN Act, 2007,