Obazee Report: The 17 Allegations Against Emefiele

The recent disclosure of a report by Jim Obaze, a Special Investigator appointed by President Bola Tinubu to scrutinise the activities of former Central Bank Governor Godwin Emefiele, has sparked a wave of reactions across Nigeria.

The report alleges that Emefiele employed surrogates to obtain shares in a new-generation bank during his tenure at the helm of the Central Bank of Nigeria (CBN). Submitted to President Tinubu on December 20, the report presents 17 grave allegations against Emefiele, shedding light on various financial irregularities.

The accusations against Emefiele encompass a spectrum of financial misdeeds, including unauthorised funding of 593 offshore bank accounts, fraudulent cash withdrawals from the CBN vault, gross financial misconduct involving the former governor and his Deputy Governors, and substantial fixed deposit holdings amounting to £543.4 million.

Furthermore, the report highlights manipulations in the Naira exchange rate, irregularities in the e-Naira project, unauthorised printing of new currency denominations, and substantial expenditures on dubious legal fees. Allegations also include fraudulent interventions, COVID-19-related irregularities, and misrepresentation of presidential approvals on various financial strategies.

Emefiele stands accused of padding former President Muhammadu Buhari’s approval, unauthorised appropriations of substantial sums, and irregular securitization of financing without due authorization.

The release of these allegations against Emefiele has generated significant public interest, prompting calls for thorough investigations into the claims made by the report. The revelations have sparked debates and discussions nationwide, as Nigerians await further developments on this unfolding financial controversy.

The 17 allegations laid against Emefiele include:

1. Unauthorised funding of 593 bank accounts located in the UK, US, and China.

2. Fraudulent cash withdrawal of $6.23 million from the CBN vault under a purported presidential approval to pay foreign election observers.

3. Gross financial misconduct by Emefiele and at least 13 other individuals, including his Deputy Governors.

4. £543.4 million held in fixed deposits by Mr. Emefiele.

5. Manipulation of the Naira exchange rate and perpetration of fraud in the CBN’s e-Naira project.

6. The unauthorised Naira Redesign without Board or presidential approval.

7. The printing of new N200, N500, N1,000 notes costing N61.5 billion, with N31.8 billion paid to the Contractor.

8. Expenditure of N1.73 billion on questionable legal fees related to the Naira Redesign.

9. Payment of £205,000 to a UK Firm for the Naira Redesign effort.

10. Fraudulent use of Ways & Means totaling N26.627 trillion.

11. Fraudulent intervention programs.

12. Fraudulent expenditures related to COVID-19.

13. Misrepresentation of presidential approval on the NESI Stabilization Strategy Ltd.

14. Padding of former President Buhari’s approval by N198.96 billion.

15. Unapproved N500 billion taken and debited to Ways & Means without former presidential approvals.

16. Emefiele and 4 Deputies’ alleged connivance to misappropriate funds.

17. No approval for the breakdown of N22.72 trillion presented to the 9th National Assembly to illegitimately securitize the “Ways & Means” financing.