Leaked CBN ‘Special Investigation Report’ alleges series of financial misconduct at Emefiele’s Central Bank of Nigeria
A leaked report by the Special Investigation on the Central Bank of Nigeria and other entities is alleging financial and legal irregularities within the Central Bank of Nigeria (CBN) under the leadership of Godwin Emefiele.
The report titled REPORT OF THE SPECIAL INVESTIGATOR ON CENTRAL BANK OF NIGERIA (CBN) AND RELATED ENTITIES (Chargeable offences) has been circulating online.
This report, which Nairametrics cannot independently verify, raises serious allegations against various officials within the CBN, including the former central Governor, Godwin Emefiele who is currently facing EFCC charges of fraud. The deputy governors of the central bank who served under him were also accused.
It’s important to note that the document appears to be a draft and may not reflect the final report submitted to the President. Some pages of the report also appear to have been excluded while the document also included several handwritten annotations.
The document, reportedly prepared by a special investigator, accuses the then Emefiele-led CBN of illegal activities surrounding the 2022 Naira redesign, mismanagement, and financial irregularities.
Among the claims is that the redesign of the Naira was not legally approved, costing the government N769.562 billion in illegally circulated currency.
The report also details substantial amounts spent on legal fees related to the currency redesign and various instances of mismanagement and misconduct.
These include alleged fraudulent activities involving COVID-19 expenditures, unauthorized foreign investments, and questionable management of the e-Naira project.
The leaked draft suggests legal actions against several high-ranking CBN officials for charges ranging from advanced fee fraud to conspiracy and theft.
Specific incidents, such as a significant cash withdrawal from the CBN vault, are described in detail.
Some of the key details of the report
- Naira/Currency Redesign: It’s claimed that the redesign of the Naira in 2022 was illegal, as it wasn’t recommended by the CBN Board or approved by the President as required by law. The redesigned currency, therefore, is considered illegal and it’s suggested that it should be withdrawn from circulation.
- Cost and Legal Fees: The illegal Naira in circulation as of August 9, 2023, is N769.562 Billion, costing the government a significant sum. Additionally, substantial amounts were reportedly spent on legal fees related to the currency redesign.
- Illegal Issuance of Currency: Charges are recommended against various individuals, including the CBN Governor, for the illegal issuance of currency and other related offences.
- Mismanagement and Malfeasance in Various Operations: The report details various instances of mismanagement, illegal activities, and malfeasance in different operations of the CBN. This includes the handling of government properties, fraudulent use of “Ways and Means,” questionable compensation packages, and misuse of printed money.
- Specific Financial Irregularities: Detailed accounts of various financial irregularities are provided, including suspicious COVID-19 expenditures, misrepresentation of presidential approvals, and unauthorized investment of Nigerian funds in foreign bank accounts.
- Recommendations for Legal Action: The report concludes with recommendations for legal action against several individuals, including high-ranking officials within the CBN, for a range of charges like advanced fee fraud, stealing of public funds, and conspiracy.
- Forgery and Theft Allegations: There are also allegations of forgery and theft, including a significant cash withdrawal from the CBN vault, which is described in detail.
- Issues with the e-Naira Project: Concerns are raised about the implementation of the e-Naira project, including lack of presidential approval, extra-budgetary spending, and questionable project maintenance costs.
What they are saying
As of now, government officials have neither officially confirmed nor denied the report’s authenticity.
- The silence from official channels adds to the document’s uncertainty and speculation.
- Furthermore, the fact that the document appears to be a draft suggests that the final report, if there is one, submitted to the President might contain different findings or recommendations.
It is important to note that some of the surrogates of the government have also tweeted the aspects of the report.
The leak has already attracted considerable attention from the media, both within Nigeria and internationally.
- Several news outlets have reported on the document, although most have done so with caution, highlighting the unverified nature of the report.
- The public reaction has been a mix of concern, skepticism, and calls for transparency and accountability from the CBN and the government.
What this means
The leaked draft suggests legal actions against several high-ranking officials within the CBN, including charges ranging from advanced fee fraud to conspiracy and theft.
- Specific incidents, such as a significant cash withdrawal from the CBN vault, are described in meticulous detail, painting a picture of systemic financial irregularities.
- If these allegations are substantiated, they could have far-reaching implications for Nigeria’s financial governance.
- The Central Bank plays a crucial role in the country’s economy, and any proven misconduct within its ranks could undermine public trust and financial stability.
As with any unverified document circulating online, caution is advised. The allegations, if proven true, could have significant implications for Nigeria’s financial governance and require thorough legal scrutiny.
However, until official confirmation is provided, the document’s content remains speculative.
