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Tag: Emefiele

  • BREAKING: Court fines FG, EFCC N100m for unlawfully detaining Emefiele for five months

    BREAKING: Court fines FG, EFCC N100m for unlawfully detaining Emefiele for five months

    A High Court of the Federal Capital Territory (FCT) in Maitama has declared unlawful the detention of the former governor of the Central Bank of Nigeria (CBN), Godwin Emefiele by federal government agencies for about five months without arraigning him in court.

    In a judgment on Monday, January 8, Justice Olukayode Adeniyi held that no law allows the government and its agencies to detain a citizen beyond the period allowed by the Constitution.

    The judgment was on a fundamental rights enforcement suit filed by Emefiele against the Federal Republic of Nigeria (FRN), the Attorney General of the Federation (AGF) the Executive Chairman of the Economic and Financial Crimes Commission (EFCC), and the Commission itself.

    Read Also: Emefiele: Finally the chicks are home to roost

    Justice Adeniyi held that the respondents violated Emefiele’s right to personal liberty, guaranteed by the Constitution when they detained him from June 13, 2023, to November 8, 2023 (when he was released by the court on bail) without arraigning him in court.

    The judge awarded N100 million damages against the FRN and the EFCC (who are listed as the first and fourth respondents).

    He also issued an order restraining the respondents from further arresting and detaining Emefiele without first obtaining an order from a court of competent jurisdiction.

    Details shortly…

  • 2023: The year of Emefiele

    2023: The year of Emefiele

    Two of Nigeria’s leading newspapers – The Nation and Leadership – just chose President Bola Ahmed Tinubu as Person of the Year for 2023. In the tradition pioneered by the American news magazine Time in 1927, this award goes to “a person, a group, idea, or object that “for better or for worse… has done the most to influence the events of the year.”

    In most election years in the United States, whoever is elected president becomes the magazine’s Person of the Year. So, Tinubu’s selection by the aforementioned newspapers reflects the traditional pattern.

    But well before his election in February and inauguration on May 29, there was a powerful individual whose actions had the potential to influence the outcome of the general elections and impact the economic wellbeing of millions of Nigerians. His name is Godwin Emefiele, former governor of the Central Bank of Nigeria (CBN).

    There are different ways to measure how much progress a country is making. You could look at the GDP, how many people are living below the poverty line, literacy level, state of public infrastructure and so on.

    Another way is to examine the conduct of people in public office. This is especially important given our history that speaks largely of incompetence, mismanagement and corruption. Emefiele’s actions earlier this year exemplified much that is wrong Nigeria – impunity and decay of institutions.

    Late in 2022, the CBN served notice that it would introduce new designs for certain naira denominations and set a date in January 2023 for which this task must be accomplished. The initial excuse for the action was that the bulk of the nation’s cash was floating outside the system. The swap was supposed to vacuum all of that money back into bank vaults.

    But as we would all soon learn there was more to it than economics. In reality, it was a move designed to frustrate certain political figures who the then administration felt had stockpiled an unbelievable amount of naira for vote-buying.

    While the desire of having an electoral process that wasn’t compromised by cash was laudable, the currency swap was not only ill-timed, its execution was disastrous. There was a stampede to returned old notes with very few new ones to replace them.

    Read Also; Be decisive in tackling building collapse, Architects tell Sanwo-Olu

    ATM’s were empty; banking halls became battles zones. We were told to go cashless using online transfers. The problem was most banks lacked the infrastructure to support this. It was the perfect Nigerian nightmare produced and directed by Emefiele.

    If the fallout from the naira redesign fiasco was just about inconvenience, it would have been pardonable. There were more deadly consequences. People actually died as result of inability to access cash for treatment of their loved ones. Many small businesses shut down and as of today no one really knows how much was lost to this hare-brained scheme.

    Such was the degree of suffering that at its height, Professor Wole Soyinka, accused the former CBN governor of crimes against humanity. Speaking on Channels Television, he blamed then President Muhammadu Buhari for enabling him.

    “Emefiele has committed a crime against humanity, over and beyond even any electoral mago mago (foul play),” Soyinka said.

    “He struck at the heart of the subsisting survival principles, minimal needs and entitlements of the ordinary people in the street.

    “Don’t bully me. Don’t take my voice away. Don’t take my economic potential away, my economical entitlements. Don’t throw me on the mercy of sadists like Emefiele.”

    Despite the well-documented chaos in the banking system, despite mass suffering, the government of the day and CBN chief pressed on regardless. It was as if their actual goal was to allow things fester until there was a countrywide breakdown of law and order that would have necessitated the postponement of elections – just to prevent a feared outcome.

    Initially, it sounded like a conspiracy theory but, in reality, the nation was sleepwalking into a constitutional crisis. That was until elements within the All Progressives Congress (APC) woke up with a start. What followed was the curious situation of three ruling party governors dragging the Buhari federal government before the Supreme Court.

    That was not all. Speaking at a campaign stop in Abeokuta, Ogun State, APC presidential candidate Tinubu denounced the currency swap which he alleged was targeted at him. He declared defiantly that even if fuel taps were shut and all naira notes locked away, the nation would vote and he would be elected. The rest is history.

    The passage of time hasn’t lessened the intrigue around the currency swap. In a recent interview Buhari claimed credit for authoring the redesign. He wanted to ensure his “integrity was unquestionable.” But in the last week leaked portions of the report of Jim Obazee, Special Investigator probing the CBN, suggested the former president’s aide, Tunde Sabiu, may have been the driving force.

    What is clear is that but for the intervention of the apex court, nothing would have moved Emefiele and the forces behind him to change course. Nigeria’s saving grace was that the government stopped short of openly defying the Supreme Court.

    Emefiele has been a very unique CBN governor, and not necessarily because he was good at the job. A former Deputy Governor of the bank, Kingsley Moghalu, reacting to the Obazee report leaks, made these withering comments in a lengthy X post: “My views on Emefiele’s performance as CBN Governor have been a matter of record even when many now opining on the matter of his performance on the job were mute.”

    “He is, without debate, the worst and most damaging Central Bank Governor in Nigeria’s history – incompetent and ill-prepared for the role, and from all available information from his actions, doubtlessly severely challenged with integrity.”

    But what makes him special goes beyond questions of competence and integrity. Rather, this country has never seen a CBN governor with such overt political ambitions. First, it was whispered, and then it grew into a loud murmur that Emefiele was interested in succeeding Buhari as president.

    He did nothing to squelch the rumours, offering only equivocal responses. A so-called ‘Friends of Emefiele’ group which visited him in February to discuss the 2023 presidential contest, quoted him as saying “he would leave his fate firmly in the hands of God” with regards to choice of the leadership of the country.

    It was a response that sparked widespread outrage, with many demanding he resign to concentrate on his political ambitions. Just to show that he and his backers could no longer wait for God, the media soon discovered a plot in Abuja chock full of branded ‘Emefiele for President’ campaign vehicles.

    It was also revealed that as sitting CBN governor he had registered as a member of APC in his ward in Delta State. It was unprecedented

    But despite crossing the line so brazenly, despite compromising his position with political exposure, his boss in Aso Rock saw nothing so untoward as to require his sacking. That, again, made the man special.

    As the year winds to a close, Emefiele is dominating the headlines again. The allegations in the leaked Obazee report are so grave and mindboggling that we would be listening to his explanations either through press statements or from the dock for much of the coming year.

    Everyone who lived through January and February in Nigeria would remember the period as the time when the naira pulled a disappearing trick with a little help from the then CBN boss. After a short respite, the onset of the festive season with the ongoing cash crunch shows that the spirit of Emefiele is still upon us. The man didn’t walk alone and he clearly didn’t work alone. For the terrible fallout of his actions throughout this year, he is the Alternate Person of the Year.

  • Emefiele: Finally the chicks are home to roost

    Emefiele: Finally the chicks are home to roost

    The above were the concluding words in the piece by this columnist on August 22. That was barely a month after President Bola Tinubu appointed Jim Obazee as a Special Investigator to probe the apex bank and related entities.

    Well, the long awaited report is out. While there were little surprises contained in it at least in a general sense of the findings to yours truly, the team certainly did a yeoman’s job of putting the dots together, going as far as putting faces and names to those activities that border on heist, subversion if not treason. I had titled the piece Emefiele: While men slept…to underscore which I considered the criminal complicity of the Buhari presidency, the supine indifference of the National Assembly and of course the somnambulist anti-graft agencies that would only act after the deed is done.

    That was some four months ago. Enjoy… 

    ‘It is not typically the norm that the apex bank gets to make the front page of newspapers as ours has been doing of late; certainly not for those unsavoury things that the bankers’ bank and its erstwhile top gun are being linked of late. Even for all the strange things right up to the bizarre misbranding that happened to the institution under Godwin Emefiele, it is certainly a new thing the lender of the last resort, is not only being stripped of its traditional mystique, but is clothed with the most unflattering colours of impunity.

    We have seen some rather disturbing images of the institution in the past. Nigerians would most likely recall a former CBN governor being accused of doling a whopping N1.257 billion for lunch for policemen and private guards; of making bogus payments to airlines for currency distribution as well as holding an account balance of N1.423 billion for an unidentified customer since 2008. And yet another charge – alleged payment of N38.233 billion to the Nigerian Security Printing and Minting Company Plc in 2011 for the “printing of bank notes” whereas the turnover of the entire printing and minting company group is N29.370 billion”.

    For most Nigerians however, the image of the Central Bank of Nigeria (CBN) somewhat endured of an institution still largely steeped in best practices, a piggy bank where the nation’s vast trove of cash is warehoused for the public good and the place for the banks to run when things sunder; an institution not afraid to wield the big stick when the situation called for it. 

    Even when the institution appeared to have morphed into a Special Purpose Vehicle (SPV) for all manners of schemes and purposes under the sun, there remained a multitude only too willing to give the bank the benefit of the doubt. Of course, if you were a beneficiary of those massive ‘interventions’ that have since turned to freebies under the most specious monetarism ever conceived by a financial services regulator – from the hundreds of billions spent on the scam called anchor growers scheme that has left the populace yearning for rice and more rice to the other sectoral interventions that ended up as a gross betrayal of our penchant to throw money at fundamental problems – you’d probably have a word of prayer for the ‘accident’ that was the immediate topmost banker.

    The lessons have been rather slow in coming, no doubt. The chicks, however, would appear to have come to roost soon enough. True, if the country saw the early signs of the affliction  in the unbridled incursion into the fiscal space by Godwin Emefiele’s apex bank, most Nigerians probably considered it a lesser affliction than the permanent ‘sleep mode’ of the do-nothing Buhari economic management team.

    Read Also: Emefiele as personification of Nigeria’s systemic rot

    Remember, we are referring here to a time when global oil prices headed south and production dwindled – a time the EMT, clearly out of their depth had no answers let alone the presence of mind to venture into any deep thinking. Theirs was to pile up debts and more debts even as the nation bled from forces that an otherwise serious leadership could have controlled or mitigated.

    Example: our paltry OPEC 1.6 million per day quota could not be met because the government couldn’t confront the menace of crude theft. Yes, a nation that one did two and half million barrels per day found itself barely able to do a quarter of that output. And with neither the capacity nor the will to ratchet up the tax to GDP ratio then at a measly 7.5 percent, the economic management team, faced with a revenue crisis, and without the foggiest idea of how to get out of the bind thought little of outsourcing the tedious work of finding a solution to a man ever too ready to play the errand boy to special interests. And our man: like the Idi Amin of old, decided to flood the space with massive amount of naira notes without as much a thought for national productivity or inflation, reducing the banks in the process, to mere guinea pigs in his one-track inflation targeting obsession.

    Sure enough, that bizarre orthodoxy that borders on brazen outlawry that characterised Emefiele’s tenure as CBN governor would eventuate in the N23 trillion overdrafts – the so-called ways and means that the nation’s treasury is currently burdened with.

    Even that would not compare with the mind-boggling arbitrariness and abuse of office that is currently the subject of an inquiry by a special investigator.

    While men slept…

    The above phrase echoed in my mind as I ruminated on some of the key findings that bordered crass mismanagement of the apex bank by Emefiele as captured in that financial statement. We are here referring to the financials covering the whole of six years of Emefiele (2016 to 2022) only now being made public after his suspension from office!

    Guess why no one bothered to ask? The N23-point something trillion naira ways and means advances! Why bother to open the books to those already drowning in illicit credit advances – a simple case of quid pro quo!

    We have further learnt from the books that Emefiele’s CBN borrowed humongous sums from foreign lenders while pledging our assets (securities) as collaterals. Courtesy of Emefiele, our dear country is indebted to two United States banks – JP Morgan and Goldman Sachs in the sum of $7 billion and $500 million respectively. Nigeria’s treasury – again thanks to Emefiele has, additionally, been committed to a 30-day forward contracts totalling N3.15 trillion with undisclosed counterparties; and this is aside another $3.2 billion owed an unnamed party as foreign currency forward contract payables—with no notes providing clarity on the transaction accompanying that item – all of them collateralised with Nigeria’s foreign assets!

    And what did he do with the dollar-denominated loans? The answer, it would appear, is still blowing in the wind! As for the foreign reserves which Emefiele and company have long fetishized, we are learning yet again that the actual figures are only half of the tidy sum often advertised! Our dear country Nigeria, it would appear, may have long been on the wild ride to nowhere!

    I do understand why, in a country where sleaze comes in their dozens, and where the cost of impunity is denominated in dollars, the racy developments would shock no one; but then, to the extent that the underlying issues of opacity, of a clearly out-of-control monetary authority with chief texts in brazen outlawry that is unprecedented in the annals of the nation’s central banking history, the country can only overlook their dire implications to its peril…’

    Here’s wishing you, dear readers, a most prosperous New Year!

  • Emefiele, Mustapha, TIG tackle CBN investigator

    Emefiele, Mustapha, TIG tackle CBN investigator

    Former Central Bank of Nigeria (CBN) Governor Godwin Emefiele yesterday denied opening 593 foreign accounts during his tenure.

    He said the fixed deposits in the foreign accounts were outside his knowledge.

    According to him, the relevant departments of the CBN had the authority to open such accounts.

    Emefiele also said he got approval from ex-President Muhammadu Buhari last year to redesign some Naira denominations.

    He said he handed over the same approval to the Special Investigator into CBN activities, Jim Obazee, appointed by President Bola Ahmed Tinubu.

    On the withdrawal of $ 6.3 million from the CBN vault, the former CBN Governor said he did not know of such a directive from the former president and the former Secretary to the Government of the Federation, Mr. Boss Mustapha.

    He accused Obazee of hatching a satanic agenda against him.

    Also, the former SGF asked the Federal Government to conduct a thorough and transparent investigation into the $6.3milion scandal.

    Also yesterday, the Tropical General Investment Group (TGI) said it did not acquire the Union Bank of Nigeria as a proxy for Emefiele.

    It faulted “the assumptions” by Obazee which linked Emefiele to the ownership of Titan Trust and Union Banks.

    The knocks and protests followed the scooping of some snippets from the “Report of the Special Investigation on Central Bank of Nigeria and Related Entities.”

    Obazee, the Special Investigator on CBN and Related Entities, was appointed in July. He submitted an Interim Report on December 9.

    It was learnt that the final report on the CBN probe was submitted to the President on December 20.

    While some aspects of the report were in the public domain, Emefiele was battling to fulfil his bail conditions from the Kuje Correctional Centre in the Federal Capital Territory(FCT).

    But barely 48 hours after his release, the ex-CBN Governor kicked against some of the findings of the Special Investigator, who he accused of a satanic agenda.

    Emefiele, who broke his silence in a statement on some of the allegations against him, said he was prepared to clear his name.

    His statement reads: “After my release on bail from the correctional centre, Kuje, my attention was drawn to publications released by some mainstream and online news platforms. 

    “The sources of the information published by both media houses were credited to a certain report prepared by Mr. Obazee, who was appointed by the President as a private investigator.

    “I have gone through the publications, and I say boldly that the contents of the said publications are false, misleading and calculated to disparage my person, injure my character and serve the selfish interest of the private investigator.

    “Because of my present situation, I have been advised by my lawyers not to say anything in respect of the matters which have been submitted to the court for adjudication. 

    “However, I need to address some of the issues raised in the publication which are barefaced lies told by the investigator in order to achieve his satanic agenda.

    “First, it was reported that contrary to the provision of the CBN Act 2007, there was no presidential approval for the Naira redesign. 

    “I wish to state unequivocally that there was indeed a presidential approval, and the said approval was handed over to the same Jim Obazee during the process of his investigation in the presence of senior CBN officials and his own investigative team.

    “Moreover, the former President Muhammadu Buhari GCFR has stated on a number of occasions that he authorized and approved the Naira redesign. 

    “I am, therefore, at a loss as to why Mr. Obazee will mislead Nigerians that there was no presidential approval.”

    On the withdrawal of $6.3million, Emefiele said he did not know of such a directive from the former president and the ex-SGF

    He added: “The report also claimed that the sum of $6.23 million was withdrawn from the CBN vault based on a false presidential directive bearing the signature of the former President Buhari, and that of the former SGF, Mr. Boss Mustapha.

    “About two weeks ago, Obazee in the company of a certain Deputy Commissioner of Police from Force CID came to Kuje to ask me questions in respect of the said document in the presence of my lawyers. 

    “I stated verbally and in writing that I have no knowledge of such directive from the former president and the former SGF.

    “In fact, I told them that that was the first time I would be seeing the documents. On this, I challenge Obazee to publish the said documents and also the statements that I made to them.”

    Regarding the opening of 593 foreign accounts, Emefiele said he was not involved.

    He said the fixed deposits in those foreign accounts were outside his knowledge.

    He said: “The final issue that I would like to respond to is the issue of the 593 accounts which were purportedly opened in different parts of the world. 

    “I state categorically that I am not involved in the opening of these accounts and I do not have knowledge of their openings.

    “The fixed deposits in those foreign accounts are definitely outside my knowledge.

    “However, let me state clearly, that the relevant departments of the CBN have the authority to carry out such activities in line with their lawful mandate within the CBN.

    “I, therefore, join well-meaning Nigerians who have spoken on this matter and have demanded a thorough and transparent investigation of all these alleged frauds. 

    “Meanwhile, I have instructed my lawyers to immediately commence the legal process to clear my name from the defamatory statements contained in the report and by extension the publications.”

    Boss Mustapha denies involvement

    Toeing the same line, the immediate past Secretary to the Government of the Federation, Boss Mustapha, denied involvement in the alleged illegal withdrawal of $6.3 million from the CBN during Muhammadu Buhari’s administration.

    In a statement in Abuja, Mustapha described the allegation as “outrageous and unsubstantiated.”

    He also said he did not know of the purported “Presidential Directive” for the withdrawal of the cash.

    He said he was never involved in discussions or transactions related to any payments for foreign election observers.

    He asked for a thorough and transparent investigation into the matter.

    Mustapha said: “The article hinges on the dubious premise of forged documents and a misleading narrative. 

    “It claims that $6.3 million was withdrawn from the CBN vaults based on a purported ‘Presidential Directive’ bearing the signature of President Buhari.

    “This document, unsurprisingly, has not been presented for public scrutiny. In fact, I have no knowledge of such a directive, nor was I ever involved in any discussions or transactions regarding the alleged payment to foreign election observers.

    “I demand a thorough and transparent investigation into this matter. Let the relevant authorities probe the source of these fabricated documents and expose those responsible for this malicious attempt to damage my reputation. I have nothing to hide and welcome any legitimate investigation that sheds light on the truth.

    “Throughout my career in public service, I have always upheld the highest standards of integrity and ethical conduct. 

    “I have served with dedication and transparency, and my record speaks for itself. I will not allow this baseless and defamatory attack to go unchallenged. I will defend my reputation vigorously and ensure that the truth prevails.

    “This is not just about me; it is about upholding the integrity of public service and safeguarding the reputation of those who have served this country with honour. 

    “I trust that the Nigerian people will see through this orchestrated attack and recognize it for what it truly is: a desperate attempt to silence a voice of reason and integrity.”

    TGI faults report

    Another knock against the probe report came from the Tropical General Investment Group (TGI) which bought the Union Bank of Nigeria.

    The company said it did not acquire the Union Bank of Nigeria as a proxy for Emefiele.

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    It said the USD500 million capital used to pay for the transaction was transparent and unimpeachable.

    TGI said it has been doing business in Nigeria for 45 years.

    It said Union Bank was not owned by the government and no government money (CBN or AMCON) was used to buy it.

    It said the entire transaction was managed by highly reputed global financial institutions including Rothschild and Citibank.

    It said with about 20,000 workers and over N3.75trilllion in assets, its annual revenues as of 2022 stood at over N1.74 trillion.

    It said its owner, Mr. Cornelius Vink, has been doing business in Nigeria since 1978 and was never a proxy to anyone or group.

    TGI said it was part of Mr. President’s private sector delegation during his visit to Germany where the group signed a USD500 million contract for renewable energy in Nigeria.

    The group made the clarifications in a statement by its Head of Corporate Communications, Ms. Rafiat Gawat

    The statement said: “Our attention has been drawn to media reports emanating from purported documents allegedly submitted to the President by the Special Investigator probing the activities of the Central Bank of Nigeria, where he linked our ownership of Titan Trust and Union Banks to former CBN Governor, Godwin Emefiele.

    “We want to categorically state that some of the assumptions made in the purported document were incorrect, thereby resulting in a conclusion that may not necessarily reflect the actual reality.

    “The true facts of the case are as follows: Tropical General Investment Group (TGI) is the majority owner of Titan Trust and Union Banks. 

    “We have been doing business in Nigeria for close to 45 years and have evolved into one of the largest companies in West Africa.

    “Today, TGI employs over 20,000 people spread through the length and breadth of Nigeria. We have over N3.75trilllion in assets and as of 2022, our annual revenues stood at over N1.74 trillion.

    “Our companies and entities are exemplary corporate citizens of Nigeria and pay over N50 billion annually in taxes to the government.

    “The acquisition of Union Bank by Titan Trust Bank followed all the laid down rules and regulations. 

    “The approximately USD500 million capital used to pay for the transaction was transparent and unimpeachable.”

    TGI explained what transpired between it and Obazee.

    The statement said: “This clearly illustrates our credentials as a leading private sector partner to the Nigerian government. 

    “The investigator’s claim that Union Bank did not respond to his request for information was misleading as all the information requested was submitted on the 1st of September 2023.

    “It’s a well-known fact that Mr. Vink, who has been in Nigeria since 1978, is an elderly person and has recently been medically advised to limit his movements. This was duly communicated to the investigator with supporting documents.

    “TGI’s capital, ownership and selling of Chi to a multinational such as Coca-Cola are proof that Mr. Vink is not a proxy. 

    “The Group’s ability to engage and work with reputable international financial advisors and bankers attests to the Group’s global credibility.

    “Union Bank was not owned by the government and no government money (CBN or AMCON) was used to buy it. The process was diligently followed as captured in the report of the investigator.

    “As responsible corporate citizens, we are always willing, ready, and able to support stakeholders including regulators to learn and understand our Group and its operations.”

    The group, which gave insights into how the Union Bank was acquired, clarified that it was not a shelf company.

    TGI said apart from operating in 13 countries, it has been in partnership with Lagos, Ogun, Kebbi and Jigawa states.

    The statement added: “The entire transaction was managed by highly reputed global financial institutions including Rothschild and Citibank.

    “And like most major acquisitions, the process took years to complete. 

    “A USD 300 million loan was sourced from African Export-Import Bank (Afrexim) and the rest of the capital was sourced from the proceeds of TGI’s sales of its Chi Ltd business to Coca-Cola, all to finance the acquisition of Union Bank.

    “The purported investigation report recommended that the Federal Government should take over the banks. 

    “Such declarations based on incorrect assumptions portray Nigeria negatively, especially when the President is tirelessly seeking and courting foreign investments into the country.

    “TGI operates in 13 countries, including Nigeria, India, Morocco, Germany and the United Arab Emirates in agribusiness, industrial chemicals, real estate development and financial services.

    “The opening of our USD75 million dairy factory in Dubai in November 2023 is further testimony to our international status and proof of our presence in the country, contrary to the alleged claim by the purported report.

    “TGI’s commitment to Nigeria’s economic development and President Bola Ahmed Tinubu’s Renewed Hope agenda is evident in our activities across the country.

    “We are a partner with the Lagos State government on the 32 metric-tonne Imota Rice Mill in Ikorodu and was also the sole supplier of paddy rice to the Lagos-Kebbi Lake Rice project.

    “TGI also partners with Edo State Government to run their fertilizer blending plant, where we are the only producers of the chemical blend of NPK fertiliser that millions of Nigerian farmers use every season.

    “Additionally, we have state-of-the-art rice Mills and Sesame factories in Kebbi and Jigawa states; foods and agrochemical production lines in Ogun and Lagos, and recently, signed a N50 billion financing agreement to support agricultural initiatives in Niger state which is projected to provide tens of thousands of jobs to the locals and improve food security in the country.

    “Only last month, TGI was part of Mr. President’s private sector delegation during his visit to Germany (November 2023) and where Union Bank signed a USD500 million contract for the development of renewable energy projects with German DWS entities.”

  • Emefiele as personification of Nigeria’s systemic rot

    Emefiele as personification of Nigeria’s systemic rot

    • By Mobolaji Sanusi

    The rancorous murmuring about Godwin Emefiele and his leadership of the Central Bank of Nigeria (CBN), as exposed by the Jim Obazee probe panel report, has left many mouths agape. Since the last quarter of 2022, Emefiele has become a newsmaker, albeit for the wrong reasons. 

    To Nigerians, the most heinous of his crimes was his sudden change of the naira without proper planning, leaving in its wake severe naira scarcity with the commercial banks struggling to meet up with customers’ requests for their deposited money. Millions went into depression whilst deaths of Nigerians who were unable to access their deposits were recorded. May Nigeria never witness such a dastard policy, with its attendant excruciating pain, again.

    It is quite clear that the initiative was bereft of any altruistic intentions. It was obviously targeted at certain political interests that the then inimical presidency cabals under the Muhammadu Buhari administration tried to stop from becoming the president. The result, as they say, is history.

    The essence of this piece is to highlight institutional absurdities as impediments holding down the country from realizing the Nigerian dream.

    Of course, if Emefiele is prosecuted and found wanting by the court, he must not escape justice. Facing the full wrath of the law is the least prescriptions of the rule of law and the current government must pursue this to the last letter.

    When Emefiele is ultimately arraigned, possibly convicted and sentenced, will that be solution to Nigeria’s problems at the CBN and other institutions of government? This writer believes that to an extent, it will serve the end of deterrence but can it cure the festering mischief and damnable rot in the country’s system? Obviously not.

    Is Nigeria ready to correct its institutional rot? Hmmm! Sometimes, one wonders if Nigeria is ready to get out of this rot. We cannot be seen to be pursuing what the Yoruba sees as chasing ringworm when leprosy is indicated!

    Other salient questions: How can we effectively resolve the Emefiele conundrum that is ravaging all institutions of state in this country? Do public officers, elected and appointed, have honest resolve for truly pursuing the ideals of progressive policies without expecting some unjustifiable gratification in return? 

    Serving the country, in whatever capacity is now considered an avenue for personal, family and friends aggrandizement. Bad enough to also note that governments in power serve the needs of close buddies in cahoots with willing civil servants that are conspiratorial tools in the corruption game against the Nigerian system. How can the country be bailed out of this vicious cycle of concentric corruption?

    As things stand today, Nigeria is bereft of selfless architects and implementors of her so much-desired developmental policy initiatives. The degenerating values in the nation with the oozing odium from her public institutions have negatively redefined the principle of role models in the minds of our youths. This is expected when stealing in public offices is considered as God’s blessings with no dire consequences from the state once you belong or defected to the political party in power.

    Nigeria, as it stands today, is not in any way operating a system at state and federal levels that is known to honesty or ingrained in good faith. 

    This can’t be President Bola Tinubu’s creation or problem but he owes Nigeria the duty of rectifying this to the best of his ability. The president cannot repair, overnight what has been destroyed several decades ago but he must be seen by deeds and actions to be realistically improving the Nigerian debilitating situation. After all, Mark Twain once said: “Continuous improvement is better than delayed perfection.” Nobody wants him to create a perfect Nigeria since no country or even individual is perfect but we demand from him, a continuously and genuinely improving country.

    Until this is done, the likes of Emefiele at the local, state and federal levels will continue to thrive, unhindered. The Emefieles are virtually in all public institutions in the country hoping not to be caught.

    We have only removed the CBN Emefiele but what about other hydra-headed Emefieles still lurking and thriving unnoticed in very important institutions and corridors of power in the Nigerian state?

    The Obazee probe panel report has raised very pertinent questions including but not limited to: What has happened to the principle of checks and balances enshrined in our constitution? Do we really follow the law in our day-to-day official activities or we gleefully succumb to the dictates of self-avarice?

    A typical example bringing forth the above questions in the unfurling Emefiele scenario is to ask what statutory role did the National Assembly of that era played in looking the other way when this alleged criminality is being foisted on the entire country. The role of the Presidency under Muhammadu Buhari in this entire avoidable CBN financial conundrum, to say the least, is demeaning.

    The CBN Act 2007 when carefully scrutinized exposed the ‘conspiracy’ of the National Assembly and the then Presidency. In section 50(1), the Act provides: “The bank shall within two months after the close of each financial year, transmit to the National Assembly and the President a copy of its annual accounts certified by the Auditor.”

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    In section 50(2), the Act wants the people of Nigeria to have a glimpse of the affairs of their apex bank where it states: “A report required to be submitted to the National Assembly and the President shall be published by the Bank in such manner as the Governor may direct.”

    If the law of the apex bank provides for transmission of its annual financial report before the National Assembly and the president, how come all the financial atrocities committed by Emefiele were not detected by its Appropriation, Finance, and even Budget Committees or any others saddled with conducting oversight functions on the CBN and other institutions of government? 

    Also, assuming the CBN failed to transmit its financial report, what efforts were made by the federal lawmakers to compel the apex bank to comply with the provisions of its enabling law? Could it be said that those around Buhari at that time all went to sleep or were complicit? Otherwise, they ought to have advised him appropriately. Not doing that brings out the hypocrisy and the Emefiele in all of us.

    This unpardonable dereliction of duty by the National Assembly committees’ members/chairmen and the Presidency at that period brings out the Emefieles in our institutions of state that consider personal interest over and far above national progress. 

    If Emefiele is jailed, what’s the government going to do to those other Emefieles identified above and those not yet known that collaborate and close their greedy eyes to injurious official acts against the Nigerian people and state? This is the question for the current administration to answer.

    •Sanusi, former LASAA MD/CEO is a Lagos-based Corporate Legal Consultant.

  • Emefiele remains worst CBN gov in history — Moghalu

    Emefiele remains worst CBN gov in history — Moghalu

    A former deputy governor of the Central Bank of Nigeria (CBN), Kingsley Moghalu, has declared that the embattled ex-CBN Governor, Godwin Emefiele, is the worst the apex bank has ever produced in the history of the country.

    Moghalu, in a lengthy post on “X” via his verified handle, gave reasons for his personal judgement.

    He cited Emefiele’s incompetence, performance regarding the stability of the naira exchange rate and inflation, the “brazen illegal” provision of Ways and Means lending to the government, his “illegal” attempt to run for president, and the “incompetent” manner in which the naira redesign policy was handled as part of the reasons.

    Moghalu, however, maintained that Nigeria’s political leadership culture and governance need a complete overhaul adding, 

    He said: “The foregoing notwithstanding, my views on Emefiele’s performance as CBN Governor have been a matter of record even when many now opining on the matter of his performance on the job were mute

    “He is, without debate, the worst and most damaging Central Bank Governor in Nigeria’s history- incompetent and ill-prepared for the role, and from all available information from his actions, doubtlessly severely challenged with integrity.

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    “Four things make this clear; his performance regarding the STABILITY of the Naira exchange rate, as well as inflation; the brazen illegal provisions of Ways & Means lending to @NigeriaGov; Emefiele’s illegal attempt to run for President, in clear contravention of Section 9 of the CBN Act of 2007, which precludes the Governor and Deputy Governors from engaging in activities outside their functions; and he incompetent manner in which the Naira Redesign Policy was handled, and its consequent negative, indeed disastrous impact on Nigeria’s economy.” 

    While describing the central bank of any country as a very sensitive institution, he said confidence (or the lack of it) in the institution has practical consequences for Nigeria’s economy.

    “As much as the bank and its leaders ought to be accountable for their official actions, we must consider the continuing damage this kind of sensationalism (which, knowing our country, nothing much is likely to come of it at the end of the day) does to Nigeria’s economy, image, and the institution of the CBN itself”

    “When it comes to law, allegations are simply allegations unless and until proven in a court of law.”

    He stressed that corruption has robbed Nigeria of its destiny and impoverished the citizens while enriching “at insane levels” a select few.

    “Combating it has to be a holistic affair, not just politically convenient media trials.

    “The current approach to the matter to Emefiele, who undoubtedly deserves his trial, is not quite the optimal path when placed under close scrutiny.”

  • Bailed Emefiele faces fresh hurdles from security agencies

    Bailed Emefiele faces fresh hurdles from security agencies

    The immediate past Governor of the Central Bank of Nigeria, Godwin Emefiele, has rejoined his family after perfecting his bail condition.

    The authorities of the Nigeria Correctional Centre, Kuje, confirmed yesterday that Emefiele was let home a little after 2pm on Friday.

    The Federal Capital Territory High Court Abuja, had granted him bail with two sureties to the tune  of N300m each on November 22.

    He had been slammed with a six count charge of  procurement fraud.

    In granting the bail,Justice Hamza Muazu had ordered Emefiele to be remanded in Kuje Correctional Centre until he could meet the  bail conditions.

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    The Nation gathered yesterday that despite Emefiele’s release, security agencies are keeping a close watch on him to ensure that he does not sneak out of the country in view of the alleged weighty allegations against him.

    Soon after his suspension from office on June 9 and his subsequent arrest the following day by the Department of State Services (DSS),the former CBN governor was first arraigned for being in illegal possession of arms.

    But the charge was later withdrawn only for the authorities to file a fresh six-count charge against him.

    The Nation had earlier reported that fresh charges may be filed against Emefiele by the Federal Government on the strength of the recommendations of the Special Investigator on the CBN, Mr Jim Obaze.

    Likely to be charged with him are a former Secretary to the Government of the Federation (SGF) and 12 top officials of the bank  in connection with an alleged illegal payment of $6.23milion to yet to be identified people during his tenure.

     Two suspects have been arrested in connection with what was described by the Special Investigator as “forgery, concealment, conspiracy and fraud”.

    The alleged withdrawal of the cash was committed at the Abuja branch of the CBN.

  • Emefiele faces fresh hurdles from security agencies after release from Kuje

    Emefiele faces fresh hurdles from security agencies after release from Kuje

    The former governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, was released on the night of Friday, December 22, by the authorities of the Nigeria Correctional Service, FCT, Abuja command after meeting his bail conditions.

    However, The Nation gathered that security agencies are said to be watching over his movements.

    Sources at the Nigeria Immigration Service told our correspondent that federal government asked the Service to carry watch over Emefiele’s movements in and out of the country.

    The source said there are weighty allegations against Emefiele, and security forces would not allow him sneak out of the country.

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    The spokesperson for the Federal Capital Territory (FCT) in charge of Kuje Correctional Centre, Adamu Sampson Duza, had confirmed the release of the former CBN boss.

    “I can confirm to you that he (Emefiele) has met his bail conditions, hence he has no reason to remain in our facility.

    “He met his bail condition and was released past 2pm yesterday (Friday),” Duza said.

    A Federal Capital Territory High Court, Abuja, had granted N300m bail to Emefiele, who is being prosecuted for alleged procurement fraud.

    Justice Hamza Muazu granted the bail with two sureties in like sum.

    The judge said the sureties must have certificates of occupancy and titles of properties within the Maitama District of Abuja.

    Findings from multiple security sources in Abuja revealed that the ex CBN Chief was being watched over due to some weighty allegations against him.

  • BREAKING: Emefiele regains freedom from Kuje prison

    BREAKING: Emefiele regains freedom from Kuje prison

    Godwin Emefiele, former governor of the Central Bank of Nigeria, has been released from the Kuje Correctional Center after fulfilling his bond requirements.

    The development was confirmed the development on Saturday, December 23, by Adamu Duza, the spokesperson for the Kuje Correctional Centre, Federal Capital Territory.

    He said: “I can confirm to you that he (Emefiele) has met his bail conditions, hence he has no reason to remain in our facility.

    “He met his bail condition and was released past 2pm yesterday (Friday).”

    Emefiele, who is being tried for alleged procurement fraud, was granted N300 million in bail by the Federal Capital Territory High Court in Abuja.

    Justice Hamza Muazu granted the bail with two sureties in like sum.

    According to the judge, the sureties had to possess titles and certificates of occupancy for homes located in Abuja’s Maitama District.

    In addition, he mandated that Emefiele stay inside the Abuja Municipal Area Council and that he turn in all of his travel documents to the court registrar.

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    The judge, however, ordered that Emefiele should remain in Kuje Correctional Centre till he meets the bail conditions.

    The Economic and Financial Crimes Commission objected to Emefiele’s bail application, but Justice Muazu rejected their argument that the ex-CBN governor was a flight risk who might breach bail, endanger the nation’s security, or jeopardize an investigation if released on bond.

    After granting the bail application, Justice Muazu adjourned till November 28 for the commencement of  trial.

    Emefiele stood trial on six counts bordering on procurement fraud to the tune of N1.2bn.

  • 17 allegations CBN investigator levelled against Emefiele

    17 allegations CBN investigator levelled against Emefiele

    The report of Jim Obaze, the Special Investigator appointed by President Bola Tinubu to investigate the activities of Godwin Emefiele as the governor of the apex bank has continued to generate reactions among Nigerians. 

    The report said the Emefiele used proxies to acquire some new generation bank when held away as the governor of CBN. 

    In the report submitted to President Tinubu on December 20, Obaze detailed a total of 17 allegations against Emefiele including how a bank was acquired in 2019 allegedly by Emefiele and a late  businessman. 

    He further disclosed that the bank was acquired by the two individuals without evidence of payment

    Here are the 17 allegations laid against emefiele:

    1. Unauthorized funded 593 Bank accounts located in the UK, US, and China. 

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

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

    4. £543.4 million kept in fixed deposit by Mr. Emefiele. 

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

    6. The Naira Redesign was neither recommended by the Board of the CBN nor approved by the then president. 

    7. The CBN printed the new N200, N500, N1,000 notes at a total cost of N61.5 billion out of which N31.8 billion has been paid to the Contractor. 

    8. The sum of N1.73 billion was spent on questionable legal fees on 19 cases that are directly traceable to the Naira Redesign and reconfiguration agenda. 

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    9. £205,000 was paid to a UK Firm for Naira Redesign effort – positioning of watermark, presence of QR codes, different numbering style, and other complex security features. 

    10. Fraudulent use of Ways & Means to the tune of N26.627 trillion. 

    11. Fraudulent intervention programmes. 

    12. Fraudulent expenditures on COVID-19. 

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

    14. Padding of former president Buhari’s approval with N198.96 billion – approximating N801.04 billion to N1 trillion. 

    15. No approvals are received from the former president and yet N500 billion was taken and debited to Ways & Means. 

    16. Former CBN Governor and 4 Deputies connived to steal outrightly in order to balance the books of the CBN. 

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