The Nation Newspaper

Tag: Emefiele

  • How I received $600,000 for Emefiele, ex-CBN director tells court

    How I received $600,000 for Emefiele, ex-CBN director tells court

    An Ikeja Special Offences Court heard yesterday from a former Central Bank of Nigeria (CBN) Director in charge of Information and Technology, John Ayoh, how he received $600,000 from two contractors on behalf of the apex bank boss, Godwin Emefiele.

    Ayoh was under cross-examination by Olalekan Ojo (SAN), the counsel to Emefiele (1st defendant) before Justice Rahman Oshodi.

    The former CBN governor had earlier challenged the jurisdiction of the court to try him for abuse of office and the alleged multi billion dollars fraud leveled against him.

    In his motion on notice dated April 24, Ojo argued that the court lacked the constitutional jurisprudence to hear the charge against Emefiele.

    He said: “There is need to consider jurisdictional objection before allowing this case. “This defendant ought not to be arraigned before this court on constitutional grounds. We are saying that charges against the first defendant are unconstitutional.

    “I urge your lordship to toe the path of legality and constitutionality to determine this application.”

    Kazeem Gbadamosi, counsel to the 2nd defendant, Henry Isioma-Omoili, aligned with Ojo submission.

    Read Also:Alleged procurement fraud: Court adjourns Emefiele’s case till June 24

    He said: “The foundation has been laid. I do not see how I can depart from the submission of my learned brother. I urge the court to take appropriate position on jurisdiction before going into the matter.”

    Responding to their submission, EFCC counsel, Rotimi Oyedepo (SAN) urged the court to ignore the submission of the counsels to defendants but to toe the path of legality.

    “It is illegal and unconstitutional for this court to prevent the trial of this case or refer trial of the case on the basis of objection challenging the particulars of information under cloth of unconstitutionality,” he argued.

    Citing Section 1 of ACJA, he said the intention of the defence was to prevent, or delay conduct of criminal trial.

    “It is in that context that section 374 of ACJA was enacted,” he said.

    However, Justice Oshodi deferred ruling on the matter till a later date.

    Justice Oshodi ruled that the first – eighth defendants would henceforth give evidences in public glare.

    The ruling of the court followed the withdrawal of an application filed earlier by Oyedepo on the arraignment of Emefiele.

    Ruling on the matter, Justice Oshodi held: “This application to have trial in camera is now struck out having been withdrawn. The matter is now to be conducted in the full public glare.”

    Thereafter Ayoh, who is the second Prosecution Witness (PW2) told the court that he did not work directly under the first defendant.

    He said he used to report to a former Deputy Governor of CBN, Adebayo Adelabu (now a Minister of Power), between 2014 and 2019 when he worked with the CBN.

    The witness, who was Head of Procurement and Support Services (PSS), vested with powers to receive applications for award of contract to select successful bidders told the court that the first envelope containing $400,000 was brought to his house in Lekki.

    He admitted sending his home address at Lekki and phone number to the person, named Adetona, that brought the envelope to him through his WhatsApp platform.

  • Alleged procurement fraud: Court adjourns Emefiele’s case till June 24

    Alleged procurement fraud: Court adjourns Emefiele’s case till June 24

    A Federal Capital Territory (FCT) High Court yesterday adjourned till June 24 for continuation of hearing in the trial of suspended Central Bank of Nigeria (CBN) Governor Godwin Emefiele at the instance of the prosecution.

    The Economic and Financial Crimes Commission (EFCC) charged Emefiele with 20 counts of criminal breach of trust, forgery, conspiracy to obtain by false pretence and obtaining money by false pretence, when he served as the apex bank’s boss.

    The EFCC also alleged that the suspended CBN governor forged a document, titled: Re: Presidential Directive on Foreign Election Observer Missions, dated January 26, 2023 and purported same to have emanated from the Office of the Secretary to the Government of the Federation (OAGF).

    He is also accused of using his office as CBN governor to confer unfair and corrupt advantage on two companies – April 1616 Nigeria Limited and Architekon Nigeria Limited.

    In the amended charge, Emefiele was alleged to have, on February 8, last year, knowingly obtained by false pretence the sum of $6.2 million.

    Read Also: Former ECOWAS Court of Justice VP criticises EFCC chairman’s briefing on Yahaya Bello

    The anti-graft agency alleged that he falsely represented that the AGF, vide a letter, dated January 26, last year, requested the CBN to provide a contingent logistic advance in the sum of $6,230,000 “in line with Mr. President’s directive”.

    When the case was called earlier, the prosecution was neither in court nor was the defendant (Emefiele), but he was represented by one of his counsel.

    Emefiele’s counsel, I. D. Ahmed, told the court that the prosecution served him a letter, praying for an adjournment.

    Justice Hamza Muazu asked about the whereabouts of the defendant.

    Ahmed apologised on behalf of the defendant.

    The judge said: “Because you have a letter of adjournment from the prosecution does not mean the defendant should not be in court.”

    Ahmed apologised on the defendant’s behalf.

    Justice Muazu adjourned till June 24 and June 25 for continuation of trial.

  • EFCC in fresh charge: Emefiele printed N684.5m with N18.9bn

    EFCC in fresh charge: Emefiele printed N684.5m with N18.9bn

    The Economic and Financial Crimes Commission (EFCC) has slammed a fresh charge on former Central Bank of Nigeria (CBN) governor Godwin Emefiele before the High Court of the Federal Capital Territory (FCT).

    The commission accused him of approving the printing of N684,590,000 at the rate of N18.96 billion.

    It alleged that Emefiele broke the law with the intent to harm the public during his implementation of the naira swap policy.

    The anti-graft agency also accused Emefiele of unlawfully approving the withdrawal of N124.8 billion from the Consolidated Revenue Fund of the Federation.

    He will be arraigned before Justice Maryann Anenih on April 30 on the new four-count charge.

    Emefiele was arraigned before another judge of the court on November 18, 2023, on six counts of procurement fraud.

    Read Also: The APC governorship primary in Ondo

    He was also accused of abusing his office by approving a contract for the acquisition of 43 vehicles totalling N1.2 billion from 2018 to 2020.

    On April 8, the EFCC arraigned the former bank chief alongside Henry Omoile before Justice R.A. Oshodi of the Special Offences Court sitting in Ikeja, Lagos for an alleged $4.5billionn and N2.8billion fraud.

    The new charge, dated April 2 and marked CR/264/2024 was filed by criminal law expert Rotimi Oyedepo (SAN).

    Counts one to four of the charge read: “Statement of Offence: Public servant disobeying direction of law with intent to cause injury to the public contrary to and punishable under Section 123 of the Penal Code Law, Cap. 89 Laws of the Federation, 1990.

    “That you Godwin Ifeanyi Emefiele between the 19th day of October 2022 and 5th March 2023 in Abuja, knowingly disobeyed the direction of Section 19 of the CBN Act, 2007, by approving the printing of N375,520,000.00 pieces of colour swapped N1, 000, at the total cost of N11,052, 068,062 without the recommendation of the Board of Central Bank and the strict approval of the President, Federal Republic of Nigeria which conduct of yours caused injury to the public and you thereby committed an offence.”

    “That you, Godwin Ifeanyi Emefiele, between the 19th of October 2022 and 5th March 2023 in Abuja, knowingly disobeyed the direction of Section 19 of the Central Bank of Nigeria Act, 2007, by approving the printing of 172,000,000 pieces of colour swapped N500 notes, at the total cost of N4, 471,066,040 without the recommendation of the Board of Central Bank and the strict approval of the President, Federal Republic of Nigeria which conduct of yours caused injury to the public and you thereby committed an offence.

    “That you Godwin Ifeanyi Emefiele between the 19th day of October 2022 and 5th March 2023 in Abuja, knowingly disobeyed the direction of Section 19 of the CBN Act, 2007, by approving the printing of 137,070,000 pieces of colour-swapped N200 note, at the total cost of N3, 441, 005, 280 without the recommendation of the Board of Central Bank and the strict approval of the President, Federal Republic of Nigeria which conduct of yours caused injury to the public and you thereby committed an offence.”

    “That you, Godwin Ifeanyi Emefiele, on or about the 7th day of October 2020, in Abuja, within the jurisdiction of this Honorable Court, knowingly disobeyed the direction of Section 80 of the Constitution of the Federal Republic of Nigeria, 1999 (As Amended), by approving the withdrawal of the total sum of N124, 860, 227, 865.16 from the Consolidated Revenue Fund of the Federation in a manner not prescribed by the National Assembly, which conduct of yours caused injury to the public and you thereby committed an offence.”

  • How I collected $3m for Emefiele, by CBN employee

    How I collected $3m for Emefiele, by CBN employee

    • Former apex bank boss gets N50m bail

    An Ikeja Special Offences Court heard yesterday how the former Governor of Central Bank of Nigeria (CBN) Godwin Emefiele on different occasions used his former dispatch rider, who later became a member of the apex bank’s staff, to collect $3 million cash in tranches.

    The CBN employee, Monday Osasuwa, made the disclosure while giving evidence before Justice Rahman Oshodi.

    Led in evidence by the Economic and Financial Crimes Commission (EFCC) prosecuting counsel, Rotimi Oyedepo, SAN, the witness said he was a dispatch rider in Zenith Bank as at 2001 before he joined CBN as a contract staff in 2014.

    He said he knew Emefiele as the Managing Director of Zenith Bank while he was working as a dispatch rider in the bank before he joined him in CBN.

    The witness said he was appointed a full-time employee in the position of senior supervisor in recording and filing of documents while working in the CBN Governor’s office in Lagos.

    He said: “I was still working in the governor’s office while I was appointed as a full staff, and we usually communicate through WhatsApp and email.

    “I perform as a senior supervisor, recording and filing with other official roles.”

    Osazuwa said sometime in 2020, while he was outside Lagos, the 1st defendant called him and gave him a man’s number to call.

    He said the 1st defendant (Emefiele) told him the man had something he (Osazuwa) would collect from him on his behalf.

    He said the first defendant also told him that the man would give him another number of another person to call.

    “When I got to the man’s office, I was given an envelope. I counted the money and he said I should give it to my boss.”

    The witness further told the court that the first defendant usually collected money by himself anytime he was in Lagos.

    Read Also; Our economy ‘ll roar back to glory in coming months – Tinubu

    He said anytime the 1st defendant was not around, he would tell him to give the money to the second defendant (Henry Isioma-Omoile).

    Osazuwa also told the court that Emefiele used to send him to MINL Ltd when he was with Zenith Bank.

    “This company is situated in Isolo. The first Defendant does send me to collect cheques from the company from Mr. Monday, and when I collected the cheque from him, I would give it back to Emefiele and he would lodge the money in Dumies Oil and Gas account.”

    According to him, Emefiele’s co-defendant, Isioma-Omoile, lived in the residence of the former CBN governor.

    He stated that when he collects money for his boss, he takes it to the latter’s residence at Iru Close, Ikoyi.

    “Whenever I received the money and took it to my boss’ residence, Mr Emefiele would tell me to give it to the second defendant whenever he was not at home,” he said.

    The witness however told the court that he did not keep record of the transactions because the instruction the 1st Defendant gave him was that he should collect the money and take the money to his house.

    “The highest amount I collected was $1 million all in cash, and some weeks later, the businessman also gave me $850,000, $750,000 and $400,000 cash in tranches.

    “I have never been rewarded, paid or given anything, because I am doing it out of faithfulness, and he knows it but he never for once said ‘take this’.”

    Under cross-examination by the Defence Counsel, Mr Abdulakeem Labi-Lawal, the witness confirmed to the court that he had been working with the defendant since 2002.

    The witness could not say the precise years or months he had seen the second defendant, but he was sure that Isioma-Omoile had been living in Emefiele’s house for some months.

    According to the witness, Emefiele passed instructions to him through the 2nd Defendant, adding that he had been collecting cheques for Dumies Oil and Gas.

    He, however, told the court when he was made to confront the second defendant during investigation but that the 2nd defendant failed to admit it.

    “I started collecting cheques for Dumies Oil and Gas when I was in Zenith Bank.

    “I cannot calculate the exact year I have been collecting the cheques, but it all started when the first defendant was the MD at Zenith Bank and I was working at Zenith Bank,” he said.

    Earlier during proceedings yesterday, Justice Oshodi granted bail in the sum of  N50 million  to the embattled former CBN Governor.

    Justice Oshodi, in a ruling, admitted Emefiele to N50 million bail with two sureties in like sum.

    Oshodi ordered that the sureties must be gainfully employed and must have made three years tax payment with the Lagos State Government.

    He also said that the sureties must show proper identification and must be registered in the Lagos State Bail Management System.

    The judge said he was satisfied with the bail conditions of N1 million earlier given  to  Emefiele’s co-defendant,  Isioma-Omoile, who is facing another charge before Justice Olufunke Sule-Hamzat  at a Yaba High Court.

    Oshodi, however, said that the bail documents must be transferred to special offences court and it must also be registered in the Lagos State Bail Management System.

    The judge adjourned the case until April 29 for trial and hearing of application for closed section.

    The Economic And Financial Crimes Commission (EFCC) had on April 8 arraigned Emefiele on a 23-count charge bordering on abuse of office, accepting gratifications, corrupt demand, receiving property fraudulently obtained and conferring corrupt advantage, while  his co-defendant was arraigned on a three-count charge bordering on acceptance of gift by agents.

    The defendants, however, pleaded not guilty to the charge.

  • ‘Dispatch rider’ tells court how he collected $3m for Emefiele

    ‘Dispatch rider’ tells court how he collected $3m for Emefiele

    An Ikeja Special Offences Court heard on Friday, April 12, how the former governor of Central Bank of Nigeria (CBN), Godwin Emefiele, on different occasions used his former dispatch rider who later became a staff of the apex bank to collect the sum of $3 million cash in tranches.

    The CBN staff, Monday Osasuwa made the disclosure while giving evidence before Justice Rahman Oshodi.

    Led in evidence by the Economic and Financial Crimes Commission (EFCC) prosecuting counsel, Rotimi Oyedepo (SAN), the witness said that he was a dispatch rider in Zenith Bank in 2001 before he joined CBN as a contract staff in 2014.

    He said he knew Emefiele as the Managing Director of Zenith Bank while he was working as a dispatch rider in the bank before he joined him in CBN.

    The witness said he was appointed a full-time staff in the position of senior supervisor, in recording and filing of documents while working in the CBN Governor’s office in Lagos.

    “I was still working in the governor’s office when I was appointed as a full staff and we usually communicate through WhatsApp and email.

    “I perform as a senior supervisor, recording and filing with other official roles”, he said.

    Osazuwa said sometime in 2020, while he was outside Lagos, the 1st defendant called him and gave him a number to call a man.

    He said the 1st defendant told him the man had something he would collect from him on his behalf.

    He said the first defendant also told him that the man would give him another number of another person to call.

    “When I got to the man’s office, he was given an envelope, counted the money and said I should give it to my boss.”

    The witness further told the court that the first defendant usually collected money by himself anytime he was in Lagos.

    He said any time the 1st defendant is not around, he would tell him to give the money to the second defendant

    Osazuwa also told the court that Emefiele used to send him to MINL Ltd when he was with Zenith Bank.

    “This company is situated at Isolo. The first defendant does send me to collect cheques from the company from Mr. Monday and when I collect the cheque from him, I will give it back to Emefiele and he will lodge the money into Dumies Oil and Gas account.”

    According to him, Emefiele’s co-defendant, Henry Isioma-Omoile, lived in the residence of the former CBN governor.

    He stated that when he collects money for his boss, he takes it to his residence at Iru Close, Ikoyi.

    “Whenever I receive the money and take it to my boss’ residence. Mr Emefiele will tell me to give it to the second defendant whenever he was not at home”, he said

    Read Also: How Emefiele conferred corrupt advantage on five firms, by EFCC

    The witness however told the court that he did not keep a record of the transactions because the instruction the 1st defendant gave him was that he should collect the money and take the money to his house.

    “The highest amount I collected is $1 million all in cash and some weeks later, the businessman also called me $850,000, $750,000 and $400,000 cash in tranches.

    “I have never been rewarded, paid or given anything because I am doing it out of faithfulness and he knows it but he has never for once said ‘take this’.”

    Under cross-examination by the Defence Counsel, Mr Abdulakeem Labi-Lawal, the witness confirmed to the court that he had been working with the defendant since 2002.

    The witness could not say the precise years or months he had seen the second defendant but he was sure that Isioma-Omoile had been living in Emefiele’s house for some months.

    According to the witness, Emefiele passed instructions to him through the 2nd defendant and that he had been collecting cheques for Dumies Oil and Gas.

    He, however, told the court when he was made to confront the second defendant during the investigation but that the 2nd defendant failed to admit it.

    “I started collecting cheques for Dummies Oil and Gas when I was in Zenith Bank.

    “I cannot calculate the exact year I have been collecting the cheques but it all started when the first defendant was the MD at Zenith Bank and I was working at Zenith Bank,” he said.

    Earlier during proceedings yesterday, Justice Oshodi granted bail in the sum of N50 million to the embattled former CBN Governor.

    Justice Oshodi, in a ruling, admitted Emefiele to N50 million bail with two sureties in like sum.

    Oshodi ordered that the sureties must be gainfully employed and must have made three years of tax payment with the Lagos State Government.

    He also said that the sureties must show proper identification and that they must be registered in the Lagos State Bail Management System.

    The judge said he was satisfied with the bail conditions of N1 million, earlier given to  Emefiele’s co-defendant, Henry  Isioma-Omoil who is facing another charge before Justice Olufunke Sule-Hamzat before a Yaba High Court.

    Oshodi, however, said that the bail documents must be transferred to the special offences court and must also be registered in the Lagos State Bail Management System.

    The judge adjourned the case until April 29 for trial and hearing of the application for a closed section.

  • How I collected $3m cash for Emefiele – CBN employee

    How I collected $3m cash for Emefiele – CBN employee

    A Central Bank of Nigeria (CBN) employee, Mr Monday Osazuwa, on Friday told an Ikeja Special Offences Court how the former apex bank governor, Godwin Emefiele, on different occasions, directed him to collect three million dollars cash in tranches.

    Osasuwa, while being led in evidence by the Economic and Financial Crimes Commission (EFCC) counsel, Mr Rotimi Oyedepo (SAN), said he was a dispatch rider in Zenith Bank in 2001 before he joined the CBN in 2014.

    Osasuwa said he joined the apex bank as a senior supervisor in 2014.

    He said Emefiele was the Managing Director of Zenith Bank Plc while he was working as a dispatch rider in the bank.

    The witness said he knew Emefiele, who was his boss, while in Zenith Bank and that he later joined him at the CBN.

    The witness said he was later appointed  as a senior supervisor (full time) in recording and filing of documents while working in the CBN governor’s office in Lagos.

    “I was still working in the CBN governor’s office while I was appointed as a full staff member and we usually communicated through Whatsapp and email.

    “I function as a senior supervisor, recording  and filing with other official roles.

    “I recall that in 2020, when he was outside Lagos, he called me that he would give me a number that a man had something I should collect from him and that the man would give me the number of another person.

    “When I got to the man’s office, I was given an envelope. I  counted the money and the man said I should give it to my boss,” he said.

    Read Also: Emefiele and company

    The witness further told the court that the first defendant used to collect money by himself anytime he was in Lagos but anytime the defendant was not around, he would tell him to give the money to the second defendant.

    Osazuwa added that Emefiele sent him to MINL Ltd. when he was with Zenith Bank.

    “This company is situated at Isolo, the first defendant did send me to collect cheques from the company from Mr Monday and when I collected the cheque from Mr Monday, I would give it back to Emefiele and he would lodge the money into Dumies Oil and Gas.

    According to him, Emefiele’s co-defendant, Henry Isioma-Omoile, lived in the residence of the former CBN governor.

    He stated that when he collected money for his boss, he would take it to his residence at Iru Close, Ikoyi.

    “Whenever I received the money and take it to my boss’s residence, Mr Emefiele would tell me to give it to the second defendant whenever he was not at home.

    “I did not keep a record of transactions because the instruction he gave me was that I should collect the money and bring the money to his house.

    “The highest amount I collected was one million dollars all in cash and some weeks later, the businessman also called me to collect $850,000, $750,000 and $400,000 cash in tranches.

    “I have never been rewarded, paid or given anything because I am doing it out of faithfulness and he knows it but he has never for once said, ‘take this’,” he said.

    Under cross-examination by the defence counsel, Mr Abdulakeem Labi-Lawal, the witness confirmed  to the court that he had been working with the defendant since 2002.

    According to the witness, Emefiele passed instructions to him through the second defendant and that he had been collecting cheques for Dumies Oil and Gas.

    He, however, told the court when he was made to confront the second defendant during investigation but the second  defendant failed to admit it.

    “I started collecting cheques for Dumies Oil and Gas when I was in Zenith Bank.

    “I cannot calculate the exact year I have been collecting the cheques but it all started when the first defendant was the Managing Director at Zenith Bank and I was working at Zenith Bank,” he said.

    The News Agency of Nigeria (NAN) reports that the EFCC on April 8 arraigned Emefiele on 23 counts bordering on abuse of office, accepting gratifications, corrupt demand, receiving property fraudulently obtained and conferring corrupt advantage.

    Emefiele’s co-defendant was arraigned on three counts bordering on acceptance of gift by agents.

    The defendants, however, pleaded not guilty to the charge.

    Earlier, Oshodi had declined the oral application for adjournment moved twice by the defence counsel.

    The judge adjourned the case until April 29 for trial and hearing of application for closed-session.

    (NAN)

  • BREAKING: Ex-CBN Gov Emefiele gets N50m bail

    BREAKING: Ex-CBN Gov Emefiele gets N50m bail

    Justice Rahman Oshodi of an Ikeja Special Offences Court on Friday granted embattled former Central Bank of Nigeria (CBN) Governor Godwin Emefiele N50m bail. 

    Emefiele is facing a 26-count charge bordering on alleged abuse of office and fraud  to the tune of $4.5 billion and N2.8 billion.

    Justice Oshodi, in his ruling, admitted Emefiele to N50 million bail with two sureties in like sum.

    Oshodi ordered the sureties must be gainfully employed and must have made three years tax payment with the Lagos State Government.

    Read Also: Emefiele and company

    He also said that the sureties must show proper identification and that they must be registered in the Lagos State Bail Management System.

    The judge said  he was satisfied  with the bail conditions of N1 million, earlier given  to  Emefiele’s co-defendant, Henry Isioma-Omoil, who is facing another charge before Justice Olufunke Sule-Hamzat  of Yaba High Court.

    Oshodi, however, said the  bail documents must  be transferred to special offences court and registered in the Lagos State Bail Management System.

    Details Shortly…

  • Emefiele and company

    Emefiele and company

    Nigerians are said to be very forgiving of their leaders no matter the level of betrayal. Many however believe this is the effect of illiteracy in some parts of the country where governors openly celebrate the betrayal of their people who they claim don’t read newspapers. Others attribute this to the fact that a great many Nigerians suffer from collective amnesia. But one betrayal Nigerians are not likely going to forget in a hurry was the avoidable agony they were subjected to by Godwin Emefiele and his principal, President Buhari in the run up to the 2023 election.

    That the anger and anguish of many Nigerians are yet to be assuaged was experienced by yours truly in a supermarket a few days back. A woman following a seamless transaction with her ATM card triumphantly declared: “It is just as well Godwin Emefiele is in prison”. An intervention by the cashier to the effect that Emefiele was not in prison attracted a despondent “he should be taken back to prison where he should be left to rot away”. As she walked out of the supermarket, she spoke of the agony her family went through when Emefiele confiscated their life savings in 2023.

    Except that power sometimes leads to self-delusion, it was hard to imagine how Emefiele thought he could ignore constitutional provisions to contest the presidency of Nigeria as a sitting CBN governor.  But intoxicated by sycophants’ eulogies and deceived by a segment of the media, he went to court to defend the indefensible. When he became sober, opportunistic Emefiele, who initially secured his job because of his sympathy for PDP decided to go down with APC.

    Read Also; Lagos to London: Foreign airlines slash prices to compete with Air Peace

    Emefiele on the eve of an all-important general election confiscated people’s life savings in the name of currency swapping. He then ordered the destruction of the old currencies even when he knew many locations in the country were yet to be saturated with the new notes. Unable to stand the sufferings of their people, some governors sought and secured relief from the Supreme Court. Emefiele ignored the Supreme Court ruling. All he wanted was anarchy and social dislocation that would hurt the ruling APC in the 2023 election

    The problem with Emefiele was that he was a round peg in a square hole. He was ill-equipped but President Jonathan unable to stand Sanusi Lamido’s criticism of monumental corruption going on in PDP, replaced him with a more pliable Emefiele. In fact, Emefiele was described by Kingsley Moghalu, a former deputy governor of the Central Bank of Nigeria, as “the worst CBN Governor” in the nation’s history”. 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 integrity-challenged.

    Emefiele’s case is not helped by the report of Jim Obazee on the infractions that took place under his watch as CBN governor.  One of the 17 allegations by the Obazee’s report was that Emefiele employed surrogates to obtain shares in a new-generation bank. Other grave allegations as contained in the report submitted to President Tinubu on December 20 last year include Emefiele’s alleged 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. It was on account of the above grave allegations Emefiele was arraigned at the High Court of the Federal Capital Territory, Maitama, Abuja, in January on a 20 count-charge bordering on corruption and forgery.

    Last Friday, April 8, Emefiele was once again dragged to Lagos High Court by EFCC with the following charges: “That Mr. Emefiele directed to be done in abuse of the authority of your office, as the governor, Central Bank of Nigeria, an arbitrary act, to wit: allocating foreign exchange in the aggregate sum of $2,136,391,737.33 without bids, which act is prejudicial to the rights of Nigerians.”

    Count two, also of abuse of office, alleged that “Godwin Emefiele between 2020 and 2021, in Lagos, “directed to be done in abuse of the authority of your office, as the governor, Central Bank of Nigeria, an arbitrary, act to wit: allocating foreign exchange in the aggregate sum of $291,945,785.59, without bids, which act is prejudicial to the rights of Nigerians”.

    In the third count, Mr Emefiele was alleged to have, in 2021, in Lagos, “directed to be done in abuse of the authority of your office, as the governor, Central Bank of Nigeria, an arbitrary act, to wit: special allocation of foreign exchange in the aggregate sum of $1,769,254,793.16, which act is prejudicial to the rights of Nigerians.”

    In count four, the sum involved was $370,872,893.01. Emefiele’s co-defendant, Mr Omoile was accused of “about the 17th of November, 2020, whilst acting as an agent, accepted from Raja Punjab through Monday Osazuwa, the total sum of $110,000, for Godwin Ifeanyi Emefiele, gifts as reward for allocating foreign exchange by the Central Bank in favour of Raja Punjab’s employer.”

    Although the buck stops at Emefiele’s desk, but the special investigation report indicated Emefiele, he did not work or act alone. He and the four deputy governors worked hand in glove. And this cannot be otherwise because deputy governors’ duties include “sustainability; foreign reserve adequacy; improving the transmission mechanism of monetary policy; achieving depth, safety and soundness in the financial sector; and managing capital flow and ensuring that key economic and financial policy reforms are focused on fiscal and debt”. This is why Nigerians expect the four CBN deputy governors to have their own dates in court.

    It is also on record that in 2019, President Muhammadu Buhari constituted an Economic Advisory Council (EAC) to replace his administration’s Economic Management Team. It was headed by Professor Doyin Salami, a doctoral degree holder of Queen Mary College, University of London who had earlier served as a member of the Monetary Policy Committee of the Central Bank of Nigeria and had been a member of the Federal Government’s Economic Management Team.

     There was Bismarck J. Rewane, a chartered member of the Institute of Bankers of England and Wales and a Fellow of the Nigerian Institute of Bankers with over 30 years of experience as an economist, banker & financial analyst. There was also Chukwuma Soludo, a former CBN governor. He earned a first-class degree in Economics, backed up with a with a PhD and post-doctoral training in some of the world’s most prestigious institutions, including The Brookings Institution, Washington, DC; University of Cambridge, UK, University of Oxford among others. 

    Professor Shehu Yahaya, another member was a macroeconomics lecturer at the Department of Economics at the University of Sussex, UK. He was a former Executive Director at the African Development Bank. There was also Professor Ode Ojowu, former President Olusegun Obasanjo’s adviser who had held positions at the International Monetary Bank and the World Bank.  Mohammed Sagagi with a PhD (Economics) from University of Warwick was another member. Salisu Mohammed BSc (First Class Hons) in Economics from University of Maiduguri and went on to bag PhD in Economics from Lancaster University, Lancaster, United Kingdom

     Iyabo Masha has worked with the International Monetary Fund since 2003 in Washington D.C. Metro Area Assignment has taken her to more than 10 emerging markets (Asian and African countries). She worked at Central Bank of Nigeria’s Research Department and was also the immediate past IMF Representative for Sierra Leone).

    That these accomplished stars could not sound the alarm when things began to go critically wrong cannot but leave Nigerians in wonder.

  • How Emefiele conferred corrupt advantage on five firms, by EFCC

    How Emefiele conferred corrupt advantage on five firms, by EFCC

    • Holiday stalls ex-CBN governor’s bail hearing

    Five firms have been linked to former Central Bank of Nigeria (CBN) Governor Godwin Emefiele in the latest corruption charges filed against him by the Economic and Financial Crimes Commission (EFCC).

    No fewer than four of the firms have Lagos addresses, The Nation learnt yesterday.

    Emefiele and his co-defendant, Henry Omoile, pleaded not guilty to a 26-count charge filed at the Ikeja Special Offences Court.

    Justice Rahman Oshodi, who ordered the ex-CBN governor’s remand in EFCC’s custody, was to rule on the defendant’s bail application today.

    It will have to be rescheduled due to the additional public holiday to celebrate this year’s Eid-el-Fitr.

    The four companies named in the charge are: Source Computer Limited, Limelight Multidimensional Services Limited, and Comec Support Services Limited.

    According to ng-check.com, Limelight’s address is Shop 33 Ikorodu Crescent, off Corporation Drive Dolphin, Ikoyi, Lagos.

    The Source Computer Limited, with Registration Number 504214, was registered on February 13, 2004 at 46, Raufu Williams Street, Surulere, Lagos.

    Read Also; Lagos to London: Foreign airlines slash prices to compete with Air Peace

    Comec Supports Services Limited Services, with number 1192257, was registered on May 22, 2014, with its office as Shop 33, Ikorodu Crescent, off Corporation Drive Dolphin, Ikoyi, Lagos.

    The fifth firm is Andswin Resources and Solutions Limited.

    Emefiele was accused of receiving $26,552,000 from a firm through Donatone Limited “on account of allocation of foreign exchange in favour of the firm” by the CBN.

    The ex-CBN governor allegedly “corruptly received” $400,000 and $200,000 from The Source Computer “on account of approval of ‘contracts’ in favour of the said company” by the CBN.

    EFCC said Emefiele “conferred a corrupt advantage on your associate, Limelight Multidimensional Services Limited” by approving payments of N900,216,324.21, N1.060 billion and N149 million “to the said company”.

    The prosecution said he also conferred a corrupt advantage on another associate, Comec Support Services, by approving the payment of N151.2 million to it.

    EFCC said Emefiele used his position as CBN governor to confer a corrupt advantage on his associate, Andswin Resources and Solutions, by approving the payment of N204,992,739.51 to the firm.

    According to the charge, the ex-CBN governor, between 2022 and 2023, allocated foreign exchange in the aggregate sum of N2.1 billion “without bids, which act is prejudicial to the rights of Nigerians”.

    It is the second fraud and corruption case filed against Emefiele by the EFCC since his indictment by Mr. Jim Obaze, a special investigator engaged by President Bola Tinubu to investigate the activities of the CBN under his watch.

    Emefiele has a pending case at the High Court of the Federal Capital Territory in Abuja over his alleged corrupt activities as CBN governor, which terminated in June last year.

    He also pleaded not guilty.

    The fresh charges against him in Lagos include abuse of office and irregular allocation of cumulative $4.5 billion and £2.8 billion while he was in office as CBN governor.

  • Alleged $4.8b, N2.8b fraud: Emefiele pleads not guilty

    Alleged $4.8b, N2.8b fraud: Emefiele pleads not guilty

    Embattled former  Governor of the Central Bank of Nigeria(CBN) Godwin Emefiele was yesterday remanded in the custody of the Economic and Financial Crimes Commission (EFCC).

    He will remain with  the anti-graft agency till Thursday  when an  Ikeja Special Offences Court in Lagos will rule on his bail application.

    Emefiele was arraigned  before Justice Rahman Oshodi on 23 -count  bordering on abuse of office, acceptance of  gratification and  gifts through agents, corruption, and fraudulent property receipt to the tune of $4.8 billion and N2.8 billion.

    His co-defendant, Henry Omoile, was remanded in the custody of Nigeria Correctional Services (NCoS), Ikoyi. 

    Following their not guilty plea, EFCC prosecuting counsel Rotimi Oyedepo (SAN)  asked the court for a trial date .

    But the defence lawyer,  Abdulakeem Labi- Lawal,    in two bail  applications, urged  the court  to grant  Emefiele   bail on self – recognisance or in the alternative, on liberal  terms,  pending  the hearing and determination on the case.

    Labi-Lawal told the court that his application is backed with 31- paragraph affidavit .

    He said that the former CBN boss, who is the first  defendant,   had complied with the bail application, which was given to him by Justice Muazu in his alleged fraud trial case in Abuja.

    He said the charges were bailable.  

    His words:  “Though the first defendant was granted administrative bail by the prosecuting authority, he is seeking for bail based on self -recognisance and he is ready to attend the court.

    “The court should also take into  consideration the status of the first  defendant as he was the former  CBN governor of the country for nine years and number one banker of the country.”

    Labi-Lawal also  told the court  that the defendant was not a flight risk, stressing that  he   had religiously presented himself before Justice Muazu of Federal Capital Territory (FCT) High Court.  

    “Even today, he was the first person to arrive in court. This is a clear evidence that the defendant will not abscond from trial.”

    Labi-Lawal also moved bail application for the second defendant and  urged the court to grant him bail on liberal terms.

    Prosecution counsel  Oyedepo  did not oppose  the  bail  applications moved by the defence counsel.

    Oyedepo, however, urged the court to exercise its discretion  in granting  bail  to the  defendants.

    Read Also: PHOTOS: Court remands Emefiele in EFCC custody

    He said his decision was in consideration of the order of Justice Adeniyi of Abuja High Court restraining the commission from re-arresting Emefiele  without a  court order.

    “While our appeal on that is on-going, the commission will not re-arrest the defendant”, he said.

    Oyedepo, however, urged the court to grant the 1st defendant bail conditions that would make him appear for trial at the next adjourned date.

    Justice Oshodi adjourned the matter till April 11.

    The EFCC, in the charge, alleged that  Emefiele abused the authority of his office as CBN governor by allocating foreign exchange  in the aggregate sum of $2,136,391,737.33 without bids, which act is prejudicial to the rights of Nigerians.”

    It added that  between 2020 and 2021  in Lagos, he    allocated    $291,945,785.59  without bids.

    The commission also alleged that Emefiele  received   $400,000 from   Source Computer Limited on account of the approval of a contract.