The Economic and Financial Crimes Commission (EFCC) launched a comprehensive investigation into Godwin Emefiele, the former governor of the Central Bank of Nigeria (CBN), yesterday.
The inquiry’s primary focus is on $15 billion in purported foreign debts.
The apex bank’s N74.84 billion expenditure on producing and distributing currencies, including new naira notes, will also be reported by Emefiele.
These accusations come on top of the fraud that Special Investigator Jim Obazee, who is investigating the CBN’s operations, is said to have discovered.
Obazee has also given President Bola Ahmed Tinubu an interim report on the CBN; his group is working with the Nigeria Police’s Federal Bureau of Investigation.
The ex-CBN governor was moved from the Department of State Services (DSS) to the EFCC, it was discovered on Friday, as the new inquiry falls beyond the purview of the security agency’s jurisdiction.
According to a highly placed source, the DSS lacks the fundamental competency to look into the serious accusations of financial crimes against Emefiele. This was stated yesterday.
There were concerns that the ex-CBN governor would prevail in court on technical grounds if the DSS pursues the inquiry.
According to the source, based on the DSS’s preliminary findings, Emefiele can only be tried by the EFCC.
On Thursday afternoon, Emefiele was sent (technically freed) to the EFCC in order to facilitate a thorough investigation and trial.
The transaction was kept under wraps to prevent a “distraction,” according to the source.
After evaluating the claims made against Emefiele and the preliminary findings of the CBN’s investigation, the Attorney-General of the Federation and Minister of Justice, Mr. Lateef Fagbemi (SAN), advised the President that the EFCC should look into Emefiele, according to information obtained.
“As a man of due process, the President approved the advisory of the AGF. It was on this basis that the DSS handed over Emefiele to the EFCC on Thursday,” source said. .
About two to three weeks ago, the Special Investigator on CBN activities, Jim Obazee, submitted an interim report to the President with a lot of findings requiring in-depth investigation. This was another reason the AGF was very strong in his opinion that the EFCC should manage the ongoing probe.
“The truth is that such an investigation is not within the mandate of the DSS. Or else, if Emefiele is put on trial by the DSS, he will win on technical grounds,” the highly placed source said.
At press time, it was confirmed that a panel of EFCC operatives had started grilling Emefiele on the allegations against him, including the following:
- Alleged foreign debts of $15 billion
- Spending of N74. 84 billion on Naira redesign, production and roll out of currencies
- Alleged fraud in Anchor Borrowers Scheme
- Suspicious audit of CBN accounts
- Acquisition of bank, Fintech licences by some top officials of CBN
- Award of suspicious billions of Naira contracts
Another source in EFCC added:
“Emefiele is in our custody and he is already responding to issues or allegations raised for him from a team under the supervision of the Director of Operation, Abdulkarim Chukkol.
“As a commission, we won’t talk on his case in order not to compromise ongoing investigation.”
The Head of Media and Publicity of EFCC, Mr. Dele Oyewale, was yet to pick his call at press time.