In a startling revelation, it has been alleged that the immediate past Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, illegally deposited billions of naira in approximately 593 foreign bank accounts across the United States, United Kingdom, and China.
President Bola Tinubu’s Special Investigator, Jim Obaze, uncovered that Emefiele initiated these transactions without obtaining the necessary approval from the CBN’s Board of Directors and Investment Committee. The shocking details were disclosed in Obaze’s final report titled, ‘Report of the Special Investigation on CBN and Related Entities (Chargeable Offences),’ submitted to President Tinubu.
According to the report, Emefiele allegedly deposited a staggering ₦543,482,213 in fixed deposits in UK banks alone, and all of this without proper authorization. Obaze emphasized, “The former governor of the CBN invested Nigeria’s money without authorization in 593 foreign accounts in the United States, China, and the United Kingdom while he was in charge.”
The report continued to highlight the specificity of Emefiele’s actions, stating, “All the accounts where the billions were lodged have all been traced by the investigator. In the UK alone, Emefiele kept £543,482,213 in fixed deposits without authorization by the CBN board and the Investment Committee of the bank.”
Emefiele, who is currently in Kuje prison, faces charges related to an alleged ₦1.2 billion procurement fraud. Despite being granted bail by the High Court of the Federal Capital Territory (FCT) in the sum of ₦300 million, he has failed to fulfill the conditions for his release. The unfolding scandal raises questions about financial governance and accountability within one of Africa’s largest economies.
