Former Central Bank Governor Godwin Emefiele and a minister are to face trial over the scandal that rocked the apex bank in the last one year, it was learnt yesterday.
After a five-month probe, Emefiele, the minister and 14 others who have been implicated in over N26.6 trillion fraud, have been recommended for trial.
Those implicated include former and serving top officials of the apex bank.
No fewer than 16 former government and CBN officials were alleged to have indulged in fraudulent use of ‘Ways and Means,’ which stood at N26.627 trillion.
Also, a former influential aide of former President Muhammadu Buhari may be arraigned with Emefiele.
In September 2022, the aide had allegedly told Emefiele to proceed with the naira redesign.
The printing of the new notes cost N61.5 bilion out of which N31.79 billion has been paid.
There were indications that the aide also sold a “dummy” to the former president.
Preliminary investigations into the activities of the CBN and related entities revealed many infractions, including the violation of the apex bank’s Act, alleged looting, diversion of funds and sidelining of the Board of Directors.
Other allegations were lack of presidential approval, extra budgetary spending, forgery, concealment, stealing, conspiracy and fraud.
The Special Investigator on CBN and Related Entities, Mr. Jim Obazee, was appointed in July, 2023.
He submitted an Interim Report on December 9, 2023.
It was learnt that the final report was submitted to the President on the December 20.
The investigations exposed what a source described as a “monumental scandal”
Some documents, available to The Nation, contain some highlights of the first phase of the probe of accounts and operations of the CBN.
It was discovered that Emefiele invested public money (billions of dollars) in 593 accounts in the United States, China and the United Kingdom without authorisation.
In the UK alone, Emefiele kept £543,482, 213 in fixed deposits without authorisation by the CBN Board and the Investment Committee.
Also, about N1.7 trillion spent on COVID 19 intervention management did not get to the right beneficiaries.
