Fmr Nigerian President Vindicated As Emefiele, Buhari’s Aide Likely To Face Arraignment Over Naira Swap

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Emefiele did not seek the recommendation of the Board of the CBN nor revert to former President Muhammadu Buhari to inform him nor seek his presidential approval for the new redesigns and the fact that he is now recommending only three denominations- Investigation report.

A Former President of Nigeria, Mohammadu Buhari has been slightly vindicated by the investigators report opening a surprising hard window for the embattled CBN Governor Godwin Emefiele and Buhari’s influential Aide to face arraignment as 9News Nigeria reports.

Recall that the Former Central Bank of Nigeria Governor, Godwin Emefiele, illegally lodged billions of naira in no fewer than 593 bank accounts in the United States, United Kingdom, and China without the approval of the apex bank’s board of directors and the CBN Investment Committee as alleged.

The Special Investigator on the CBN and Related Entities, Jim Obaze, found that the ex-CBN governor lodged £543, 482,213 in fixed deposits in UK banks alone without authorisation.

Meanwhile, Obaze submitted his final report tagged, ‘Report of the Special Investigation on CBN and Related Entities (Chargeable offences) to President Bola Tinubu on Wednesday.

The report  partly read, “The former governor of CBN, Godwin Emefiele invested Nigeria’s money without authorization in 593 foreign bank accounts in United States, China and United Kingdom,  while he was in charge.

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“All the accounts where the billions were lodged have all been traced by the investigator.”

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.

A document said:  “The Naira Redesign was not approved by the Board of CBN and President Muhammadu Buhari in accordance with the law.
Buhari only tagged along.

Sometimes in September 2022, the erstwhile Governor of the CBN claimed that during his visit to the Presidential Villa, one of the presidential aides told him to go and consider redesigning the Naira.

“On 6th of October, 2022, Emefiele wrote Buhari seeking approval to redesign and reconfigure N1,000, N500, N200 and N100 notes. Buhari approved the proposal same day. But Buhari approved the currency be printed in Nigeria.

“On that 6th October 2022, former President Muhammadu Buhari approved Emefiele’s request and directed that he should redesign and reconfigure the four denominations of the Naira notes as prayed, but should print them locally.

“Emefiele did not consult with the management of the CBN or seek any recommendation from the Board of the CBN as required by Section 19 of the CBN Act, 2007.

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“Emefiele did not seek the recommendation of the Board of the CBN nor revert to former President Muhammadu Buhari to inform him nor seek his presidential approval for the new redesigns and the fact that he is now recommending only three denominations

“Emefiele took the redesigns, a mere change of colour to De La Rue in UK for a fee of £205,000. Only N1, 000, N500 and N200 were redesigned.

“As at August 9, 2023, N769 billion of the new notes were in circulation. The printing cost was N61.5 billion, out of which N31.79 billion has been paid.”

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In conclusion, the cost is clear that a former influential aide of ex-President Muhammadu Buhari may face arraignment alongside Godwin Emefiele, the former CBN governor.

The arraignment is on the allegations that the naira redesign, costing N61.5 billion, was not approved by the CBN Board or President Buhari as required by law, with indications that the aide misled the president, 9News Nigeria reports.

Sources in the financial and banking sector hinted that Nigerians have continued to criticize the New naira design policy by Emefiele while stating that Buhari and His Allies gave room to recklessness which Emefiele took the Fall.

-Princely Onyenwe reporting

For inquiries on this news contact 9News Nigeria @08036856526

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About Princely Onyenwe 2448 Articles
Princely Onyenwe A seasoned Investigative Journalist, Civil Rights Activist, and Political Analyst, Currently Editor and News reporter with 9News Nigeria www.9newsng.com www.facebook.com/9newsng