Emefiele Reacts To Fraud Allegations

Emefiele Reacts To Fraud Allegations

The former governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, who is currently facing allegations raised by the special investigator, Jim Obazee, appointed by President Bola Tinubu to probe his tenure, has strongly denied the accusations.

Obazee’s recent report accused Emefiele and his associates of embezzling large sums of money and engaging in various corrupt practices during his time as the central bank governor.

According to Obazee’s findings, Emefiele was implicated in fraudulent activities related to the controversial redesign of the Nigerian currency.

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The special investigator further revealed that his inquiry in the UK discovered 543.4 million Pounds held by Emefiele in fixed deposit accounts. The report also alleged that Emefiele manipulated the Naira exchange rate and engaged in fraudulent practices in the execution of the CBN’s e-Naira project.

In response to these allegations, Emefiele categorically dismissed them on Sunday, asserting that the publications are “false, misleading, and intended to tarnish his reputation.” Maxwell Okpara, one of Emefiele’s lawyers, confirmed that the statement was issued by Emefiele himself.

“I have gone through the publications, and I say boldly that the contents of the said publications are false, misleading, and calculated to disparage my person, injure my character, and to serve the selfish interest of the private investigator,” the statement said.

According to the Special Investigator’s report, the highly controversial redesign of the Naira in October 2022 “was neither recommended by the Board of the CBN nor approved by the then President, Muhammadu Buhari, contrary to the provisions of Section 19 (1) of the CBN Act, 2007.”

In response, Mr. Emefiele defended his actions, stating that there was an official approval for the redesign, and he presented the relevant documentation to investigator Jim Obazee during the inquiry, with senior CBN officials present. He asserted that former President Muhammadu Buhari consistently confirmed authorizing the Naira redesign policy, highlighting a discrepancy in Obazee’s findings and raising questions about the accuracy of the information made public.

Additionally, Emefiele refuted knowledge of a $6.23 million withdrawal based on a false presidential directive and denied any involvement in opening 593 accounts abroad.

“About two weeks ago, Jim Obazee in company of a certain Deputy Commissioner of Police from Force CID came to Kuje to ask me questions in respect of the said document in the presence of my lawyers.

“I stated verbally and in writing that I have no knowledge of such directive from the former president and the former SGF. In fact, I told them that that was the first time I would be seeing the documents. On this, I challenge Jim Obazee to publish the said documents and also the statements that I made to them,” he said.

Emefiele declared that he is unaware of the fixed deposits in the 593 foreign accounts.

He insisted on a thorough investigation into all the alleged frauds and warned of initiating legal proceedings to clear his name from the defamatory statements.

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