The Special Investigator on the Central Bank of Nigeria and Related Entities, Jim Obazee, has revealed that the recent redesign of the naira was not explicitly approved by former President Muhammadu Buhari.
Obazee discovered that the approval came from Buhari’s aide, Sabiu Tunde ‘Yusuf.’
This information was disclosed in the investigator’s final report, titled ‘Report of the Special Investigation on CBN and Related Entities (Chargeable Offences),’ submitted to President Bola Tinubu on Wednesday.
Jim Obazee, appointed by Tinubu as the CBN special investigator, highlighted that the naira redesign was implemented by the embattled former CBN governor, Godwin Emefiele, in collaboration with Sabiu, who is the former President’s nephew.
Emefiele, currently in Kuje Custodial Centre, is facing prosecution for N1.2 billion in procurement fraud. The documents obtained suggest that Emefiele might face additional criminal charges related to the handling of the CBN naira redesign policy.
It was revealed that Buhari was presented with the naira redesign policy at Sabiu’s behest, and the initiative was carried out without the approval of the CBN board. The investigator found that Buhari did not endorse the naira redesign, and it was Sabiu who initially suggested the redesign to Emefiele in September 2022.
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“On October 6, 2022, Emefiele wrote to Buhari that he wanted to redesign and reconfigure the N1000, N500, and N200 notes.
“The former president tagged along but did not approve the redesign as required by law. Buhari merely approved that the currency be printed in Nigeria. The redesign was only mentioned to the board of the CBN on December 15, 2022, after Emefiele had awarded the contract to Nigerian Security Printing and Minting Plc on October 31, 2022,’’ the documents noted.
Emefiele reportedly engaged De La Rue of the UK for the redesign of the naira, with a contract valued at £205,000. This was done under the auspices of the head of the Currency Operations Department’s budget after the Nigerian Security Printing and Minting Plc conveyed its inability to fulfill the contract within the required timeframe.
It further showed that “the special investigator found that N61.5bn was earmarked for the printing of the new notes, out of which N31.79bn had been paid.
“As of August 9, 2023, findings revealed that N769bn of the new notes were in circulation.
“The probe of the CBN also revealed the fraudulent use of N26.627tn Ways and Means of the Apex Bank as well as the misuse of the COVID-19 intervention fund.
“For instance, the CBN under Emefiele at its 661st meeting held on October 27, 2020, approved that the Consolidated Revenue Fund Account should be debited with the sum of N124.860bn, and the decision was implemented on October 9.
“Similarly, the Committee of Governors, at its 670th meeting held on December 9, 2020, granted ‘anticipatory approval’ pending receipt of a formal request by Mr President and ratification by the board of directors for the payment of the sum of N250bn only to the Federal Government of Nigeria to address challenges as a result of low revenue inflow and the payment of salaries.
“The decision was implemented on December 15, 2020.”
