Embattled former Governor of the Central Bank of Nigeria, Godwin Emefiele has been released from the Kuje Correctional Centre after meeting up with his bail condition on Friday.

The spokesperson for the Kuje Correctional Centre, FCT, Adamu Duza, according to Punch Newspaper, confirmed the former CBN governor release on Saturday.
“I can confirm to you, that, he, (Emefiele) has met his bail conditions, hence he has no reason to remain in our facility.

“He met his bail condition and was released past 2pm yesterday (Friday),” he said.

It would be recalled that the Federal Capital Territory High Court, Abuja, had granted ₦300 million bail to Emefiele, who is being prosecuted for alleged procurement fraud.

Justice Hamza Muazu granted the bail with two sureties in like sum.

The judge said the sureties must have certificates of occupancy and titles of properties within the Maitama District of Abuja.

He also ordered Emefiele to deposit all his travel documents with the registrar of the court, adding that he must remain within the Abuja Municipal Area Council.

The judge, however, ordered that Emefiele should remain in Kuje Correctional Centre till he meets the bail conditions.

Rejecting the objection by the Economic and Financial Crimes Commission to Emefiele’s bail application, Justice Muazu disagreed with the anti-graft agency that the ex-CBN governor was a flight risk and could jump bail, jeopardise investigation or threaten the security of the country if granted bail.

Emefiele stood trial on six counts bordering on procurement fraud to the tune of ₦1.2 billion.

Meanwhile, after more than four months of investigation, the Special Investigator probing the CBN, Jim Obazee, said  Emefiele and others embezzled billions of naira and committed other gross financial offences.

Details of the Obazee led investigative report as captured by Punch Newspaper is represented verbatim below:

Obazee’s report which was submitted to President Bola Tinubu on December 9 2023, indicated that Emefiele who was in office from June 2014 to June 2023,  engaged “in fraudulent cash withdrawal of $6.23 million”, and perpetrated fraud in the redesign of the naira, while he allegedly kept 543.4 million pounds in the United Kingdom.

The former Central Bank of Nigeria Governor, Godwin Emefiele, illegally lodged billions of naira in foreign currencies 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.

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

When contacted, counsel for Emefiele, Mathew Bukkaa, SAN, asked one of our correspondents to send him a text message.  He has yet to reply to the message as of the time of filing this report.

Meanwhile, Obazee 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.

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

In a letter dated July 28, 2023, sighted by Punch Newspaper, President Bola Tinubu had named a former Executive Secretary of the Financial Reporting Council of Nigeria,  Obazee, as the CBN special investigator.

Emefiele, who was currently released from Kuje Custodial Centre, is being prosecuted for ₦1.2 billion procurement fraud.

He was on Friday able to perfect the ₦300 million bail condition granted him by a High Court of the Federal Capital Territory on November 22.

However, documents obtained by Punch correspondent on Thursday indicated that the former apex bank governor might face fresh criminal charges over the handling of the CBN naira redesign policy.

Emefiele could be prosecuted for illegal issuance of currency under section 19 of the CBN Act alongside Tunde Sabiu, a former aide to former President Muhammadu Buhari, and 12 top directors of the CBN.

It was gathered that the naira redesign policy was sold to Buhari at the instance of Sabiu and that the initiative was done without the approval of the board of the CBN.

No approval

The investigator found that Buhari didn’t approve of the naira redesign. It was Tunde Sabiu who first told Emefiele in September 2022 to consider the redesign of the naira. On October 6, 2022, Emefiele wrote to Buhari that he wanted to redesign and reconfigure ₦1000, ₦500 and ₦200 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 the Nigerian Security Printing and Minting Plc on October 31, 2022,’’ the documents noted.

Emefiele was said to have contracted the redesign of the naira to De La Rue of the UK for £205,000 under the vote head of the Currency Operations Department after the NSPM said it could not deliver the contract within a short timeframe.

The special investigator found that ₦61.5 billion was earmarked for the printing of the new notes out of which ₦31.79 billion had been paid.

As of August 9, 2023, findings revealed that ₦769 billion of the new notes were in circulation.

The probe of the CBN also revealed the fraudulent use of ₦26.627 trillion  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 ₦124.860 billion, 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 the payment of the sum of ₦250 billion 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.

Anticipatory approval

Also on December 30, 2020, the committee of governors at its 672nd meeting granted another anticipatory approval for ₦250 billion to the Federal Government for payment of salaries pending receipt of a formal request by Mr President and ratification by the board of directors.

The apex bank’s management through the Finance and General Purpose Committee equally granted anticipatory approval on the investment of $200 million in equity warrants of the Africa Finance Corporation.

According to section 38 of the CBN Act, 2007, the CBN could grant temporary advances to the Federal Government in respect of temporary deficiency of budget revenue at an interest.

The section also provides that such advances are to be repaid by the end of the financial year in which they are granted otherwise, the CBN shall be stopped from granting such advances in the subsequent year.

The advance is not to be repaid by way of promissory note, securitization or issuance of treasury bills.

The CBN investigator discovered that the CBN Ways and Means was abused under the Buhari administration.

The document further said, “In an instance, they (senior CBN and government officials) padded what the former President Muhammadu Buhari approved with ₦198,963,162,187. There are instances where no approvals are received from the former president and yet, ₦500 billion is taken and debited to Ways and Means.

“There are more shocking instances where the erstwhile CBN governor and his four deputy governors connived to steal outright in order to balance the books of the CBN.

“This was, by violently taking money from the Consolidated Revenue account and then charging it to Ways and Means. It was a total of ₦124.860 billion. They even created the narration as a presidential subsidy and expanded the ways and Means portfolio to accommodate crime.

“The CBN officers and even the then acting CBN governor could not produce the Presidential Approval of most of the expenses described as ‘Ways and Means.’ When confronted, to provide the breakdown of the supposed ₦22.7 trillion that was presented to the 9th National Assembly to illegally securitise as ‘Ways and Means’ financing, they were only able to partially explain a total of ₦9.063 trillion or ₦9.2 trillion depending on which official you are considering his submission and an unreasonable attribution of non-negotiated interest element of ₦6.5 trillion.

“This shows that this was the point where the officers of the immediate past administration as well as the erstwhile CBN governor and his four deputy governors connived, defrauded, and stole from the commonwealth of our country with the aid of civil servants.’’

Continuing, the report said, “The true position of the Ways and Means as documented from the reconciliation between the CBN and the Ministry of Finance at the time is ₦4,449,149,411,584.54.

“This may have been the main reason the past administration hurriedly sought that the advances of ₦22.7 trillion be securitised by the 9th National Assembly on December 19, 2022, which they also hurriedly did despite the fact that it contravenes section 38 of the CBN Act, 2007.”

Legal fees

The CBN under Emefiele was also said to have spent ₦1.7 billion on questionable legal fees for 19 cases instituted against the naira redesign policy.

The investigator also discovered how Emefiele misrepresented the presidential approval for the NESI Stabilisation Strategy Limited approved by former president Goodluck Jonathan.

The document read, “The Presidential approval granted by then President Goodluck Jonathan was rightly stated by him, NESI should be a company limited by guarantee but the Committee of Governors misled the Board of the CBN by relying on non-existent advice by the office of Attorney-General and Minister of Justice to incorporate a company limited by shares for which the allotted share capital exceeded the authorised share capital (See 380th meeting of the Committee of Governors held in January in January 2015) and allotting unauthorised share capital to Mr Godwin Emefiele and Mr Mudashiru Olaitan without lawful approval by the President.

“₦1.325 billion was stolen pre-incorporation and the money funnelled to four companies, including a legal firm which got ₦300 million.’’

Between 2015 and 2021, an investment company was said to have collected unlawfully a total of ₦4.89 billion.

A breakdown indicated that the firm received ₦262 million in 2015, ₦464 million in 2016, ₦550 million in 2017, ₦726 million in 2018, ₦762 million in 2019, ₦684 million in 2020 and ₦1.44 billion in 2021, totalling ₦4.89 billion.

Emefiele also allegedly paid ₦17.2 billion to 14 deposit money banks participating in the Nigerian Electricity Market Stabilisation Facility.

“A total of 14 DMBs engaged in the manipulation by unlawfully arranging and collecting 1.9535 per cent of the total disbursements paid to the DMBs participating in the Nigerian Electricity Market Stabilisation Facility.

The fees are paid to the banks in the ratio of their contributions to the NEMSF disbursement, according to External Auditor’s Notes to the Financial Statement of NESI Stabilisation Strategy Limited.

“The CBN also went further by authorising the issuance of debenture for the NESI SPV, starting with ₦64.8 billion in 2015. By 2021, ₦952 billion debenture had been issued. The investigator said the money was diverted from public funds,’’ the document further stated.

It was further gathered that Emefiele could be tried for alleged manipulation of the naira exchange rate, fraudulent implementation of the e-naira project, and exemption of three foreign firms from paying income tax.

Meanwhile, the investigation has uncovered the strange illegal withdrawal/theft of $6.23 million from the CBN vault by two persons who used a forged presidential letter.

The suspects currently in custody were said to have presented a forged letter on February 7 and 8, 2023, purportedly signed by Buhari to withdraw the money allegedly meant for payment for foreign election observation missions.