Gbenga Ibrahim, a public affairs writer and analyst based in Lagos, has praised President Bola Tinubu and CBN President Yemi Cardoso for bringing about change in the nation’s top bank through the ongoing anti-corruption effort.
Significant advancements in the probe of the Central Bank of Nigeria (CBN) have been reported by Tinubu.
Under the direction of special investigator Jim Obazee, the investigation has turned up billions of naira worth of illegal transactions, unapproved bank accounts, and pilfered money.
Sources claim that former CBN governor Godwin Emefiele has been linked to the probe; he has been placed on suspension pending additional research. Emefiele is charged with financial misbehaviour and misusing his position for private advantage. A complicated network of corruption involving senior CBN officials and other connected organisations has been exposed by the investigation.
Investigators have found multiple illegal bank accounts, both domestically and abroad, holding billions of naira in pilfered money.
Evidence of fraudulent transactions, including a contentious Naira redesign project that allegedly hindered production and caused turmoil in October 2022, has also been discovered throughout the probe.
He said that the initiative was a plot by the then-CBN Governor and one of the former CBN Deputy Governors against the Nigerian people and political elite.
He also credited Cardoso leadership’s ability to recognise skilled personnel like professional with expertise and aptitude Bala Bello for the success.
“Though I have never met the Governor or his deputies, inside sources confirmed that Bello is a very Deligent , meticulous and analytical person, one staff even describing him as workaholic and straight forward, most times the first to come to the office and last to leave is part of the CBN management team led by Yemi Cardoso.
“He rose through the ranks to become Deputy Governor, Corporate Services, a position requiring rigorous security checks and scrutiny. It’s unfair to blame him for implementing recommendations from the special investigation counsel appointed by the president.”
A competent team adhering to the CBN hierarchy, cooperation, and compliance with APEX Bank policy are the keys to the CBN’s success. Mr. Obazee was ordered by President Tinubu to compile an exhaustive report on public funds owned by dishonest people or organisations. The report found billions of naira pilfered from CBN accounts, and also discovered 593 illegal bank accounts in the US, UK, and China. Additionally, it suggested that Mr. Emefiele and thirteen other people be charged with financial malfeasance.
Ibrahim thinks that President Tinubu, by designating a special investigator to look into the bank and connected organisations, has commendably taken decisive measures to battle corruption in the CBN.
He applauded the administration’s stance on accountability and openness, noting that it represents a major advancement in the war on corruption.
“The Federal High Court in Lagos has granted an order of interim forfeiture of property valued at N11,140,000,000 linked to Emefiele, further justifying President Tinubu’s efforts to ensure a corrupt-free CBN.
“Additionally, $4.6 billion charges have been leveled against Emefiele, equivalent to N7 trillion Naira, and $6.2 million fraudulently withdrawn from the CBN account in 2023 in the name of logistics to foreign observers, done by forging the signature of the then president Mohammadu Buhari.
“Sources confirm that some staff involved have returned over $1 million to the CBN with confessional statements, and many CBN staff are ready to testify against Emefiele. A former Director of Information Technology, John Ayoh, has admitted to collecting $600,000 on behalf of Emefiele from contractors. Another staff member, Monday Osazuwa, has also admitted to collecting $3 million cash in tranches for Emefiele.
“It’s also on court record and public records how Mr Monday Osazuwa who is not ready to follow Emefele to prison admitted to have collected $3 million cash in tranches for Emefele , it’s also in a public knowledge that Zenith Bank the Bank Emefele left as CEO to CBN as Governor on 28th November, 2023 A Compliance Officer at Zenith Bank, Remigious Ugwu, testified in court about a series of large transactions involving the Central Bank of Nigeria (CBN) and April1616 Investment Limited. He revealed that the CBN made several payments to the company, including:
– N39,060,465 on October 19, 2020
– N421,953,488 on November 6, 2020
– N304,883,720 on November 23, 2020
– N304,883,720 on January 1, 2021
– N304,883,720 on March 23, 2021
“These transactions totaled over 1.4 billion naira and were paid by the CBN to April1616 Investment Limited over a period of five months. The purpose and legitimacy of these payments were not disclosed in the provided information.
“The investigation is ongoing, with many hailing President Tinubu’s commitment to transparency and accountability in the CBN. The President’s efforts have sent a strong message that corruption will no longer be tolerated in Nigeria’s financial sector. As the investigation continues, Nigerians are optimistic that President Tinubu’s anti-corruption drive will yield even more significant results, restoring public trust and integrity to the CBN and related entities,” he wrote.
