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EFCC grills Emefiele over alleged $15b foreign debts, new currency

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EFCC grills Emefiele over alleged $15b foreign debts, new currency
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  • AGF seeks Tinubu’s approval for EFCC to take over ex-CBN gov’s probe

  • Special Investigator Obazee submits interim report to President

The Economic and Financial Crimes Commission (EFCC) yesterday began a full-scale probe of the former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, with alleged $15 billion foreign debts topping the investigation.

Emefiele will also account for how the apex bank spent N74.84 billion to produce and roll out currencies, including new naira notes.

The allegations are in addition to alleged fraud uncovered by the Special Investigator, Jim Obazee, who is looking into the activities of the CBN.

Obazee, whose committee is collaborating with the Federal Bureau of Investigation of the Nigeria Police, has also submitted an interim report on the CBN to President Bola Ahmed Tinubu.

It was learnt yesterday that the ex-CBN governor was transferred from the Department of State Services (DSS) to the EFCC because the fresh investigation is not covered by the mandate of the security agency.

The DSS does not have the core competence to investigate the weighty allegations of financial crimes against Emefiele, a highly placed source said yesterday.

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There were fears that if the DSS continues with the investigation, the ex-CBN governor might win in court on technical grounds.

The source said only the EFCC can put Emefiele on trial, not the DSS, based on the findings made so far.

Emefiele was transferred (technically released) to EFCC on Thursday afternoon to allow for in-depth investigation and trial.

The swap was kept under wraps in order to avoid what the source described as a “distraction.”

Having appraised the allegations against Emefiele and the interim report on the ongoing probe of the CBN, the Attorney-General of the Federation and Minister of Justice, Mr. Lateef Fagbemi (SAN) sent an advisory to the President that the EFCC is the right agency to probe Emefiele, it was learnt.

“As a man of due process, the President approved the advisory of the AGF. It was on this basis that the DSS handed over Emefiele to the EFCC on Thursday,” The Nation learnt yesterday.

About two to three weeks ago, the Special Investigator on CBN activities, Jim Obazee, submitted an interim report to the President with a lot of findings requiring in-depth investigation. This was another reason the AGF was very strong in his opinion that the EFCC should manage the ongoing probe.

“The truth is that such an investigation is not within the mandate of the DSS. Or else, if Emefiele is put on trial by the DSS, he will win on technical grounds,” the highly placed source said.

At press time, it was confirmed that a panel of EFCC operatives had started grilling Emefiele on the allegations against him, including the following:

•Alleged foreign debts of $15 billion

•Spending of N74. 84 billion on Naira redesign, production and roll out of currencies

•Alleged fraud in Anchor Borrowers Schemet

•Suspicious audit of CBN accounts

•Acquisition of bank, Fintech licences by some top officials of CBN

•Award of suspicious billions of Naira contracts

Another source in EFCC added: “Emefiele is in our custody and he is already responding to issues or allegations raised for him from a team under the supervision of the Director of Operation, Abdulkarim Chukkol.

“As a commission, we won’t talk on his case in order not to compromise ongoing investigation.”

The Head of Media and Publicity of EFCC, Mr. Dele Oyewale, was yet to pick his call at press time.

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Insecurity: Ministers, Senators, Governors may become targets — Buratai warns

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Lt. Gen Tukur Buratai (Rtd)
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A former Chief of Army Staff, Lt.-Gen. Tukur Buratai (retd.), has warned that Nigeria’s worsening security situation could deteriorate further if urgent and decisive measures are not taken, cautioning that political leaders, including ministers, senators, and governors, may become targets of bandits and insurgents.

The former COAS gave the warning in a statement titled: “A frank and patriotic advice on Nigeria’s escalating security crisis.”

This followed reports surrounding the abduction and killing of a senior military officer, Maj.-Gen. Rabe Abubakar.

According to the former army chief, the killing of a senior military officer by non-state actors signals a dangerous escalation in the country’s security challenges and should serve as a wake-up call to authorities at all levels.

“When a general falls into the hands of non-state actors, it signals a serious erosion of tactical deterrence. If this trend continues unchecked, the next targets may not be soldiers or civilians alone. They could include ministers, senators, and even state governors,” he warned.

Buratai recalled that in 2021, he had predicted that insurgency and banditry could persist for up to two decades if drastic measures were not implemented, adding that current developments appear to validate those concerns.

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The former Nigerian envoy to the Benin Republic urged the Federal Government to acknowledge the limitations of its current security strategy, arguing that bandits and insurgents now operate with sophisticated intelligence capabilities, heavy weaponry, and a level of audacity that increasingly challenges state authority.

He called for an end to the practice of negotiating with criminal groups and advocated for a comprehensive military and intelligence offensive against terrorist and bandit networks.

According to him, the coordinated military operations carried out between 2015 and 2019 demonstrated that sustained pressure could significantly degrade insurgent capabilities.

Buratai also proposed the establishment of a National Emergency Command with direct authority over all security agencies operating in high-risk areas, saying such a structure would eliminate bureaucratic bottlenecks and improve operational effectiveness.

“Insecurity is no longer a regional problem; it is a national emergency,” he said, adding that the proposed command should report directly to the President and be given a clear mandate to dismantle terrorist and bandit strongholds.

The retired general further stressed the need to target the financiers and collaborators who sustain criminal networks, including illegal miners, ransom negotiators, and local informants.

“Bandits do not survive on weapons alone. They depend on support networks that must be identified, dismantled, and prosecuted,” he stated.

Buratai also challenged state governors to assume greater responsibility in addressing insecurity, advocating for stronger support for state-level policing initiatives, vetted vigilante groups, and community intelligence systems integrated into broader security structures.

While calling for enhanced protection of public officials through improved intelligence sharing and counter-ambush measures, he insisted that the ultimate objective should be the dismantling of the criminal ecosystem fueling insecurity across the country.

Describing himself as a patriot with no political motive, Buratai urged leaders to act decisively before the security crisis worsens.

“If we do not radically change our approach today, the headlines of tomorrow may make today’s tragedy seem like only a warning,” he said.

He added that while the abduction of senior political leaders is not inevitable, it could become a realistic threat if the country continues with what he described as “business as usual.”

Buratai concluded by calling on authorities to ensure that the death of Maj.-Gen. Abubakar becomes “the last preventable sacrifice” in Nigeria’s ongoing battle against insecurity.

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Bandits kill three, burn houses in Niger – Police

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Over 100 peasants abducted as gunmen invade Zamfara communities
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The Niger Police Command has confirmed the killing of three people by suspected bandits in Pissa village, Borgu Local Government Area.

The command’s Spokesperson, SP Wasiu Abiodun, told the News Agency of Nigeria (NAN) on Saturday that the bandits attacked the village at about 9:00 a.m.

He said some houses were set ablaze during the attack; however, he added that the bandits were engaged by the military, but details of the encounter remained sketchy.

“The report received indicated that suspected bandits invaded Pissa village in Borgu LGA.

“Three people were reportedly killed during the attack, and some houses were set ablaze.

“However, the military responded and engaged the terrorists, but further details are still sketchy,” he said.

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Mbah’s kinsmen treat him to Grand Reception, laud his achievements

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The people of Idodo Zone, Governor Peter Mbah’s immediate zone in Nkanu East LGA of Enugu State have hosted him to a grand civic reception, describing him as a son in whom they are well pleased.

They also donated the sum of N50m towards the governor’s reelection.

The people, who trouped out in their thousands, said Mbah had not only lifted the zone from the backwaters of Enugu State to reference point in development, but had equally put Enugu State on the national map in all indices of national development.

Speaking through the Chairman of the organising committee, Barr. Osinachi Nnajieze, the people of the zone, comprising Owo, Amechi Idodo, Amankanu, Ubahu, Oruku, and Umuode, said it’s in line with Igbo’s culture to celebrate a son, who distinguishes himself, more so a governor of Mbah’s caliber that had changed the narratives of the state in just three years.

“We formally say to you, with one voice and one heart: welcome home! It is a historical rarity for a relegated place like ours to spring the surprise of producing a son of this calibre — a son whose leadership, in just three years, has become the envy of states across Nigeria and beyond.

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“In three short years, Enugu’s profile as a subnational and regional capital has risen astronomically — and that rise is no accident. It is the fruit of carefully calibrated, deeply strategic thinking by our son, our brother, our kinsman, Governor Mbah,” the people declared.

Governor Peter Mbah

Recalling some of Mbah’s accomplishments, he asserted that true to his promise, the governor had translated the mantra, “Tomorrow is Here,” from a mere campaign slogan doubted by cynics and a people whose trust had been repeatedly betrayed by failed promises, to a reality that looms large across sectors.

“In just three years, Enugu people are witnessing: State-wide infrastructure and urban renewal. In Idodo zone, we have witnessed roads that set us free — the 14.5km Amechi Idodo–Oruku–Amagunze road, cutting our travel time to a few minutes and letting us reach our LGA headquarters at Amagunze without circling through four other LGAs; and the virgin 40km Owo–Ubahu–Amankanu–Umualor–Ikem dual carriageway, opening doors of commerce we never imagined.

Gov Mbah receiving the ‘Ofo’ presented to him by Igwe Godwin Arum on behalf traditional rulers of Idodo Zone

“Enugu State has 267 Smart Green Schools and 260 Type 2 Primary Healthcare Centres built by this administration, the upstream water problem of Enugu city was solved in the first months of the administration, with reticulation aggressively ongoing to get water to the last mile.

“We have massive road construction and a transport revolution — five state-of-the-art bus terminals with five more rising, CNG buses already rolling, over 2,000 hybrid city taxis to empower our youths, and an asphalt plant of our own to ramp road construction. Enugu Air has changed the very face of air travel.

“Hotel Presidential, Nigergas Limited, and Enugu United Palm Products Limited have roared back to life, while Sunrise Flour Mills and others are almost fully revamped.

“A new security architecture — tech-driven surveillance with a state-of-the-art Command and Control Centre, drones, and DRS surveillance vehicles have made Enugu a secure state, while a 300-bed Enugu International Hospital is now in place to end medical tourism for Nigeria and our African neighbours. The list is endless,” Nnajieze added.

The people of Idodo seized the opportunity to thank the people of the state for adopting and endorsing their son as their sole gubernatorial candidate in the 2027 governorship election in massive rallies that had earlier held across the state’s three senatorial zones.

Responding, a visibly elated Governor Mbah, thanked the people for the overwhelming demonstration of love and support.

“The love is palpable. I can feel it. I can touch it. I have no doubt as to where this is flowing from. It is flowing from the depth of affection and the depth of love you have for me. What you have demonstrated here today is real. It is organic. It is not fabricated,” he stated.

The governor attributed his success in office to the values instilled in him by his people, also expressing happiness that this had greatly changed unlike 25 years ago when he had to abandon his vehicle and trek over 2km during campaigns.

“Today, we have not only built roads and bridges, but we have equally built confidence. We have demonstrated that your circumstances of birth does not restrict you.

He further enjoined the people of Idodo Zone not to stop thanking the people of the state, who had in their respective senatorial district rallies, overwhelming endorsed him for another a second tenure.

Meanwhile, other speakers at the event include former Minister of Power, Prof. Bath Nnaji, represented by former Council Chairman, Hon. Ejike Anih; Chairman of Nkanu East LGA, Hon. Sydney Edeh; Chairman, Enugu State Universal Basic Education Board, Prof. Banko Okibe; Commissioner for Children, Gender Affairs and Social Development, Mrs. Ngozi Enih; Executive Chairman, Enugu State Tourism Board, Dame Rita Mbah; former Council Chairman of Nkanu East LGA, Pastor Sam Iyiogwe, and community leader, Dr. George Nwachi.

The highpoint of the ceremony was the presentation of the revered Ofo symbol by traditional rulers of Idodo Zone, led by Igwe Godwin Arum, as a mark of satisfaction with the governor’s leadership and a symbolic endorsement of his continuation in office for another four years.

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