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Emefiele operated 593 illegal accounts in US, UK, China — CBN Investigator

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Immediate past Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, illegally lodged billions of naira 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 Obaze, 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, Obaze 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.”

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

Emefiele, who is currently in Kuje Custodial Centre, is being prosecuted for N1.2 billion procurement fraud.

He has not been able to perfect the N300m bail granted him by a High Court of the Federal Capital Territory on November 22.

However, documents obtained by our 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 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 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 pounds 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 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 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.

Anticipatory approval

Also on December 30, 2020, the committee of governors at its 672nd meeting granted another anticipatory approval for N250bn 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 $200mn 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 N198,963,162, 187. There are instances where no approvals are received from the former president and yet, N500bn 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 N124.860bn. 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 N22.7trn 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 N9.063 trn or N9.2trn depending on which official you are considering his submission and an unreasonable attribution of non-negotiated interest element of N6.5tn.

“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 N4,449,149,411,584.54.

“This may have been the main reason the past administration hurriedly sought that the advances of N22.7trn 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 N1.7bn 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.

“N1.325bn was stolen pre-incorporation and the money funnelled to four companies, including a legal firm which got N300mn.’’

Between 2015 and 2021, an investment company was said to have collected unlawfully a total of N4.89bn.

A breakdown indicated that the firm received N262mn in 2015, N464mn in 2016, N550mn in 2017, N726mn in 2018, N762 in 2019, N684 in 2020 and N1.44bn in 2021, totalling N4.89bn.

Emefiele also allegedly paid N17.2bn 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 N64.8bn in 2015. By 2021, N952bn 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 $6.23mn 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.

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Court sentences father to 30 years imprisonment for impregnating his daughter

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The convict, Jediel Sylvester
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An Upper Area Court I sitting in Ganye Local Government Area, Adamawa state on Thursday, July 16, 2026, convicted and sentenced a man, Jediel Sylvester to 30 years imprisonment on Three (3) count offences including impregnating his daughter.

Sylvester was brought before the court on a criminal complaint alleging the offences of incest, criminal intimidation, and assault.

He pleaded guilty, blaming the act on lust and was remanded by the court.

The upper area court presided by Hon. Kabiru Musa, convicted and sentenced the defendant on the offence of incest to 15 years imprisonment with an option of N500,000, fine pursuant to section 377 of the Penal Code Law of Adamawa State, 2018.

On the offence of criminal intimidation, Hon. Kabiru, sentenced him to 10 years imprisonment with an option of a fine of N250,000 pursuant to section 383 of the Penal Code Law of Adamawa State, 2018.

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While on the offence of assault, he is sentenced to 5 years’ imprisonment without an option of fine pursuant to Section 242(b) of the Penal Code Law of Adamawa State, 2018.

According to the judge, the sentences shall run consecutively and further pronounced that the defendant has the constitutional right of appeal against the judgment to the High Court of Adamawa State within 30 days from the day of judgment.

While delivering his judgement, Hon. Kabiru stated that being mindful that a conviction based on a plea of guilty, particularly in a grave offence of this nature, must be approached with utmost caution.

The court, in compliance with the law, directed the Prosecuting Counsel, Abdulrahman Njidda Esq., to call evidence in corroboration of the plea of guilty, hence the calling of the victim.

The judge said that most disturbing was testimony of the victim that the defendant habitually beat, intimidated and forced her into sexual intercourse whenever he desired.

Hon. Kabiru held that the testimony of the victim remained clear, direct and consistent and fully corroborated the defendant’s voluntary plea of guilty.

“Having carefully considered the statement of complaint, the unequivocal plea of guilty entered by the defendant, the oral testimony of the victim in corroboration thereof, and the entire record before the court, I am satisfied that the prosecution has proved the offences charged beyond reasonable doubt as required by law,” the judge said.

“A plea of guilty, once voluntarily made and corroborated where necessary, constitutes the strongest evidence against an accused person. In the instant case, there exists not only the defendant’s confession in open court but also credible testimony from the victim herself, leaving no room for doubt as to the defendant’s criminal responsibility,” Kabiru stated.

He declared that the case represents one of the gravest forms of betrayal known to both law and humanity, saying parenthood is a sacred trust imposed by nature.

“Accordingly, I find the defendant, Jediel Sylvester, guilty and he is hereby convicted for the offences of Incest, Criminal Intimidation and Assault contrary to Sections 367, 382 and 242 of the Penal Code Law of Adamawa State, 2018,” the judge declared.

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NWOBODO VS OGBUANU: Drama in Enugu court as former Governor substitutes legal team, halts proceedings

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A high-stakes legal battle involving the former Governor of old Anambra State, Chief Senator Jim Nwobodo, his wife, and a prominent Enugu medical practitioner, Dr. Basil Kenechukwu Ogbuanu, was unexpectedly stalled at the Enugu State High Court following a dramatic, last-minute change in the defendants’ legal representation.

​The abrupt shake-up in the defense lineup forced a halt to the scheduled proceedings, preventing the court from hearing key applications in the multi-party land and property dispute.

​The presiding judge, Justice C.C. Ani, was forced to adjourn the matter on Thursday to October 22, 2026, to allow the plaintiff’s legal team sufficient time to study a wave of newly substituted court processes filed by the defendants’ new counsel.

​The legal battle, registered under Suit No. E/328/2026, pits Dr. Ogbuanu against Chief Senator Jim Nwobodo, his wife, Barrister (Mrs) Patricia Nwobodo, and seven other corporate and individual defendants.

​The co-defendants in the sprawling suit include Linkana Hotels Limited, Mr. Gerald Asogwa, Kingsley U. Chime, Surveyor G.C. Ishiwu, Millennium Construction & Estate Developers Limited, Hon. Titus Okechi, and Moss Island Limited.

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​At the resumed hearing on Thursday, the court was officially notified that the Nwobodos and their co-defendants had formally debriefed their former legal representative, the distinguished Senior Advocate of Nigeria, Iyom A.J. Offiah of Obra Legal.

​In her place, the defendants briefed Chief C. Chuma Oguejiofor, Esq., of Chuma Oguejiofor & Co. (House of Law), based on Carter Street, Ogui Road, Enugu, to take over their defense.

​Upon taking charge of the defense, Chief Oguejiofor immediately moved to withdraw all legal processes previously filed on behalf of the defendants by their former counsel on July 6, 2026.

​The defense then substituted those withdrawn documents with a brand-new set of applications, affidavits, and objections, which were formally filed in the court’s registry on July 16, 2026.

​Dr. Ogbuanu’s lead counsel, Onyechi Araka, did not oppose the sudden withdrawal and subsequent replacement of the defense’s processes, recognizing the defendants’ constitutional right to choice of counsel.

​Araka, however, strongly urged the court for an adjournment, stating that his team required adequate time to meticulously study and analyze the newly filed processes, which they intend to vigorously contest.

​Recognizing the fundamental principles of fair hearing and the plaintiff’s right of reply, Justice Ani granted the application for adjournment, scheduling October 22, 2026, for the hearing of all pending applications.

​Among the new filings introduced by the Oguejiofor-led defense team is a crucial Notice of Preliminary Objection aiming to terminate the plaintiff’s lawsuit at its foundational stage.

​The objection, brought pursuant to Section 86(6) of the 1999 Constitution of Nigeria (as amended) and various provisions of the High Court Rules of Enugu State 2020, prays the court to set aside the service of the originating processes on the defendants.

​Alternatively, the defendants are asking the court to strike out or dismiss the entire suit in limine (at the threshold), arguing that it is entirely incompetent and constitutes a gross abuse of the judicial process.

​In the grounds listed for the application, the defense contends that the originating and other vital processes in the suit were never properly served on the defendants.

​The defense further launched a scathing critique of the lawsuit’s drafting, describing the plaintiff’s pleadings as “unnecessarily verbose, circumlocutory, imprecise, windy, and mostly lacking in meaning.”

​Crucially, the defendants argue that Dr. Ogbuanu’s lawsuit is a direct and abusive replication of an active, pre-existing lawsuit.

​According to court documents, a prior lawsuit, Suit No. E/244/2025, between Dr. (Mrs) Patricia Nwobodo & Anor vs. Dr. Basil Ogbuanu, was filed on March 1, 2026, long before the present suit was instituted, involving the same parties and subject matter.

​The defense also raised a structural jurisdictional issue, asserting that the police and other public officers whose presence is imperative for a comprehensive and final determination of the dispute were not joined as parties.

​Furthermore, they argue that the suit is legally barred by Section 9(1) of the Actions Law, Revised Laws of Enugu State 2004, and that requisite pre-action notices were never served on the public officers involved.

​In a supporting affidavit sworn to at the High Court Registry, Chidinma Edeh, a litigation clerk at Chuma Oguejiofor & Co., averred that she had the explicit consent of the defendants to depose to the facts of the change of counsel and the preliminary objection.

​As both legal teams retreat to their chambers to draft their respective responses, members of the Enugu legal community and public observers are keeping a close watch on the High Court ahead of the high-stakes showdown on October 22.

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Mary Habila was like a daughter to me, Umahi breaks silence

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Minister of Works, Engr David Umahi
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The Minister of Works, David Umahi, on Thursday broke his silence over the death of Miss Mary Habila, a staff member who died at the minister’s residence in Uburu, Ebonyi State, insisting that he suspected no foul play and describing attempts to link him to the incident as “politics taken too far.”

Umahi said the deceased, whom he described as “like a daughter,” had worked closely with him for years and had a history of medical challenges for which he personally funded treatment.

He also revealed that his late aide complained of bleeding from her nose during a phone conversation with her boyfriend shortly before she was found dead, as he insisted there was no evidence of foul play in the incident.

Speaking at a press conference in Abuja to update the public on newly approved projects by President Bola Tinubu, the minister disclosed that the deceased was a nurse employed by the Federal University of Health Sciences, Ebonyi State, contrary to reports describing her as a physiotherapist.

The minister’s comments come amid widespread public interest and speculation surrounding the circumstances of the young woman’s death after reports emerged that she died in one of the ministry’s guest houses.

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Providing his first detailed account of the incident, Umahi said the deceased had been living and working with him for about three years and enjoyed a close relationship with his family.

He also appealed to the deceased’s family to permit an autopsy to establish the exact cause of death, revealing that he had directed that the body should not be released for burial until the procedure was conducted.

He said, “My lawyers have spoken on my behalf. But one piece of information I want to correct is that the lady in question was like a daughter to me. She had stayed with me for three years. She was a staff member of the Federal Medical University. She was a nurse and not a physiotherapist. And her family and my family are like one family.”

The minister disclosed that the deceased had been receiving treatment at a Turkish hospital before her death, with medical bills allegedly paid by him.

According to him, “She has her medical records in Turkish Hospital, being paid by us. The last one was on the 5th of April, and it cost me N2.2 million. The records are there. I paid N2.2 million.”

Umahi also narrated what he said were the deceased’s final moments before she was found dead, claiming she had complained of bleeding from the nose during a telephone conversation with her boyfriend shortly before communication stopped.

He said, “She spoke to her boyfriend at the hour of her death and complained that she was bleeding from the nose. The boyfriend said, ‘No, you have to report it.’ She said it had stopped. The boyfriend then said, ‘Listen, I will not continue this conversation since you are bleeding. It will increase the bleeding.’

“She told the boyfriend, ‘Don’t cut the call.’ The boyfriend cut the call. Three minutes later, the boyfriend called again. She was not responding.”

According to the minister, the deceased had earlier informed her boyfriend that she intended to take a bath before communication ceased.

“Even in the morning, she told her boyfriend she was going to bathe because she had locked her door. When they discovered something was wrong, they broke down the door and discovered her dead. The tap was still running,” Umahi said.

The minister stressed that the guest house where the deceased died was located far from his personal residence, arguing that it was unfair to hold him personally responsible simply because the incident occurred within facilities linked to the ministry.

“What baffles me in this country is that everything becomes an opportunity. There is a guest house where she and other medical personnel stayed, and that is very far from where I stay. Does it mean that because somebody dies in the Ministry of Works, the minister must be accountable for that?” he asked.

Umahi lamented what he described as attempts to exploit the young woman’s death for political purposes.

“People should be careful when they want to use the unfortunate death of a young girl to play politics. If we have a hand in the killing, it will follow our families and us. But if we don’t have a hand in it and you are jumping into it, be careful. Life is spiritual,” he said.

The minister said the deceased had been one of his most dedicated staff members and that her death had left him devastated.

“It is very painful to me that the girl passed on. It is very difficult to replace her. She was one of my best workers,” he said.

Umahi disclosed that efforts by investigators to conduct an autopsy had so far been unsuccessful because the deceased’s family objected on cultural grounds.

He said, “We have been begging the parents to allow an autopsy to happen. They said it is against their culture. But we insisted through our lawyer that an autopsy should happen. I have directed that the corpse cannot be removed until an autopsy.”

The minister added that he had requested the Inspector-General of Police to transfer the investigation to Abuja to ensure a thorough probe and facilitate discussions with the family.

“We have reported to the Inspector-General of Police to transfer the case to Abuja. Let them beg the family to do an autopsy. I am also begging the family to meet with the Inspector-General so that he can convince them,” he said.

Umahi further claimed that the deceased had previously experienced similar episodes of nosebleed while accompanying him on official assignments.

According to him, “The boyfriend also told us that when we were in Lagos, she called him and said she was bleeding from the nose. He advised her to report to me so I could send her back to the hospital, but she didn’t want to stress me. He then told her to find a hospital around and seek treatment.”

He urged investigators to retrieve the telephone records between the deceased and her boyfriend.

“I have asked the police to go to the call logs. They should go to the call log of the boy and the call log of the girl, and they will hear the last conversation the girl had with the boyfriend at the hour of her death,” he said.

While maintaining that the investigation should run its full course, Umahi said he had seen no evidence suggesting criminal activity.

“I suspect no foul play because the other lady who stayed with her was sleeping in the same bed. Her room was still locked, and the door had to be broken before they discovered the body. The tap was still running because I think she was going to bathe,” he stated.

The minister also criticised the circulation of photographs allegedly taken at the mortuary, accusing some police officers of leaking misleading information.

He said, “When they took her to the mortuary, that was where the police took the picture. They did not dress her up in the mortuary before taking the picture and sending out damaging information.”

Umahi vowed to pursue legal action against media organisations he accused of spreading false information and cyberbullying the deceased.

“I have directed my lawyers to get across to those involved in cyberbullying this matter. We are going to test the law on that,” he added.

The PUNCH reports that the death of the female nurse has generated widespread public attention following reports and social media claims questioning the circumstances surrounding her demise at a government guest house linked to the Ministry of Works. The incident has prompted calls from some groups for an independent investigation, while police authorities have continued inquiries into the case.

An autopsy, which investigators consider crucial to determining the exact cause of death, has yet to be carried out following objections reportedly raised by the deceased’s family on cultural grounds. Police investigations are ongoing.

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