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

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.
News
“It’s not debatable, we can’t go back,” Mbah Backs Tinubu on Fuel Subsidy Removal
…Says “We’ve delivered good governance to Enugu”
Governor of Enug State, Dr. Peter Mbah, has doubled down in his support for the removal of fuel subsidy by President Bola Tinubu’s administration, saying it was undebatable and inconceivable for anyone to imagine a return to the old order.
Mbah spoke at the “Meet the Candidates” town hall meeting organised by Afia TV in Enugu on Wednesday, where he also said that his administration had delivered good governance to the people of the state across all sectors.

He described it as a pathetic misconception of the country’s situation and the direction it was headed for anyone to talk about the reintroduction of fuel subsidy.
“If you reintroduce fuel subsidy today, we will lose ten times whatever we are currently trying to gain in terms of the removal of subsidy. The poverty rate that you are going to experience will be very high because the naira would be automatically devalued.

“We cannot go back to subsidy. And I do not think it is in the interest of the country for us to even debate that.
“Again, we should not even debate it because we do not want to send a signal to prospective investors that we are contemplating it. That would take us back. It is going to create panic in the system. It is going to get investors to pull back.

“Those that are coming in today to invest in that sector will become jittery. So, it is not even a subject to debate. It is something that we have moved on from, and we should be thinking about how to ensure that the natural benefits cascade to the households, create jobs and generate wealth for our people,” he said.
He said the nation should focus on how to further encourage private capital to flow, noting the growth the nation had experienced in the stock exchange space.
He added that Tinubu’s policies had stabilised the macro indicators, thus encouraging foreign direct investment.

“You can see quite a lot of funds coming into our country, not just portfolio investments, but also direct investments. It is also going to strengthen because the macro indicators are right,” he stated.
Mbah maintained that whereas fuel subsidy removal enables the government to target the less privileged, fuel subsidy as earlier practised benefited the rich more.
“By the way, I do not think the subsidy we practised before the President removed it was even the right one for the country because even the people we were looking at benefiting from it were only insignificantly benefiting from it. It was largely beneficial to our wealthy folks.
“But now, you can almost notice that the government is doing that in targeting the poor, using proceeds from subsidy removal. The government is aggressive on cash transfers. There is also the programme where the government is targeting 1,000 persons per ward across the entire country to be able to provide seed capital for them to become productive,” he added.

Meanwhile, on his stewardship so far, Mbah said his administration had kept faith with the people of Enugu State, delivering good governance across all sectors in line with his campaign manifesto.
He said the people of the state only needed to imagine where the state was before his inauguration as governor and where it is currently headed.
“Let us imagine the Enugu we knew four years ago. Let us just imagine an Enugu without Hotel Presidential. Let us imagine an Enugu without the International Conference Centre. Let us imagine an Enugu without Enugu Air. Let us imagine Enugu without the transport terminals, the 268 Smart Green Schools, 260 Type 2 Primary Healthcare Centres.
“You do not want them to imagine an Enugu without the International Hospital. You do not want them to imagine an Enugu without the CNG buses, the Nigergas. I think the list is endless.
“But I even think that we can stretch that imagination further because the work ahead will be more profound. Just imagine an Enugu where our children are receiving education that prepares them for the world because they have been imbued with evolving 21st-century skills. Imagine again an Enugu where you do not have any part of the city with an unpaved road.
“Also, imagine an Enugu in four years’ time that generates 660 megawatts of electricity; where we are able to provide 24-hour power supply; where you cannot come into your house and have the light off; and where people can run their businesses for a whole week without worrying about the cost of diesel. Just imagine an Enugu where you generate electricity and the people of Enugu are buying that at 120 naira because they own the coal that feeds the power plant.
“Imagine an Enugu where you now have to ride, not just on our CNG buses, but you have the monorail that can take you from point A to point B. Imagine an Enugu where you can fly from here to the United Kingdom, to the United States and other parts of the world,” he charged the electorate.
He urged the people to keep faith with the journey of greatness, growth and development, defending the gains of his first term and guaranteeing the promises of his second term by working for his re-election.
“If these imaginations capture our fancy, then we have a duty to fight for it. We do have a duty to continue to make sure that the bar does not come down and that the standard we have set in Enugu is sustained,” he concluded.
News
Mbah: Enugu Now Produces 120 Million Litres of Water Daily, Expands Agricultural Investment
By Tony Edike
Enugu State Governor, Peter Mbah, has said the state has increased its daily water production capacity from two million litres to 120 million litres, while intensifying efforts to ensure reliable water supply reaches households across Enugu metropolis.
Mbah disclosed this during a town hall meeting held at the International Conference Center in Enugu on Wednesday , where he addressed issues relating to water supply, agricultural development, regional security cooperation and the state’s economic prospects.
The governor explained that although the state had significantly expanded its water production capacity, ageing pipelines, burst pipes, encroached water corridors and other infrastructure challenges had slowed the distribution of water to some communities.
According to him, the state initially needed about 80 million litres of water daily to ensure adequate supply to homes across Enugu metropolis, against the two million litres being produced when his administration took office.

He said the government began procuring critical equipment before his inauguration to accelerate the implementation of its 180-day water supply commitment.
“We front-loaded the procurement because some of the items we needed to procure were long-lead items,” Mbah said, explaining that some equipment, particularly large pumps, required several months to manufacture and deliver.
He added that the government also reactivated the Ninth Mile water scheme, which had remained dormant for years, contributing to the increase in production capacity.
However, Mbah said the expansion exposed weaknesses in the existing distribution network, including brittle pipes that had exceeded their design life, asbestos pipes and sections of the pipeline network obstructed by buildings.
He said the government decided against demolishing citizens’ buildings along affected pipeline routes, opting instead to develop new distribution networks.
According to the governor, Enugu metropolis has been divided into 14 zones, with work ongoing to extend water supply to the last mile.
He said the government had also procured horizontal drilling equipment to enable underground pipe installation without unnecessarily cutting open roads.
“We have a buffer of over 50 per cent to serve the entire city of Enugu. What we’re now dealing with is making sure that the water gets to the last mile,” he said.
Mbah assured residents that his administration remained committed to resolving the water supply challenge, adding that he received daily briefings on progress in the sector.
Enugu Opens Up Agricultural Sector to Investors
The governor also highlighted his administration’s agricultural development initiatives, saying the state was creating opportunities for commercial farming, mechanisation and agro-processing.
He disclosed that Enugu had more than 167,000 hectares of land available as a land bank for commercial agricultural investments, with some communities voluntarily making land available for farming and wealth creation.
Mbah said the government was engaging investors across different parts of the state and had established a tractor assembly plant to support agricultural mechanisation.
He added that the state had more than 60,000 farmers in its database, cultivating over 80,000 hectares of land, with the coordinates of their farms documented.
According to him, the government recently distributed more than 60,000 bags of fertiliser free of charge to farmers, alongside other farming tools, improved seedlings and handheld tractors.
He said the interventions were aimed at increasing agricultural productivity and helping smallholder farmers transition from subsistence farming to mechanised agriculture.
Mbah further disclosed that the government was constructing agro-transformation centres across the state’s three senatorial zones, in addition to a special agro-processing zone intended to support large-scale agricultural production and processing.
He also announced that an integrated livestock facility capable of accommodating more than 20,000 cattle was under construction around the Obollo and Eha-Amufu axis, while Enugu was among three states selected for a federal government integrated poultry project.
The governor said the agricultural initiatives were designed not only to increase food production but also to encourage processing, attract private investment and create employment.
Security: Mbah Cites Federal Support, Regional Intelligence Sharing
On security, Mbah said Enugu State had benefited from its relationship with the Federal Government, particularly through support for security operations and improved collaboration among security agencies.
Responding to concerns about insecurity along interstate border areas, including flashpoints connecting Enugu with neighbouring states, the governor said intelligence sharing and regional cooperation had improved.
He disclosed that the establishment of the state’s Distress Response Squad received approval from the Federal Government.
Mbah also said the state was working closely with the Nigerian Army, Police, Department of State Services, Nigerian Air Force and Nigeria Security and Civil Defence Corps to strengthen security operations.
According to him, although regional collaboration might not always be reflected in a single physical command centre, intelligence sharing and cooperation among security agencies had increased.
He maintained that Enugu’s relationship with the Federal Government had brought benefits beyond security, including opportunities to attract national events, conferences and other activities to the state.
Enugu Repositioning Itself as Regional Hub
The governor said Enugu was regaining its position as a regional hub after years in which it was increasingly being displaced by other locations.
He cited the hosting of national conferences and activities, including the National Council on Agriculture and other major events, as evidence of renewed interest in the state.
Mbah said the return of such activities was creating opportunities for local businesses and residents through increased economic activity.
He argued that reconnecting Enugu to national economic and institutional networks was essential to sustaining its regional importance.
Mbah Defends Federal Economic Reforms
The governor also defended the Federal Government’s economic reforms, arguing that stabilising the macroeconomic environment was necessary to attract private investment and stimulate growth.
He cited Nigeria’s foreign reserves, which he put at about $58 billion, and what he described as improved foreign exchange stability as indicators of progress.
Mbah said allowing the foreign exchange market to respond to market forces had helped address pressures that previously contributed to the depletion of the country’s reserves and weakened confidence in the naira.
He argued that economic stability would encourage private capital to enter the economy, leading to job creation, increased earnings and a reduction in poverty.
According to him, the reforms required political courage and should be assessed by their impact on economic indicators and growth.
“We are on the right path, and I can tell you from the numbers we’re seeing and the growth we are witnessing now, we are seeing the light at the end of the tunnel,” he said.
The governor maintained that the benefits of economic stabilisation would become more evident as investment increased and economic activity expanded.
He said the state government would continue pursuing its infrastructure, agricultural and security initiatives as part of efforts to improve living conditions and strengthen Enugu’s economic position.
News
FG confirms Ebola case in FCT, identifies 44 contacts
The Federal Government has confirmed a case of Ebola disease in the Federal Capital Territory (FCT), identifying 44 close contacts as health authorities intensify efforts to contain the infection and prevent further spread.
The Coordinating Minister of Health and Social Welfare, Professor Muhammad Ali Pate, disclosed this in a statement issued on Tuesday, October 20, 2026, following laboratory confirmation of the case.
According to the statement, the patient is a woman who recently arrived in Nigeria on an international flight from Uganda.
She was admitted to a private hospital in the FCT, where she received treatment for several days before the diagnosis was confirmed.
The Minister said the patient was currently in isolation and receiving medical care.

He added that the Federal Ministry of Health and Social Welfare, the Nigeria Centre for Disease Control and Prevention (NCDC), the FCT Health Services Secretariat and other relevant authorities were working together to contain the infection.
Contact tracing has commenced, with public health teams identifying and monitoring individuals who may have been exposed to the patient, including healthcare workers, patients, caregivers and travel contacts.
The government has also intensified disease surveillance, while the hospital where the patient received treatment is being supported to strengthen its infection prevention and control measures.
The Federal Government called on public and private healthcare facilities across the country to remain on high alert and promptly report suspected cases to public health authorities.
It urged healthcare workers to maintain a high index of suspicion, identify and isolate suspected cases without delay, and strictly observe infection prevention and control protocols.
The government also explained that Ebola spreads through direct contact with the blood or other body fluids of an infected person who is sick or has died from the disease, as well as contact with contaminated materials.
It further clarified that a person infected with Ebola cannot transmit the disease before symptoms develop.
The government urged Nigerians to remain informed and follow public health guidance as authorities continue efforts to contain the confirmed case and prevent further transmission.
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