Godwin Emiefiele Responds to Jim Obaze’s Allegations

Godwin Emefiele, the former Governor of the Central Bank of Nigeria, has responded to the allegations of stolen funds recently published by the Special Investigator on the CBN and Related Entities.

He talked about all the allegations in a statement on Sunday titled, ‘Re: Emefiele, others stole billions, illegally kept Nigeria’s funds in foreign banks’.

Last week, Jim Obaze, the Special Investigator on the CBN and Related Entities, revealed that Godwin Emefiele, the ex-CBN governor, lodged £543,482,213 in fixed deposits in UK banks alone without authorization from the CBN or the Presidency.

Obaze’s report partly read, 

  • The former governor of CBN, Godwin Emefiele, invested Nigeria’s money without authorization in 593 foreign bank accounts in the United States, China, and the United Kingdom while he was in charge.

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

On Sunday, Emefiele replied to the Special Investigator on the CBN and Related Entities, which said,

  • After my release on bail from the correctional center, Kuje, my attention was drawn to publications released by some mainstream and online news platforms. The sources of the information published by both media houses were credited to a report prepared by Mr. Jim Obazee, whom the President appointed as a private investigator.

  • I have gone through the publications, and I say boldly that the contents of the said publications are false, misleading, and calculated to disparage my person, injure my character, and serve the selfish interest of the private investigator.

  • Because of my present situation, my lawyers have advised me not to say anything about the matters submitted to the court for adjudication.


He also added, 

  • Because of my present situation, my lawyers have advised me not to say anything about the matters submitted to the court for adjudication. However, I need to address some of the issues raised in the publication, which are barefaced lies told by the investigator to achieve his satanic agenda.

  • It was reported that contrary to the provisions of the CBN Act 2007, there was no presidential approval for the naira redesign.

  • I wish to state unequivocally that presidential approval was handed over to the same Jim Obazee during his investigation in the presence of senior CBN officials and his own investigative team.

  • Moreover, former President Muhammadu Buhari has repeatedly stated that he authorized and approved the naira redesign. I am, therefore, at a loss as to why Mr Jim Obazee will mislead Nigerians that there was no presidential approval.

  • The report also claimed that $6.23 million was withdrawn from the CBN vault based on a false presidential directive bearing the signatures of the former president, Muhammadu Buhari, and the former Secretary to the Government of the Federation, Mr Boss Mustapha.

Emefiele said Obaze came to Kuje in the company of a certain Deputy Commissioner of Police from Force CID to ask him questions regarding the said document in the presence of my lawyers.

He stated, 

  • I stated verbally and in writing that I did not know such a directive from the former president and SGF.

  • I told them that that was the first time I would see the documents. On this, I challenge Jim Obazee to publish the said documents and the statements I made to them.

  • The final issue that I would like to respond to is the issue of the 593 accounts that were purportedly opened in different parts of the world.

  • I state categorically that I am not involved in opening these accounts and do not know about their openings.

  • The fixed deposits in those foreign accounts are definitely outside my knowledge. However, let me state clearly that the relevant departments of the CBN have the authority to carry out such activities in line with their lawful mandate within the CBN.

  • Therefore, I join well-meaning Nigerians who have spoken on this matter and demanded a thorough and transparent investigation of all these alleged frauds.

  • I have instructed my lawyers to commence the legal process immediately to clear my name from the defamatory statements in the report and, by extension, the publications.

Godwin Emefiele Suspension Story

Godwin Emefiele became the governor of the Central Bank of Nigeria on June 4, 2014, before he was suspended on June 9, 2023, by President Bola Tinubu. 

Godwin Emefiele was suspended by President Bola Tinubu on June 9, 2023, with immediate effect.  The statement came from the office of the Secretary to the Government of the Federation, Mr. Willie Bassey.

The suspension follows the ongoing investigation of his office and the planned reforms in the economy's financial sector.

He was directed to hand over the affairs of his office to the Deputy Governor (Operations Directorate), Folashodun Adebisi Shonubi, who will act as the Central Bank Governor, pending the conclusion of the investigation and the reforms.

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