In a recent report submitted to President Bola Tinubu, the Special Investigator on the Central Bank of Nigeria and Related Entities, Jim Obazee, has uncovered that the naira redesign implemented by the embattled former CBN governor, Godwin Emefiele, was not expressly approved by former President Muhammadu Buhari.
The investigator found that the approval for the naira redesign came from Buhari’s aide, Sabiu Tunde ‘Yusuf,’ rather than the former president himself.
The report sheds light on the collaboration between Emefiele and Sabiu, who is Buhari’s nephew, in executing the naira redesign.
Emefiele, currently facing prosecution for N1.2bn in procurement fraud and held in Kuje Custodial Centre, may now confront additional criminal charges related to the handling of the CBN naira redesign policy.
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The report suggests potential prosecution for the “illegal issuance of currency under Section 19 of the CBN Act,” involving Emefiele, Tunde Sabiu, and 12 top directors of the CBN.
The investigation discovered that the naira redesign policy was presented to Buhari at the insistence of Sabiu and was executed without the formal approval of the CBN board.
Contrary to initial claims, Buhari did not expressly approve the redesign, and Sabiu informed Emefiele in September 2022 to consider the initiative.
The former president only approved the printing of the currency in Nigeria, while the actual redesign was not officially mentioned to the CBN board until December 15, 2022.
Emefiele reportedly contracted the redesign of the naira to De La Rue of the UK for £205,000 after the Nigerian Security Printing and Minting Plc expressed its inability to meet the timeframe.
The investigation disclosed that N61.5bn was allocated for printing the new notes, with N31.79bn already paid. As of August 9, 2023, N769bn of the new notes were in circulation.
Furthermore, the CBN investigator revealed other financial irregularities, including the misuse of the COVID-19 intervention fund and the abuse of the CBN Ways and Means under the Buhari administration.
The report details instances where the CBN authorized debits from the Consolidated Revenue Fund Account for various purposes.
Despite the revelations, Emefiele’s defense remains uncertain, especially in light of the potential fresh criminal charges and the ongoing legal proceedings surrounding the N1.2bn procurement fraud case.
The report underscores the need for accountability and transparency in financial governance within the CBN and related entities.
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