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Tag: Dr Godwin Emefiele

  • Shonubi reveals what Emefiele told him about Naira redesign

    Shonubi reveals what Emefiele told him about Naira redesign

    A former Acting Governor of the Central Bank of Nigeria (CBN), Folashodun Shonubi, has said he learnt that there were intrigues and politics in the naira redesign exercise carried out in 2022.

    Shonubi, then Deputy Governor (Operations) before his appointment as Acting CBN Governor, said the former Governor of the CBN, Godwin Emefiele, told him and others that there were intrigues and politics in the whole exercise.

    Shonubi, now retired, who is the Prosecution’s third witness, made this claim in reaction to a question from Emefiele’s lawyer, Olalekan Ojo, at the resumed hearing in the trial of the ex-governor of the CBN.

    Emefiele is being prosecuted by the Economic and Financial Crimes Commission (EFCC) before the High Court of the Federal Capital Territory FCT (FCT) on four counts bordering on disobedience to the direction of law and illegal act causing injury to the public about the naira redesign exercise.

    Ojo had asked Shonubi if, as a seasoned CBN banker, he was aware of the intrigues and politics in the naira redesign exercise.

    The witness said he ordinarily did not know, but learnt from Emefiele, during one of their meetings, that there were indeed intrigues and politics in the exercise.

    The witness however did not say if Emefiele told them what the intrigues and politics were.

    When asked if indeed there was presidential approval for the naira redesign, the witness said the defendant presented a document during one of the meetings of the CBN’s Committee of Governors (COG) containing the signature of the president.

    Shonubi, however, said what the CBN under Emefiele produced after the naira redesign exercise was different from what President Bola Buhari approved.

    He said the redesigned naira notes were launched by President Buhari, adding that he was not aware of a letter from the president complaining about the naira redesign.

    The witness also said he did not come across any letter from either the COG or the board of the CBN protesting against or condemning the approval of the president for currency redesign.

    On whether he knew all that transpired between President Buhari and Emefiele in the course of the naira redesign exercise, the witness said no.

    Shonubi said he is not aware of the oral discussions between the defendant and the then-president about the naira redesign exercise.

    He said it was only the defendant who was interacting with the president on this issue.

    Shonubi confirmed that he was invited once by the EFCC about the case and that he made statements.

    He however said the EFCC did not have a physical confrontation between him and the defendant in respect of what was contained in his statements that related to him (the defendant).

    While being led in evidence by prosecuting lawyer, Rotimi Oyedepo, earlier, the witness said what was produced by the CBN under Emefiele as the redesigned naira notes were not the same as approved by the President.

    He said the memo presented to the president for the naira redesign was solely prepared by Emefiele and sent to the president.

    Shonubi said the CBN, under Emefiele, did not follow its laid down procedures for currency redesign.

    He stated that the normal procedures were for the Currency Management Department of the CBN to make recommendations on the need to redesign the currency, after which a paper would be submitted to the Committee of Governors (COG) of the bank for consideration.

    The witness added that upon the COG’s approval to the CBN Board, it would, in turn, make a recommendation to the President of the Federal Republic of Nigeria.

    He said after the President’s approval was received, the bank would then set up an internal committee to execute the currency redesign exercise.

    Shonubi, who said, as a Deputy Governor, he was a member of both the COG and CBN Board, told the court that Emefiele stepped down the recommendation made in early 2021 by the bank’s Currency Department.

     

  • REVEALED: Approvals under Emefiele as CBN governor didn’t have Buhari’s signature, says Presidency

    REVEALED: Approvals under Emefiele as CBN governor didn’t have Buhari’s signature, says Presidency

    The Special Adviser to President Bola Tinubu on Media and Publicity, Ajuri Ngelale, said many approvals for the release of funds under Godwin Emefiele as Central Bank of Nigeria did not have the signature of former President Muhammadu Buhari.

    Speaking in an interview with media personality, Chude Jideonwo, aired on Channels Television on Monday night,  Ngelale, said the last administration has to take some responsibilities for some of the things that happened in the apex bank under Emefiele.

    According to Ngelale, “President Bola Tinubu has come out several times in fairness to him (Buhari), to say, ‘Look, this is what happened under the previous administration’. I think we have to acknowledge the fact that he (Tinubu) understands more than anyone that many of the approvals within the CBN that brought us to this point has no signature to President Muhammadu Buhari and had no knowledge of President Muhammadu Buhari,” Ngelale said.

    He said that even though President Tinubu supported Buhari’s administration, he has not hesitated to disclose to Nigerians things that were not healthy to the economy that happened under his predecessor.

    “We are not hiding behind the figure on this issue, I think I have been very clear that the prior administration does have to take responsibility for the fact that Governor Emefiele was left in office even though he was inherited and he was given a second term to continue doing what he ended up doing.

    “That responsibility and that decision were made by President Muhammadu Buhari irrespective of the fact that President Buhari knew what was going on in the Central Bank of Nigeria. So, there is a responsibility to be taken there, I have to be very categorical about that.

    “Now, that does not however mean that you throw the baby out with the bath water. We don’t say because these thing happened in the Central Bank of Nigeria President Buhari  was devoid of achievement or devoid of progressive administration.

    “Having infrastructure matters, working on ease of doing business, making sure that people can register a company in 48 hours as against six months before they came into office, these things actually have impacts with the responsibility attracting investments into the country.”

    Ngelale cited the $6.2m that was said to have released in cash by the CBN allegedly for the purpose of taking care of foreign election observers as one of those approvals that had Buhari’s signature which turned out to have been allegedly forged.

    He was removed last June and is standing trial before Justice Muazu on 20-count amended charges bordering on corrupt advantages, conspiracy, criminal breach of trust, forgery and obtaining by false pretenses to the tune of $6,230,000.

    Emefiele was accused of impersonating a former Secretary General of the Federation (SGF), Boss Mustapha, to illegally obtain the sum.

    Recalls that ex-SGF Mustapha testified before the court that he knew nothing about the transaction up till the time he left office at the end of May 2023, adding that having served for five years and seven months, the document in contention didn’t emanate from the office of the then President Buhari.

     

     

  • How Emefiele approved $6.23 million for international election observers- Witness reveals

    How Emefiele approved $6.23 million for international election observers- Witness reveals

    Senior official of the Central Bank of Nigeria (CBN), Michael Onyeka Ogbu has revealed that the apex bank released $6,230,000 for the payment of some international election observers prior to the 2023 general elections.

    Ogbu disclosed this at the resumption of the trial of former CBN governor at a High Court of the Federal Capital Territory on Monday.

    Ogbu, who is the first witness, PW-1, in the amended 20-count charge the Economic and Financial Crimes Commission (EFCC) preferred against Emefiele, told the court that he is a Deputy Director at the CBN, in charge of branch operations.

    Led in evidence by EFCC’s lawyer, Rotimi Oyedepo (SAN) the witness, identified some documents he said were in relation to the disbursement of the approved funds, to the foreign election observers.

    He told the court that his attention was brought to the approval by one of the departments at the CBN, adding that his own responsibility was to process the release of the requested fund in accordance with the due process.

    “On January 8, 2023, the request for payment of $6, 230, 000 was brought to my attention by the Banking Services Department.

    “Ours is to make payment. We do not have the power to approve.

    “So, having gone through the documents and satisfied, I minuted on it and sent for processing and disbursement which was complied with,” the witness added.

    Meanwhile, while the witness was identifying the documents, it was discovered that two of them were missing.

    Consequently, the prosecution counsel requested for the trial to be stood down to enable him to get the missing documents.

    However, Emefiele’s lawyer, Matthew Burkaa (SAN) argued that instead of a stand down, the matter should be adjourned till another date to enable the prosecution to put its house in order and for the witness to be cross examined.

    Justice Hamza Muazu accordingly adjourned the matter till Tuesday for continuation of hearing.

    It will be recalled that the anti-graft agency had on January 20, re-arraigned the former CBN boss on an amended charge that bordered on criminal conspiracy, forgery, breach of trust and the allegation that he conferred undue advantage on himself.

    The EFCC had initially entered a six-count charge against the defendant over his alleged complicity in a N1.2 billion procurement fraud.

    In the amended charge, the agency accused the defendant of obtaining about $6.2million through false pretence, alleging that he falsely represented the Secretary to the Government of the Federation.

    He was accused of committing an offence that was in contravention of Section 1(1) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, and punishable under Section 1(3) of the same Act.

    According to the amended charge, marked: CR/577/2023, Emefiele, on February 8, 2023, connived with one  Odoh Ocheme, who is now on the run, to obtain $6.2m from the CBN, claiming that it was requested by the SGF “vide a letter dated 26th January 2023 with Ref No. SGF.43/L.01/201.”

     

  • Court gives Emefiele Jan. 25 to appear over $53m debt

    Court gives Emefiele Jan. 25 to appear over $53m debt

    A Federal High Court in Abuja has given former Governor of Central Bank of Nigeria (CBN), Godwin Emefiele, until Jan. 25 to appear in court to explain circumstances surrounding the 53 million dollar-judgment debt arising from the Pars Club refund.

    Justice Inyang Ekwo, in a short ruling on Tuesday, gave Emefiele another opportunity to appear in court in person or an arrest warrant issued against the ex-CBN governor.

    The development followed a plea by Emefiele and CBN’s counsel, Audu Anuga, SAN, that all efforts to ensure that his client appeared in person on the order of the court were unsuccessful as he was still in custody.

    Anuga informed the court that an affidavit to show cause on why arrest warrant should not be issued against Emefiele was filed on Oct. 30.

    Justice Ekwo then asked I.A. Nnana, the lawyer who represented Mr Joe Agi, SAN, the judgment creditor/applicant in the suit, if he had been served with the affidavit

    Nnana responded that they were served on Monday, almost at the close of work and that they would like to react.

    The judge, who cautioned Anuga against late filing of processes, reminded that the matter came up on July 19.

    The senior lawyer, however, explained that all efforts were made until Friday (Oct. 27) to ensure that Emefiele was released on order of the court but the order was not complied with, which necessitated the filing of the affidavit.

    Anuga, however, told the court that since parties had been exploring settlement before and the CBN had a new governor, they should be allowed to explore settlement option.

    But Justice Ekwo insisted that Emefiele must appear in the next adjourned day.

    “As for the 4th respondent (Emefiele), I have always said, contempt proceedings follow a person whether the person Is still there or not.

    “In this case, I have given this particular person so much liberty, so much leniency and the situation does not seem to change.

    “I will adjourn the matter because the other side says they want to react to the process so there is no much talk.

    “Order of court must be complied with and even if no one complies with the order of the court, the court must comply with its order.
    “I will give you sufficient time,” he said

    The judge, consequently, adjourned the matter until Jan. 25 for Emefiele to show cause why arrest warrant should not be issued against him.

    In the affidavit deposed to on Emefiele’s behalf by Jeremiah Utaan, a legal officer in the Legal Department of CBN, he said Emefiele was willing to appear before the court as directed but for his continued detention by the Department of State Service (DSS).

    He said the information was of public knowledge from June 10 till date that had made it impossible for Emefiele to physically appear before the court on July 19, the last adjourned date.

    Utaan, in the affidavit, averred that Emefiele’s absence at the proceedings was not out of disrespect to the court but rather due to circumstance beyond his control.

    “I verily believe that the cause of justice will not be served should the Honourable Court proceed to issue a Warrant for the arrest of Godwin Emefiele,” he said.

    The judge had, on July 19, threatened to issue a warrant of arrest against Emefiele over his failure to appear in court.

    He said he was minded to exercise a restraint in the proceeding to give the ex-CBN boss an opportunity to explain himself.

    Justice Ekwo had on Oct. 20, 2022, ordered the CBN governor to appear in court on Jan. 18 over his alleged refusal to obey the order of the court for the payment of the judgment debt in favour of a legal practitioner, Joe Agi, SAN.

    Agi had dragged Linas International Ltd, Minister of Finance, CBN and Emefiele to court as 1st to 4th judgment debtors respectively, following an application for garnishee made by him as judgment creditor in the case.

    However, on the Jan. 18, proceedings could not go on as scheduled when the matter was called, prompting the court to subsequently adjourned the case until March 20, before it was fixed for June 6 again.

    The judge, on June 6, ordered Emefiele to appear before it on July 19.

    However, President Bola Tinubu, on June 9, suspended him as CBN governor and he was directed to transfer his responsibilities to the deputy governor, operations directorate.

    No sooner had Emefiele was suspended than the DSS, on June 10, announced his arrest and detention.

    It was also reported that Emefiele was arrested and detained by the Economic and Financial Crimes Commission (EFCC) on Oct. 26 less than an hour after the DSS released him.

    The EFCC was said to be probing him over alleged impropriety during his term as the head of the apex bank.

  • EXPOSED! Real reason EFCC took over Emiefele’s case from DSS

    EXPOSED! Real reason EFCC took over Emiefele’s case from DSS

    …to give account of $15b foreign debts, new currency

    The major reason why the Economic and Financial Crimes Commission (EFCC) took over embattled former governor of CBN, Godwin Emefiele has been revealed.

    This is just as the anti-graft agency began a full-scale probe of the former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, on Friday 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 on Friday 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 on Friday.

    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.

  • Court fixes July 13 to rule on Emefiele’s right enforcement suit

    Court fixes July 13 to rule on Emefiele’s right enforcement suit

    Justice Hamza Muazu of the High court sitting in Abuja reserved judgment in the enforcement of a fundamental rights suit filed by suspended Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele against the Federal Government.

    However, the court fixed July 13, 2023, for judgment.

    Emefiele’s counsel, Joseph Daudu (SAN) argued that contrary to the preliminary objection raised against the originating summons on notice by the respondents, the court has the jurisdiction to entertain the matter.

    He added that the the offences listed against the plaintiff are state offences that could be entertained by the court.

    He stressed that Emefiele’s arrest and detention is an administrative decision of an arm of the executive, adding that jurisdiction is determined by the reliefs sought by an applicant.

    He, therefore, urged the court to dismiss the application, submitting that the allegation of unlawful detention is unfounded, as the plaintiff is being detained on the order of an FCT Chief Magistrate’s Court.

    Counsel to the second and third respondents, I. Awo, told the court that there was a subsisting order to detain the applicant and, therefore, urged the court to dismiss the application with cost.

    The presiding judge, consequently, fixed July 13 for ruling.

  • Tinubu’s media aide, Bayo Onanuga mocks Emefiele, calls him worst CBN governor

    Tinubu’s media aide, Bayo Onanuga mocks Emefiele, calls him worst CBN governor

    Bayo Onanuga, the Tinubu/Shettima presidential campaign council spokesperson,  has mocked the embattled Godwin Emefiele over his suspension as Central Bank of Nigeria, CBN, Governor.

    TheNewsGuru.com reports that Emefiele was suspended on Friday evening with instructions to hand over to his deputy,

    However, Onanuga’s  reaction came after the suspension of Emefiele on Friday

    Reacting to the development on his official Twitter handle, Onanuga described it as a “Good riddance to the worst CBN Governor in History”.

    Emefiele was appointed as the apex bank’s Governor on June 4, 2014.

    His deputy Mr Folashodun Adebisi Shonubi has been appointed the acting Governor of the Central Bank of Nigeria.

  • Ondo Governor, Rotimi Akeredolu declares Emefiele unfit

    Ondo Governor, Rotimi Akeredolu declares Emefiele unfit

    Ondo state Governor, Oluwarotimi Akeredolu has explained that the Governor of the Central Bank of Nigeria, (CBN) Godwin Emefiele is unfit to head the Apex bank in the country.

    Akeredolu noted that Emefiele was supposed to have been booted out from office the moment he showed interest in contesting for the presidential ticket of the All Progressives Congress, (APC)

    The governor added that with the failed bid of Emefiele to contest the primary, he would ensure that he disrupts the 2023 polls.

    Akeredolu made his position known  when receiving members of the Youth Directorate of the Presidential Campaign Council, PCC, of the APC led by Seyi Tinubu in Ondo state.

    The Ondo Governor, disclosed that the rating of the APC has drastically dropped with the naira and fuel shortages in the country.

    He also urged President Muhammadu Buhari to direct Emefiele to reverse the naira redesign policy now, adding that the new and old notes should be allowed to co-exist.

    According to Akeredolu the old notes seems to be in extinct in the country despite a cSupreme Court injunction suspending the directive of the CBN.

    He said “We have a problem we are facing in this country today. Our rating as a party is not that favourable. Let’s not deceive ourselves. Must it be now that we will have this financial policy?

    “Okada, taxis, banks are not taking old notes again. There is an injunction, and everyone is behaving like there is no injunction.”

    On his part, Seyi Tinubu, son of the APC presidential candidate, Bola Ahmed Tinubu, appreciated Akeredolu for his commitment to youth development and inclusion in the state.

  • [Just In] Cash palaver: Ray of hope for Nigerians as Buhari meets with Emefiele, Tambuwal, Bagudu

    [Just In] Cash palaver: Ray of hope for Nigerians as Buhari meets with Emefiele, Tambuwal, Bagudu

    …shelves meeting with govs forum

    Ray of hope for Nigerians as President Muhammadu Buhari privately meet with the Chairman of the Nigeria Governors’ Forum, Aminu Tambuwal; and the Chairman of the Progressives Governors’ Forum, Atiku Bagudu over the scarcity of the three naira notes.

    Also in attendance at the meeting was the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele; the Chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa; as well as the Chief of Defence Staff, Gen Lucky Irabor.

    The meeting held at the President’s office at the State House, Abuja.

    The President was said to have cancelled it in view of the court order forbidding government from extending the February 10, 2023 deadline for the swapping of three old naira notes.

    Sources within the Presidency also affirmed that the President was wary about the possible perception of disregard for lawful orders.

    None of the participants at the meeting agreed to speak to the media.

    Recall that due to the newly introduced cashless policy of the CBN, Nigerians have going through hardship as suddenly Naira became very scarce beyond the reach of the masses.

  • Just In: Court stops CBN from extending new Naira swap beyond Feb 10

    Just In: Court stops CBN from extending new Naira swap beyond Feb 10

    Federal Capital Territory, FCT, High Court has stopped the Central Bank of Nigeria, CBN, from extending the deadline for the use of the old naira notes.

    The court also ordered the CBN to fully implement the redesigned naira.

    Eleojo Enenche, presiding judge, gave the order while delivering ruling in a suit marked FCT/HC/CV/2234/2023, on Monday.

    “An order of interim injunction is hereby made restraining the defendants whether by themselves, staff agents, officers, interfacing banks or whosoever not to suspend, stop, extend, vary or interfere with the extant termination date of use of the old N200, N500, and N1000 bank note being 10th day of February, 2023, pending the hearing and determination of motion on notice,” the court held.

    The CBN had set January 31st as the deadline for the exchange of old naira notes with the redesigned ones.

    CBN had redesigned N200, N500, and N1000 notes.

    Amid the outcry that occasioned the scarcity of the naira, the apex bank had extended the deadline till February 10.