Former Central Bank of Nigeria (CBN) Governor Godwin Emefiele has vehemently denied accusations of illegal banking activities and embezzlement leveled against him by a private investigator employed by the CBN, Jim Obazee.
In a statement issued Sunday night titled “Re: Emefiele, others stole billions, illegally kept Nigeria’s funds in foreign banks,” Emefiele refuted the claims, calling them “misleading” and an attempt to “disparage” his character and “serve the selfish interest of the private investigator.”
Obazee, in a separate report, alleged that Emefiele, without proper authorization, deposited billions of naira in foreign currency across 593 bank accounts in the United States, United Kingdom, and China. The report further claimed that these actions were not approved by the CBN board of directors or the bank’s Investment Committee.
Emefiele’s rebuttal categorically denies these allegations and casts doubt on the motives and methodology behind the investigation.
He said, “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, I have been advised by my lawyers not to say anything in respect of the matters which have been 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 in order to achieve his satanic agenda.
“First, it was reported that contrary to the provision of the CBN Act 2007, there was no presidential approval for the Naira redesign. I wish to state unequivocally that there was indeed a presidential approval, and the said approval was handed over to the same Jim Obazee during the process of his investigation in the presence of senior CBN officials and his own investigative team.
“Moreover, the former President Muhammadu Buhari GCFR has stated on a number of occasions that he authorised 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.
“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.
“I, therefore, join well-meaning Nigerians who have spoken on this matter and have demanded a thorough and transparent investigation of all these alleged frauds.
“Meanwhile, I have instructed my lawyers to immediately commence the legal process to clear my name from the defamatory statements contained in the report and by extension the publications.”
The statement raises questions about the legitimacy and impartiality of Obazee’s report and the potential for political or personal motivations behind the accusations.
This development adds another layer to the ongoing controversy surrounding Emefiele’s tenure at the CBN, which has been marked by accusations of financial mismanagement and policy inconsistencies. The accusations, however, remain unsubstantiated and require further investigation and due process before any conclusions can be drawn.
The situation underscores the importance of transparency and accountability within the Nigerian financial sector and highlights the need for a thorough investigation into the claims and counterclaims. Regardless of the outcome, this episode has already tarnished the image of the CBN and raises concerns about the integrity of its governance and financial practices.