Connect with us

News

Emefiele illegally opened 593 illegal bank accounts in UK, US, China – Investigation report

Avatar

Published

on

The ex-Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has been accused of unlawfully depositing billions of naira in approximately 593 bank accounts located in the United States, the United Kingdom, and China.

According to Jim Obaze, President Bola Tinubu’s Special Investigator, Emefiele initiated the opening of these bank accounts without obtaining the necessary approval from the CBN’s Board of Directors and Investment Committee. Obaze revealed that Emefiele placed ₦543,482,213 in fixed deposits in UK banks alone, all without proper authorization.

This information was disclosed in Obaze’s final report titled ‘Report of the Special Investigation on CBN and Related Entities (Chargeable Offences),’ which was submitted to Tinubu.

The report states, “The former governor of the CBN invested Nigeria’s money without authorization in 593 foreign 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. In the UK alone, Emefiele kept £543,482,213 in fixed deposits without authorization by the CBN board and the Investment Committee of the bank.”

Emefiele is currently in Kuje prison, facing charges of alleged ₦1.2 billion procurement fraud. Although the High Court of the Federal Capital Territory, FCT, granted him bail in the amount of ₦300 million, he has not been able to fulfill the bail conditions.

Click to comment

Leave a Reply

News

BREAKING: Oronsaye Report: Tinubu to scrap many agencies, merge others

Avatar

Published

on

President Bola Tinubu will implement some of the recommendations contained in the Oronsaye Report.

This is majorly, in order to cut the cost of governance.

This is coming 12 years after the Steve Oronsaye Panel submitted its report on restructuring and rationalising Federal government parastatals and agencies and a white paper issued two years after.

According to Bayo Onanuga, the President and the Federal Executive Council on Monday reached a decision to implement the report.

He said: “Many agencies will be scrapped and many others will be merged, to pave the way to a leaner government.”

CREDIT: DAILY POST

Continue Reading

News

‘You’re responsible for Nigeria’s economic woes’— Atiku tackles Tinubu

Avatar

Published

on


Atiku Abubakar, the Peoples Democratic Party (PDP) candidate in the 2023 general election, attributed Nigeria’s economic challenges to President Bola Ahmed Tinubu.

In a statement shared on his official social media account on Sunday, the former Vice President of Nigeria urged Tinubu to take cues from Argentina’s President Javier Milei on swiftly restoring investor confidence despite inheriting a troubled economy.

Atiku criticized Tinubu for deflecting blame onto the opposition and his predecessors, calling such actions unnecessary and shortsighted. He emphasized that market dynamics respond to concrete actions, not political rhetoric.

Drawing parallels with President Milei’s leadership in Argentina, Atiku highlighted the need for well-sequenced economic reforms. He commended Milei’s proactive approach in preparing for the post-reform challenges and ensuring the availability of mitigating measures.

Atiku contrasted Tinubu’s administration’s ad hoc and hurried reforms with Milei’s strategic sequencing. He pointed out Argentina’s lean government structure achieved through reducing ministries and privatizing state-owned enterprises, contrasting it with Nigeria’s expanding bureaucracy and excessive spending on official residences.

Atiku likened Tinubu’s administration’s approach to Nero fiddling while Rome burns, accusing him of evading substantive action and blaming the opposition for policy failures, reminiscent of characters in George Orwell’s Animal Farm.

Expressing admiration for Argentina’s reforms, Atiku suggested aligning his “Recover Nigeria Plan” with Milei’s stabilization strategy to alleviate Nigeria’s economic distress. He emphasized the need for transparent policies focused on economic revival and warned against dismissing discontent, particularly among the youth, which could manifest in protests.

The statement referred to the worsening economic conditions in Nigeria, highlighted by soaring inflation rates and high living costs, as reported by the National Bureau of Statistics, with headline inflation reaching 29.90% and food inflation at 35.42% in January 2024.

Continue Reading

News

BREAKING: Fire guts FCT Minister’s residence

Avatar

Published

on


A fire broke out at the private residence of Dr. Mariya Mahmoud, the Minister of State in the Federal Capital Territory Administration (FCTA), on Sunday afternoon.

Situated at No. 9, Justice Roseline Ukeji Close in the affluent Asokoro district of Abuja, the property was reportedly completely destroyed by the blaze.

Despite prompt emergency response efforts, including the arrival of fire service personnel, nothing could be salvaged from the premises.

Mr. Austin Elemue, the Minister’s Special Adviser on Media, confirmed the incident, indicating that the cause of the fire remained unknown at the time.

Authorities have initiated an investigation to ascertain the cause of the fire.

Continue Reading

Trending