Emefiele used N61 billion to print short supplied New naira notes—Investigative reports

Part of the report of the Special Investigator on management of the Central Bank of Nigeria (CBN), under Godwin Emefiele, has revealed that the CBN spent N61,543,863,520.00 on the illegal printing of naira notes, among other infractions.
The report stated that the redesigned Naira is “illegal and should be withdrawn from circulation with immediate effect. Mr. Godwin Emefiele, Mr. Folashodun Shonubi and other conspirators, in this regard, should be made to face criminal charges for this aberration that led to the loss of lives of many Nigerians, the closure of businesses and joblessness.”
“The amount of the illegal Naira in circulation as at 9th August 2023 is N769.562 Billion which costs the Government the sum of N61,543,863,520.00 of which N31,799,328,880.80 has been paid,” the report added.

Recall that the Special Investigator on the CBN and Related Entities, Jim Obazee in the report revealed that Emefiele also illegally lodged billions of naira in no fewer than 593 bank accounts in the United States, and China including the United Kingdom without the approval of the apex bank’s board of directors and the CBN Investment Committee.

The revelations contained Obazee’s final report tagged, ‘Report of the Special Investigation on CBN and Related Entities (Chargeable offences) submitted to President Bola Tinubu on Wednesday.

It would be recalled that President Tinubu had in a letter dated July 28, 2023, named Obazee, a former Executive Secretary of the Financial Reporting Council of Nigeria, as the CBN special investigator.

Emefiele, who has been released from the Kuje Custodial Centre, is being prosecuted on six counts bordering on fraud.
The report read, “a) NAIRA/CURRENCY REDESIGN. Section 19 (1) of the CBN Act, 2007 provides for the determination and form of the currency notes and coins issued by the CBN. It specifically requires that the Naira notes and coins shall be of such forms and designs and bear such devices as shall be approved by the President on the recommendation of the Board of the CBN. It was surprising that the currency redesign that was done in October last year (2022) was neither recommended by the Board of the CBN nor approved by the then President, Mohammadu Buhari. It was a conspiracy against the Nigerian people and specifically the political class by the then CBN Governor (Mr. Godwin Emefiele) and one of the erstwhile Deputy CBN Governor (Mr. Folashodun Shonubi).

“The idea was that of Mr. Shonubi (claiming interwoven challenges) and Mr. Godwin Emefiele designed and approved the currency on 19th October 2022. The former President tagged along but, did not approve the redesign as required by law. It was only mentioned to the Board of the CBN on 15th December 2022 after Mr. Emefiele has awarded the contract to NSPM PIc on 31st October 2022. It was indeed meant to frustrate the political class and make their election agenda very difficult It turned out to be a huge punishment to Nigerians and the Nigeria Economy coincidentally. Silent.
“Accordingly, the redesigned Naira is illegal and should be withdrawn from circulation with immediate effect. Mr. Godwin Emefiele, Mr. Folashodun Shonubi and other conspirators, in this regard, should be made to face criminal charges for this aberration that led to the loss of lives of many Nigerians, the closure of businesses and joblessness
“The amount of the illegal Naira in circulation as at 9th August 2023 is N769.562 Billion which costs the Government the sum of N61,543,863,520.00 of which N31,799,328,880.80 has been paid.

“The sum of N1,727,500,000 was also spent on questionable legal fees on 19 cases that are directly traceable to the Naira redesign and reconfiguration agenda. FACTS OF THE CASE; i) On the 25th August 2022, Mr. Ahmed Bumar (the immediate past director of Currency in CBN) who is supervised by the Deputy Governor (Operations) – Mr. Folashodun Shonubi- wrote a memorandum to the Committee of Governors (CBN) on the need for Currency Redesign. His memorandum received the blessing of Mr. Shonubi; to which Mr. Shonubi attested to under interrogation.
“ii) Sometimes in September 2022, the erstwhile Governor of the CBN (Mr. Godwin Emefiele) claimed that during his visit to the Presidential Villa, one of the Presidential Aides, Mr. Tunde Sabiu, told him to go and consider redesigning the Naira.

“On 6th October 2022, Mr. Emefiele wrote to former President Mohammadu Buhari seeking his approval to redesign and reconfigure N1,000, N500, N200, and N100 Notes. Mr. Emefiele did not consult with the management of the CBN nor seek any recommendation from the Board of the CBN as required by Section 19 of the CBN Act, 2007.”