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Nigeria: Former central bank governor Emefiele operated 593 illegal US, UK, China accounts— Investigator

Published

1 year ago

December 22, 2023

Nigeria’s embattled former Central Bank of Nigeria Governor, Godwin Emefiele, has been accused of illegally lodging billions of naira in at least 593 bank accounts in the United States, United Kingdom, and China during his time as Nigeria’s apex bank chief.

The allegation was contained in the audit report from President Bola Tinubu’s Special Investigator on the CBN and Related Entities, Jim Obaze.

The report also found that the ex-CBN governor lodged £543,482,213 in fixed deposits in UK banks alone without authorization.

According to a portion of the report, Godwin Emefiele invested Nigerian funds in 593 foreign bank accounts in the United States, China, and the United Kingdom without authorization while he was in charge.

“All the accounts where the billions were lodged have all been traced by the investigator.”

In August, Emefiele and two others were accused of purchasing a fleet of over 98 exotic cars and armoured buses valued at approximately N6.9 billion, according to the charges signed by the Federal Ministry of Justice’s Director of Public Prosecutions, Mohammed Abubakar, Deputy Director of Public Prosecutions, Mrs N. Jones-Nebo, and eight other ministry officials.

He is presently detained in Kuje Custodial Centre. The N300 million bail that was given to him by a Federal Capital Territory High Court on November 22 has not been perfected, but a fresh revelation from the Obaze report suggests the former chief-banker might be in for another round of criminal charges.

The investigator also discovered that former President Buhari did not approve the redesign of the naira; rather, it was his aide, Tunde Sabiu, who advised Emefiele to consider the naira’s redesign.

“The former president tagged along but did not approve the redesign as required by law. Buhari merely approved that the currency be printed in Nigeria. The redesign was only mentioned to the board of the CBN on December 15, 2022, after Emefiele had awarded the contract to Nigerian Security Printing and Minting Plc on October 31, 2022,’’ the report noted.

Related Topics:CBN Featured Godwin Emefiele Nigeria

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Moroccan annual inflation rises to 0.8% in November

Published

1 day ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

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Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

2 days ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”