CBN Insider “We’ve Found Out How Emefiele Used his Position to Help Friends and Relations”

In light of the difficulties that former governor Godwin Emefiele of the Central Bank of Nigeria is facing, the Economic and Financial Crimes Commission (EFCC) is stepping up its probe into his leadership. Over 85 organizations and individuals have been approached by the anti-graft agency as part of an ongoing investigation into alleged illicit foreign exchange allocations made under Emefiele’s tenure. Punch said that Emefiele used his position to help friends, acquaintances, business colleagues, and relatives, according to a credible source within the agency. CONTINUE FULL READING>>>>>

There are indications that Emefiele might face additional charges to incorporate new findings in the ongoing investigation into forex transactions under his leadership. The EFCC has summoned senior officials of the implicated entities, instructing them to furnish detailed documents of their foreign exchange transactions spanning the last nine years.

A high-ranking EFCC source emphasized that their investigation is thorough, extensive, and independent of the report submitted by the special investigator appointed by President Bola Tinubu, Jim Obazee, to probe the CBN.

The source disclosed that Emefiele is likely to face fresh charges as a result of the ongoing foreign exchange probe. The EFCC had recently conducted raids at the headquarters of Dangote Industries Limited and the BUA Towers as part of the investigation into the alleged abuse of foreign exchange allocations by Emefiele.

The EFCC official stated that the investigation is delving into preferential foreign exchange allocations made by Emefiele, allegedly in violation of financial regulations and the CBN Act. The source mentioned that some officials of the implicated companies and individuals connected with the allocations have been invited for questioning. All entities involved have been directed to provide financial documents from 2014 to 2023.

The source asserted, “We have found out how he (Emefiele) used his position to help friends and acquaintances, business associates, relations, and others. The charges against him are plenty. It is a pity that such a highly placed man used his office the way he did it. He is also going to face other charges like money laundering, abuse of office, even abuse of office may involve the declaration of assets.” CONTINUE FULL READING>>>>>