Crime

Dispatch Rider Tells Court How He Collected Dollars in Cash for Emefiele

By Web News 412 0

Explains how he picked up $1m, $850,000, $750,000, $400,000 for ex-CBN gov

…says Emefiele never rewarded him, case adjourned to April 29

A dispatch rider, Monday Osazuwa, on Friday, narrated to the Special Offences Court in Lagos how the embattled former Central Bank of Nigeria Governor, Godwin Emefiele, instructed him on different occasions to collect the sum of $3m cash in tranches.

Osazuwa, who was led in evidence in chief by the Economic and Financial Crimes Commission’s counsel, Rotimi Oyedepo (SAN), told the court that he had been a dispatch rider at Zenith Bank since 2001, before joining the CBN as a contract staff member in 2014.

The witness said Emefiele was the Managing Director of Zenith Bank while he worked there as a dispatch rider.

According to Osazuwa, he knew Emefiele, who was his boss while in Zenith Bank, before he later joined him in the CBN.

The witness, who testified before Justice Raman Oshodi, said he was later appointed as a senior supervisor (full-time) in charge of recording and filing documents while working in the CBN Governor’s office in Lagos.

Osazuwa said, “I was still working in the governor’s office when I was appointed a full-time staff member, and we usually communicated through WhatsApp and email.

“I performed as a senior supervisor, recording and filing with other official roles.

“I could recall that, in 2020, when he was outside Lagos, Emefiele called me and gave me a number that a man had something I would collect from him, and that the man would give me the number of another person.

“When I got to the man’s office, I was given an envelope. I counted the money (in it), and was told to give it to my boss.”

The witness further told the court that Emefiele usually collected money alone whenever he was in Lagos.

According to him, any time the defendant was not around, Emefiele would tell him (Osazuwa) to give the money to the second defendant, Henry Omoile.

Osazuwa added that Emefiele sent him to MINL Limited when he was with Zenith Bank.

He added, “This company is situated at Isolo. The first defendant(Emefiele) sent me to collect cheques from the company from Mr. Monday, and when I collected the cheque from Mr. Monday, I would give it back to Emefiele, and he would lodge the money into the account of Dummies Oil and Gas.”

Osazuwa further stated that Emefiele’s co-defendant, Henry Isioma-Omoile, lived in the residence of the former CBN governor.

He stated that when he collected money for his boss (Emefiele), he would take it to his residence at Iru Close, Ikoyi, Lagos.

“Whenever I received the money and took it to my boss’ residence, Mr Emefiele would tell me to give it to the second defendant (Omoile) whenever he was not home.

“I did not keep a record of the transactions, because he instructed me that I should collect the money and bring it to his house.

“The highest amount I collected was $1m, all in cash. Some weeks later, the businessman also called me, and I collected $850,000, $750,000, and $400,000 in cash in different tranches.

“I have never been rewarded, paid, or given anything. I was doing it out of faithfulness, and he knows it, but he never for once said, ‘Take this’,” the witness said.

While being cross-examined by the defence counsel, Mr. Abdulakeem Labi-Lawal, the witness confirmed to the court that he had been working with the defendant since 2002.

Earlier, Justice Oshodi had granted Emefiele bail in the sum of N50m.

He is being tried for alleged abuse of office and fraud to the tune of $4.5bn and N2.8bn.

The judge admitted Emefiele to N50m bail with two sureties in like sum.

He held that the sureties must be gainfully employed and have three years of tax payment with the Lagos State Government.

Oshodi also said that the sureties must show proper identification and be registered in the Lagos State Bail Management System.

The judge also said that he was satisfied with the bail conditions of N1m earlier granted to Emefiele’s co-defendant, Henry Isioma-Omoil, who is standing trial in another charge before Justice Olufunke Sule-Hamzat of the Yaba High Court.

Oshodi, however, said that the bail documents must be transferred to the Special Offences Court and registered in the

Economy

CBN Investigator Indicates Buhari’s Nephew Approved Naira Redesign

By Web News 406 0

The Special Investigator on the Central Bank of Nigeria and Related Entities, Jim Obazee, has indicated that the recent naira redesign wasn’t expressly approved by former President Muhammadu Buhari.

Obazee had gathered that the approval came from Buhari’s aide, Sabiu Tunde ‘Yusuf’.

This was contained in the investigator’s final report tagged, ‘Report of the Special Investigation on CBN and Related Entities (Chargeable Offences) submitted to President Bola Tinubu on Wednesday.

Recall that Obazee, a former Executive Secretary of the Financial Reporting Council of Nigeria, was named by Tinubu as the CBN special investigator in a letter dated July 28, 2023, sighted by The PUNCH.

The report revealed that it was the embattled former CBN governor, Godwin Emefiele, who, in collaboration with Sabiu, implemented the naira redesign.

Sabiu is the former President’s nephew.

Emefiele, who is currently in Kuje Custodial Centre, is being prosecuted for N1.2bn in procurement fraud.

He has not been able to perfect the N300m bail granted him by the High Court of the Federal Capital Territory on November 22, 2023.

However, documents obtained by our correspondent on Thursday indicated that the former apex bank governor might face fresh criminal charges over the handling of the CBN naira redesign policy.

Emefiele could be “prosecuted for illegal issuance of currency under Section 19 of the CBN Act alongside Tunde Sabiu and the 12 top directors of the CBN.”

It was gathered that the naira redesign policy was sold to Buhari at the instance of Sabiu and that the initiative was done without the approval of the board of the CBN.

The investigator found that Buhari didn’t approve of the naira redesign. It was Tunde Sabiu who first told Emefiele in September 2022 to consider the redesign of the naira.

“On October 6, 2022, Emefiele wrote to Buhari that he wanted to redesign and reconfigure the N1000, N500, and N200 notes.

“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 documents noted.

Emefiele was said to have contracted the redesign of the naira to De La Rue of the UK for £205,000 under the vote of the head of the Currency Operations Department after Nigerian Security Printing and Minting Plc said it could not deliver the contract within a short timeframe.

It further showed that “the special investigator found that N61.5bn was earmarked for the printing of the new notes, out of which N31.79bn had been paid.

“As of August 9, 2023, findings revealed that N769bn of the new notes were in circulation.

“The probe of the CBN also revealed the fraudulent use of N26.627tn Ways and Means of the Apex Bank as well as the misuse of the COVID-19 intervention fund.

“For instance, the CBN under Emefiele at its 661st meeting held on October 27, 2020, approved that the Consolidated Revenue Fund Account should be debited with the sum of N124.860bn, and the decision was implemented on October 9.

“Similarly, the Committee of Governors, at its 670th meeting held on December 9, 2020, granted ‘anticipatory approval’ pending receipt of a formal request by Mr President and ratification by the board of directors for the payment of the sum of N250bn only to the Federal Government of Nigeria to address challenges as a result of low revenue inflow and the payment of salaries.

“The decision was implemented on December 15, 2020.”

The CBN investigator discovered that the CBN Ways and Means was abused under the Buhari administration.

Under the CBN Act, the Ways and Means provision allows the government to borrow from the apex bank if it needs short-term or emergency finance to fund delayed government expected cash receipts of fiscal deficits.

It costs the CBN and its subsidiary about N74.84bn to produce and roll out currencies, including new naira notes, in 2022.

Despite the scarcity of naira that plagued the country in the latter months of 2022, the CBN spent 40.42 per cent more than the N53.29bn it spent in the preceding year to roll out currencies.

Punch/Simeon Ugbodovon

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Crime

EFCC Detains Emefiele after Release by DSS

By Web News 285 0

Former Governor of the Central Bank of Nigeria, Godwin Emefiele, is currently being detained in the custody of the Economic and Financial Crimes Commission.

Emefiele, who is currently being interrogated at the National Headquarters of the anti-graft agency, Jabi, Abuja, was picked up by EFCC operatives Thursday night, less than an hour after he regained his freedom from the dungeon of the Department of State Services.

An impeccable source revealed the development to our correspondent Friday morning, noting that the EFCC is probing Emefiele over alleged impropriety during his term as the head of the apex bank.

“Yes, Emefiele is currently in our (EFCC) custody; he was arrested last night less than an hour after the DSS freed him. He’s currently being interrogated at the Headquarters, as he’s being investigated for alleged misappropriation of funds amongst other things during his term as CBN governor,” the source noted.

Our correspondent further gathered that fresh charges may be filed against Mr Emefiele by the EFCC.

Meanwhile, the spokesperson for the EFCC, Dele Oyewale, could not be reached for official confirmation when contacted by our correspondent on Friday.

The PUNCH reports that Emefiele had been in the custody of the Department of State Services since June after President Bola Tinubu suspended him from office.

He was thereafter asked to transfer his responsibilities to Folashodun Adebisi Shonubi, then deputy governor, operations directorate at the apex bank.

A day after, the DSS announced that Emefiele was in its custody for ‘some investigative reasons’.

On July 25, he was arraigned on a two-count charge bordering on “illegal possession” of firearms at a federal high court in Lagos and was granted bail in the sum of N20 million.

The two-count charge was later struck out on August 17 after the Federal Government withdrew the same.

However, a fresh 20-count charge was instituted against him over an alleged conspiracy to carry out procurement fraud, among others.

The arraignment has been stalled twice, and Emefiele was reported to have proposed a plea bargain agreement with the Federal Government.

The proposed agreement required Emefiele to resign as CBN governor and ‘disgorge’ some assets.

However, on September 22, the CBN officially confirmed Emefiele’s resignation after Olayemi Cardoso was appointed as substantive governor of the apex bank

Punch/Simeon Ugbodovon

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Crime

DSS Confirms Emefiele’s Arrest

By Web News 387 0

The Department of State Services, DSS, has finally confirmed that Godwin Emefiele, the suspended Governor of the Central Bank of Nigeria,CBN, is in its custody.

The official confirmation of the whereabout of Emefiele was contained in a press release by the Public Relations Officer, DSS, Peter Afunanya, PhD fsi.

The DSS spokesperson further stated that Emefiele put in custody for some investigative reasons.

He, however, admonished the public, especially the media, to be cautious in their narratives and reportage concerning the development.

This effectively put paid to speculations surrounding the arrest of Emefiele, whose suspension was announced by the Office of the Secretary to the Government of the Federation, late Friday evening.

“The Department of State Services (DSS) hereby confirms that Mr Godwin Emefiele, the suspended Governor of the Central Bank of Nigeria (CBN), is now in its custody for some investigative reasons.

“The public, particularly the Media, is enjoined to apply utmost caution in the reportage and narratives concerning this,” the DSS spokesperson stated in the release dated 10 June, 2023.

Culled/Oluwayemisi Owonikoko

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Economy

Naira Crisis: States Mull Contempt Proceedings against Malami, Emefiele

By Web News 453 0

…serve AGF Supreme Court judgment, demand immediate compliance

Some state governments are planning to initiate contempt proceedings against the Attorney-General of the Federation and Minister of Justice, Abubakar Malami, SAN, and Governor of the Central Bank of Nigeria, Godwin Emefiele, over their refusal to implement the Supreme Court judgment on the naira redesign policy of the Federal Government.

It was gathered on Friday that the Federal Government was served with the enrolled order and Certified True Copy of last week’s Supreme Court judgment, which also ordered that the old N1,000, N500 and N200 should be in circulation alongside the new notes till December 31, 2023.

Non-service of the enrolled order and the CTC of the judgment were said to be responsible for the failure of the Federal Government to direct Emefiele to roll out the old notes already withdrawn from circulation.

The silence of President Muhammadu Buhari on the judgment of the apex court had fuelled the rejection of the remaining old N1,000 and N500 as legal tender. On Monday, some banks commenced paying customers the old notes in partial compliance with the Supreme Court judgment, but by Wednesday the banks stopped disbursing the old notes as the CBN insisted that it had not given any directive to that effect.

According to Punch, the enrolled order and the CTC of the judgment were served on the AGF on Friday afternoon.

Counsel for Kaduna, Kogi and Zamfara states, which dragged the Federal Government before the Supreme Court on the matter, Abdulhakeem Mustapha (SAN), in an interview said Malami was served with the enrolled order and the CTC of the judgment on Friday afternoon, adding that he expected immediate compliance with the judgment as the non-service of the documents had given the government and the CBN an escape route.

Mustapha said, “The Attorney-General of the Federation has been served now and we will take it up from there; if there is no compliance now, we will commence committal proceedings against the attorney-general and the CBN governor. When the Supreme Court talks, the Constitution makes it compulsory for all government representatives and everybody to comply with its order. It’s not discretional, you have to obey, it is the last and the final and that is why we have separation of power.

“The presence of separation of power is for checks and balances; when the Supreme Court talks, it must be complied with by all persons.”

The lawyer had earlier said, “We are waiting for the enrolled order of the court. We are yet to procure it. As soon as we have it, we will take the next step. When the Supreme Court talks, all organs of government comply and if they don’t comply, the rules are clear. We are going to activate the necessary legal steps within the ambit of the law. But we need to get the enrolled order and serve the defendants. That’s where we are.

“Anytime from now, we will be able to get the enrolled order and the Certified True Copy of the judgment, then we will take it up from there. But I can assure you, our clients are monitoring the situation and we will take appropriate steps at the right time.”

Asked what the next step would be if there was still no compliance after serving the AGF the enrolled order and the CTC, Mustapha said, “Courts deal with live issues and not speculations. When we get to the bridge, we will cross it.”

When contacted, the AGF’s media aide, Dr Umar Gwandu, could not be reached as his phone indicated that it was switched off.

State governors, senior lawyers and other stakeholders had since the judgment was delivered been calling on Buhari to direct the CBN governor to direct commercial banks to start giving out the old notes alongside the new ones in order to ease the scarcity of the naira that has crippled the economy.

Governors Nasir El-Rufai of Kaduna State, Yahaya Bello of Kogi State, Bello Matawalle of Zamfara State and Rotimi Akeredolu of Ondo State, among others, had condemned the silence of the President and Emefiele on the judgment.

In the judgment delivered by Justice Agim, the seven-member panel of the apex court held that Buhari breached the constitution in the manner he issued directives for the redesigning of the naira.

On the disobedience of the Supreme Court’s earlier order on the new notes, Justice Agim said Buhari’s broadcast of February 16, 2023 that only the N200 note should remain legal tender made the country’s democracy look like a mere pretension.

Justice Agim stated, “Let me consider the issue of the President’s disobedience of the 8-2-2023 interim order that the new and old versions of naira notes continue to circulate as legal tender until the determination of the pending application for interlocutory injunction. It is not in dispute that the 1st defendant refused to obey the said order.

“The President’s 16-2-2023 national broadcast reproduced here in pages 27-31 demonstrates this disobedience. In disobedience of the order, he directed that only the old N200 naira notes be re-circulated. Interestingly, there is nothing to show the implementation of even that directive. I agree with the 9th plaintiff that the 1st defendant is not entitled to be heard by this court when it has effused to respect the authority of this court and the authority of law from which the authority of the President and the government of Nigeria derives.

“The rule of law upon which our democratic governance is founded becomes illusory if the President of the country or any authority or person refuses to obey the orders of courts. The disobedience of orders of courts by the President in a constitutional democracy as ours is a sign of the failure of the constitution and that democratic governance has become a mere pretension and is now replaced by autocracy or dictatorship.”

The court also dismissed the preliminary objections by the AGF as well as those of Bayelsa and Edo states, and stated that it had jurisdiction to entertain the suit.

Culled/Punch/Simeon Ugbodovon

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Economy

CBN Allays Fear on Cashless Policy

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The Central Bank of Nigeria, CBN, says it will not be rigid on cash withdrawal limits.

The Governor of the apex bank, Godwin Emefiele made the pledge in a chat with newsmen in Daura, Katsina State, after briefing President Muhammadu Buhari on the status of the economy and the performance of the bank.

Mr Emefiele said the policy on cash withdrawal limit was “not meant to hurt anybody”, but to “strengthen the nation’s economy”.

The CBN governor, who said President Buhari was “delighted” with the proposed enforcement of the cashless policy, appealed to Nigerians to embrace the policy as presented.

He attempted to allay fears being expressed in some quarters about difficulties that could face people in rural areas as a result of the policy, saying their situation has already been taken into cognisance, as 1.4 million super agents have been deployed across the country to “deepen the payment system infrastructure”.

“I have told my colleagues, some of their names are already on the CBN website and we will publish all the names of all the super agents,” he promised.

“Having a super agent, which is different from the banks which is different from microfinance banks, which is different from other financial institutions; having 1.4 million of them is as good as having 1.4 million banking points where people can conduct services,” he stated.

“We think, Nigeria as a big country, the biggest economy in Africa, that we need to leapfrog into the cashless economy,” the CBN governor continued. “We cannot continue to allow a situation where over 85 per cent of the cash that is in circulation is outside the bank. More and more countries that are embracing digitisation have gone into cashless.

“I said it at different fora, that this is not targeted at anybody; it’s just meant for the good and development of the Nigerian economy, and we can only continue to appeal to Nigerians to please see this policy the way we have presented it.

“We will be reviewing from time to time how this is working because I cannot say that we are going to be rigid. But it is not to say that we will reverse; it is not to say that we will change the timing, but whether it is about tricking some amount to be a little bit higher or a little bit lower, and all the rest of them. We will do so because we are humans, we want to make sure that we make life good for our people.

“We do not want to make life difficult for them. So there is no need for anybody to worry: the central bank is monitoring what is happening and I can assure everyone that we are up and alive to our responsibilities, and we will do what is right for Nigeria and Nigerians.”

Appealing for “calm”, Mr Emefiele assured Nigerians that “it will go round”.

“The old currency continues to be legal tender till January 31, 2023,” he stressed.

Attempting to “crack a joke”, the CBN governor added: “Both the painted (new notes) and unpainted (old notes) will operate concurrently as a legal tender. But by January 31, the unpainted one will not be useful to you again; so please take it to your bank as quickly as possible.”

On the amount of the old notes the Central Bank has been able to get back to the vaults, he said the Bank has so far taken in more than “half a trillion Naira”.

“But what we have done in the Central Bank is to move more people from different departments into currency processing so that they can process this cash as quickly as possible, and from there, banks can now move what they have with them,” he explained.

He harped on some of the issues “bothering the currency”, assuring Nigerians, at the same time, that “only yesterday, the new currency reached the commercial banks”, who are expected to begin distributing “these currencies” to members of the public who are their customers.

This, Mr Emefiele said, would assure President Buhari that things were “going on well” with the currency, as well as issues bothering the cashless policy.

Abdullah Bello

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Politics

Presidential Ambition: Remove CBN Gov now, Akeredolu tells Buhari

By Web News 416 0

Ondo State Governor and Chairman of the Southern Governors’ Forum, Arakunrin Olúwarotimi Akeredolu had onFriday lambasted the Governor of the Central Bank of Nigeria, Godwin Emefiele, for his brazen act of running for the 2023 Presidency whilst in office.

Akeredolu, a Senior Advocate of Nigeria, declared Emefiele’s action as odd and  illegal.

The Ondo governor noted strongly that Emefiele must quit his role as CBN governor else President Muhammadu Buhari must remove him forthwith.
Emefiele has been CBN governor since 2014.

He reportedly picked the N100m presidential nomination and expression of interest forms of the All Progressives Congress on Friday.

Banners and advert materials of the CBN governor had been in public domain while his support groups have been mobilising for him across the country, holding conferences and rallies.

In a statement he personally signed on Friday night, Governor Akeredolu condemned the action of Emefiele who also reportedly visited Buhari in Aso Villa on Friday to inform the President of his 2023 presidential ambition.

Akeredolu’s statement was titled, ‘The CBN Governor Must Disengage Forthwith’.

It read, “The news of the purchase of Declaration of Intent and Nomination Forms to contest for the office of the President in the forthcoming general elections, on the platform of the All Progressives Congress, purportedly by the supporters of the Governor of the Central Bank of Nigeria, Mr Godwin Emefiele, has been received with palpable disbelief and shock by many Nigerians. This act, if unchecked, timeously, portends great danger to the fragile economy of the country.

“Rumours had been rife on the subterranean partisan activities linked to him through these shadowy characters in the recent weeks. Pictures of branded vehicles, ostensibly purchased for electioneering campaigns, were also posted on the social media. The audacious moves by those who claimed to be supporting this interest have been unsettling.

This latest news confirms that the Governor may indeed be interested in immersing himself in the murky waters of politics like any other Nigerian with partisan interests. It is incontrovertible that Mr Emefiele enjoys a constitutionally protected right to belong to any group or association and participate fully, just as any Nigerian.

“It is, however, difficult to imagine that a person who occupies the exalted and sensitive office of the Governor of the Central Bank of Nigeria will be this brazen in actualizing his ambition.

“There is no gain asserting the obvious. The combined effect of the Public Service Rules, CBN Act and the 1999 Constitution, as amended, exposes not only the oddity inherent in this brash exercise of presumed right to associate.

“It also confirms the illegality of the act should he proceed to submit the forms while occupying the seat as Governor of the Central Bank of Nigeria.

“Consequently, we admonish Mr Emefiele to leave the office, immediately, for him to pursue his interest. He cannot combine partisan politics with the very delicate assignment of his office. Should he refuse to quit, it becomes incumbent on the President and Commander-in-Chief of the Armed Forces to remove him forthwith.

This is a joke taken too far.”

Punch/ Oluwayemisi Owonikoko