An explosive report has surfaced, casting a damning shadow over the tenure of former Central Bank of Nigeria (CBN) governor, Godwin Emefiele. The special investigator appointed for the probe, Jim Obazee, has indicted Emefiele on the staggering N22.7 trillion “Ways and Means” advance to the Federal Government.

 

 

In a detailed submission to President Bola Ahmed Tinubu, Obazee highlighted instances where Emefiele allegedly approved the disbursement of N500 billion under the guise of ‘ways and means advance’ without the necessary approval from Former President Muhammadu Buhari. The report further disclosed that the CBN, under Emefiele’s leadership, and its officers were only able to provide partial details of N9 trillion to the 9th National Assembly, despite the mammoth N22.7 trillion figure claimed.

The investigation shed light on alleged unauthorized withdrawals from the Consolidated Revenue Fund (CRF) account, which were then attributed to ‘Ways and Means’ under the guise of a Presidential subsidy. Shockingly, it was revealed that the CBN officers, including the acting CBN Governor, failed to produce the required Presidential Approval for several expenses categorized as “Ways and Means.”

 

 

The report unveiled a stark contrast, indicating that the actual documented reconciliation between the CBN and the Ministry of Finance at the time pegged the “Ways and Means” figure at N4.44 trillion, a far cry from the alarming N22.7 trillion presented to the National Assembly.

 

 

In a significant twist, the purported N22.7 trillion ways and means advance has reportedly been scrutinized and absorbed into Nigeria’s total debt stock, which soared to N87.91 trillion in the third quarter of 2023. This revelation adds another layer of complexity to the already intricate financial landscape.

 

 

Issuing a stark reminder of the severity of the allegations, it was reported that Emefiele, who served as CBN governor from June 4, 2014, to June 9, 2023, has been remanded in prison for failing to meet bail conditions. This development follows his suspension and subsequent probe, spearheaded by the appointed investigator.

 

 

The gravity of the situation is underscored by the ongoing legal proceedings, with Emefiele facing N1.2 billion procurement charges. These events mark a significant chapter in the Nigerian financial landscape, with far-reaching implications that extend beyond the confines of the CBN.

 

 

As the revelations continue to unfold, the echoes of this alleged scandal reverberate across the economic and political spheres, prompting a meticulous reevaluation of governance and financial oversight. The intricate web of allegations, combined with the far-reaching consequences, underscores the imperative for unwavering vigilance and accountability within the highest echelons of economic stewardship.