News
Emefiele operating separate $47bn foreign reserve account, 527 others without FG’s knowledge – Report
by SEGUN OLATUNJI.
The curious £2.55bn award against Nigeria.
Godwin Emefiele
…to be quizzed on $3.7bn COVID-19 IMF palliative funds diverted to private bank account in China
. Accused of bribing CBN external auditors to doctor reports to deceive FG in the past six years
. Alleged to have directed each commercial bank CEO to give him N30bn “pocket money” annually
Suspended Central Bank of Nigeria Governor, Godwin Emefiele has unilaterally been operating a separate foreign reserve account on behalf of the country without the knowledge of the Federal Government, a security report has revealed.
Emefiele, according to the report, masterminded the creation of two foreign reserve accounts for Nigeria with the second one the Federal Government is not aware of, having about $47billion.
CBN under Emefiele, the report further revealed, has also been running no fewer than 527 private bank accounts with public monies running to several billions stashed in them without the government being in the know.
These allegations, amongst several others against Emefiele, are contained in a security report submitted by the Department of State Services to former president Muhammadu Buhari since January this year.
The security report was sighted by our correspondent over the weekend.
The report handed over to former President Buhari by the DSS Director General, Yusuf Bichi, in January, it was learnt, contains more damning evidence against the suspended apex bank boss over a series of some fresh allegations.
The submission of the security report to the then President, First News had reported, necessitated Emefiele’s visits twice on Thursday January 19, 2023 to the Aso Rock Presidential Villa. The then CBN governor, First News had reported, was summoned by the then President Buhari following his receipt of the DSS security report on the fresh allegations and “overwhelming evidence” against the apex bank boss earlier that day from the DSS DG.
Emefiele had earlier that same day visited the Presidential Villa as part of the delegation of the Arab Bank for Economic Development led by its Director General, Dr Sidi Ould Tah.
But Emefiele’s second meeting that same day with Buhari was held behind closed doors at the Presidential Villa, where he was confronted with the fresh allegations leveled against him by the DSS. At the end of his closed door meeting with the then President Buhari, Emefiele declined to comment on the issues discussed when approached by State House correspondents.
Earlier, the DSS had accused Emefiele of aiding and abetting terrorism, insisting that the then CBN Gov must be prosecuted for the alleged crimes.
According to the report, DSS’ preliminary investigations revealed Emefiele’s involvement in various acts of terrorism financing, fraudulent activities and economic crimes of national security dimension.
But the already embattled Emefiele continued to employ all means to escape arrest and interrogation by the DSS. He even had to delay his return to Nigeria after a trip abroad. He was also said to have engaged some close associates of the then President Buhari to help him prevail on the DSS to let him off the hook. He was also alleged to have been employing propaganda through organised public protests and demonstrations by CSOs, all in a bid to stop his investigations by the DSS.
A nephew and close confidant of the then President Buhari, Mamman Daura and the then Kaduna State Governor Nasir El-Rufai were said to be the arrowheads of the highly influential and powerful politicians pressuring the DSS DG, Yusuf Bichi to let go of Emefiele, resulting in the inability of the secret police to interrogate the apex bank boss on the allegations leveled against him while Buhari’s tenure lasted.
First News, however, learnt that unknown to Emefiele, while he was out of the country, the DSS had interrogated and obtained documentary evidence from his deputies at the apex bank, external auditors to the bank and managing directors of 27 commercial banks regarding the monumental allegations of corruption and fraud being levelled against him by the secret police regarding forex allocations and other corruption allegations.
It was in the course of these widened investigations that the DSS unearthed 12 fresh allegations against the CBN Gov, First News reported.
It was gathered that during interrogation, the CBN external auditors, who have been working for the apex bank in the past six years, “gave evidence under caution” to DSS interrogators and provided documents to back their claim that Emefiele paid them to prepare “doctored audit reports” which the Federal Government under Buhari was inadvertently relying upon.
It was also learnt that during investigations, the DSS discovered that the controversial Ways and Means approval requested by the Finance Minister was actually in the region of N23.7trillion as against the N7.3trn presented to the National Assembly.
Some of the new allegations Emefiele was then being investigated for by the DSS include the N3.6bn COVID-19 palliative funds given Nigeria by the IMF two years ago to cushion the effects of the pandemic.
Emefiele, it was learnt did not inform the Federal Government about the IMF palliative but only allegedly diverted the money into a private account in China.
The demand for acknowledgement letter by the IMF from the Finance Minister let the cat out of Emefiele’s bag. The CBN Gov was however said to have told the then Finance Minister that he invested the money for the country.
The then Finance Minister on her part, was said to have demanded for about $700m out of the IMF palliative to enable her Ministry to “offset staff salary.”
The remaining $3billion, it was gathered, is still being kept in a bank in China without the Federal Government being aware of this development.
Also, the much-vaunted Single Treasury Account (TSA), it was learnt, has been discovered by the DSS to be a phantom device by Emefiele to deceive the Federal Government and all Nigerians. “There’s nothing like TSA account. Only Emefiele knows what he means by this,” a source said.
The DSS, it was further gathered, while grilling bank chief executives in January, also unearthed an allegation that the CBN boss directed all commercial banks’ managing directors to give him N30bn each every year as his own “pocket money.” Only a newly established bank (names withheld) allegedly paid Emefiele the least sum of N5bn. The bank MDs involved, it was learnt, wrote statements and provided the DSS with documentary evidence.
This was part of the reasons Emefiele, on January 18, 2023, through a CSO, approached an Abuja High Court presided over by Justice Belgore to obtain an interim injunction to restrain the DSS from obtaining information from the CBN and the commercial banks regarding forex allocations in the past six years.
But unknown to Emefiele, the DSS had already obtained a comprehensive list of all those involved in the forex distribution deal, including some highly placed Presidency officials and which was included in the security report on the CBN boss submitted to former President Buhari.
This security report, which former President Buhari refused to act upon, it was learnt, was recently dusted by the DSS and re-submitted to the President Bola Tinubu-led administration, which last Friday night suspended Emefiele from the office of the CBN governor and subsequently appointed an acting governor in his stead.
This action by President Tinubu against Emefiele gave the DSS the needed clearance and the green light to move in and arrest the suspended CBN governor on Friday night in his Lagos home, flying him to Abuja, where he’s currently being detained to answer questions on the various allegations leveled against him.
News
GOV OBOREWORI BOOSTS TRADITIONAL INSTITUTIONS WITH 65 LAND CRUISERS TO STRENGTHEN GRASSROOTS PEACE
By: Divine Perezide
Delta State Governor, Rt. Hon. (Elder) Sheriff Francis Oborevwori, has handed over 65 brand new Toyota Land Cruisers to traditional rulers across the state in a move aimed at strengthening grassroots governance, peacebuilding, and rural security coordination.
Presenting the vehicles in Asaba, the state government said the gesture reflects the administration’s recognition of the strategic role traditional institutions play in maintaining social stability, mediating communal disputes, and fostering collaboration between communities and government agencies.
The governor described traditional rulers as indispensable partners in sustaining harmony in rural areas, noting that enhanced mobility would enable quicker engagement with communities, faster response to emerging tensions, and closer cooperation with security operatives.
“This intervention is part of our people-centered leadership approach. It is a deliberate effort to build lasting peace and sustain the achievements of our MORE Agenda,” Governor Oborevwori stated, emphasizing that development thrives only in an atmosphere of peace.
Government officials explained that the vehicles would improve accessibility across difficult terrains, enable traditional leaders to attend to community matters more efficiently, and reinforce the interface between grassroots institutions and the state.
Stakeholders have commended the initiative as timely, especially as many rural communities rely heavily on traditional institutions for conflict resolution, cultural administration, and early warning mechanisms in times of tension.
With the distribution of the Land Cruisers, the Oborevwori administration says it remains committed to deepening rural engagement, strengthening local leadership structures, and advancing its peace-building framework across Delta State.
IduwiniVoice
By: Derick Peretengboro
Port Harcourt, 12 January 2026 — A Reconciliation Committee appointed by the Pan-Niger Delta Forum (PANDEF) has appealed to political actors in Rivers State to end the ongoing crisis that has deeply affected governance and public confidence in the oil-rich state.
Headed by Chief Godwin Kanu Agabi, SAN, CON, the Committee was inaugurated on 12th January 2026 to “explore ways of bringing the escalating political crisis in Rivers State to an end,” a crisis, the Committee noted, that “has persisted for too long.”
In a statement at the inauguration, Chief Agabi said the Committee was privileged to serve and expressed gratitude to God and PANDEF leadership, particularly Ambassador Godknows Igali, Chairman of PANDEF’s Board of Trustees, and His Royal Majesty, King Alfred Papapraye Diete Spiff, former Governor of Rivers State and Amayanabo of Twon Brass. The statement described Sir Diete Spiff as “a man whose commitment to the South-South and the nation as a whole has never been in doubt,” adding that “it is the sacrifices of men like him that bequeathed the States of the South-South to the people of that area.”
Highlighting the gravity of the state’s political stand-off, the Committee warned that continuing conflict could erode confidence in the political actors’ commitment to the “interest of the people of Rivers State and of the nation.”
Using a local proverb to caution against self-destructive disputes, the statement urged caution: “Let the parties involved not be as the Clam and the Oyster … The fisherman picked them up, took them home and made a nice fine meal of Clam and Oyster. May it not be with Rivers State as it was with the Clam and the Oyster.”
Chief Agabi expressed optimism that the crisis could be resolved without external intervention, arguing that “the parties to this dispute are one people who began as one” and urging humility: “If they have now offended one another, they must be humble enough to apologize and to forgive. It is in forgiving that true greatness can be found.”
The Committee called for goodwill and prayer, countering the often-held view that religion has no place in politics. The statement read: “The misconception that God has no place in our politics has harmed and continues to harm the nation … Whether we are governors or ministers or legislators … it is to God that we owe our appointments and promotions.”
On the key figures involved in the crisis, Chief Agabi spoke personally of both the Minister of the Federal Capital Territory, His Excellency Nyesom Wike, and the Governor of Rivers State, His Excellency Governor Fubara, saying: “The Minister … is my friend. He is my benefactor.… The mighty hand of God is upon him. That great Hand demands that he should lead this reconciliation … I trust [Governor Fubara] to respect that bond.”
The Committee also extended respect to members of the Rivers State House of Assembly, praying for “a change of heart on their part” and urging them that “in forgiving the Governor whatever wrongs he has committed … they will demonstrate … restraint, … public spirit and … maturity.”
Concluding its charge, the Committee emphasized that it was not a judicial body, but an appeal for unity: “This Committee is not appointed to sit in judgment … Our duty is to appeal to the parties to be reconciled with one another… We appeal to the parties to embrace reconciliation… Sacrifices are called for. Make them and let there be peace.”
By: Divine Perezide
Warri, Delta State — Residents of the Warri Federal Constituency and surrounding environment are set to witness the public presentation of a new book titled “Warri Federal Constituency Delineation: Itsekiri & the Challenge of Sustaining the Burden of Lies”, authored by M. Keme.
The event, being organized by Niger Delta Scholars on behalf of stakeholders in the constituency, is scheduled to take place on Friday, January 23rd, 2026, at the Petroleum Training Institute (PTI) Conference Centre, Warri, with proceedings commencing at 11:00am.
According to the organizers, the book interrogates historical and contemporary issues surrounding the delineation of Warri Federal Constituency, with particular focus on the Itsekiri ethnic group and the socio-political narratives that have shaped representation over the years.
The public presentation will be chaired by Professor Benjamin Okaba, President of the Ijaw National Congress (INC), who is expected to lend scholarly insight into the relevance of the publication to ongoing debates in Niger Delta politics.
The book will be formally reviewed by noted academic Professor Benedict Binebai, providing an evaluative perspective on the text and its contributions to regional political discourse.
The organizers have issued an open invitation to scholars, political leaders, community stakeholders, and the general public to attend the presentation ceremony. Enquiries and confirmations can be directed to the official RSVP line: 08023865232.
The forthcoming launch is anticipated to spark renewed intellectual and civic engagement on constituency delineation, ethnic relations, and democratic representation in the Niger Delta.