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.
By Charity Ebi
Hon. has formally assumed office as the Coordinator of the City Boy Movement (CBM) in Ekeremor Local Government Area of Bayelsa State, pledging dedication to service and community development.
Speaking following his inauguration, Negerese described his new role as a call to responsibility and commitment rather than a mere title. He assured residents that his leadership would focus on delivering impact and fostering hope across the local government.
He expressed gratitude to God for what he described as divine grace and acknowledged the support of key political leaders and stakeholders, including the Governor of Bayelsa State, , and his deputy, . He also appreciated the Minister of State for Petroleum Resources, , for his encouragement and backing.
The newly inaugurated coordinator further thanked the leadership of the City Boy Movement, particularly the State Director-General, , as well as members of the organisation for entrusting him with the responsibility.
Negerese paid special tribute to the people of Ekeremor, including youths, women, and elders, for their support and participation in the process leading to his emergence.
He pledged to work collaboratively with stakeholders to promote development, empower residents, and strengthen unity within the area, expressing optimism about building a more vibrant and progressive Ekeremor under his coordination.
By Favour Bibaikefie
YENAGOA — Former Nigerian Ambassador to Sweden, Godknows Boladei Igali, has commended the visit of President Bola Ahmed Tinubu to Bayelsa State, describing it as a significant step in advancing development efforts in the Niger Delta.
In a statement released on Friday, Igali said the President’s presence in the state for the commissioning of major projects underscores the Federal Government’s renewed focus on infrastructural growth in the region. He characterized the visit as timely and impactful, noting that it reflects a broader commitment to addressing development needs in oil-producing communities.
The former envoy also praised the administration of Governor Douye Diri for delivering key projects designed to enhance living standards and stimulate economic activities across the state. According to him, the ongoing infrastructure initiatives represent meaningful progress in Bayelsa’s development trajectory.
The National Chairman of the Pan Niger Delta Fo observed that the newly completed projects are expected to improve connectivity, boost commercial activities, and open up employment opportunities, particularly for young people in the state.
Igali further urged residents to accord the President a warm reception, emphasizing the importance of unity and collective support for policies that drive national development.
President Tinubu’s visit includes the inauguration of several strategic projects executed by the state government, a move widely viewed by stakeholders as strengthening collaboration between the Federal Government and subnational authorities in fostering sustainable growth.
By Favour Bibaikefie
YENAGOA — The Ijaw National Congress (INC) has reaffirmed that its rescheduled national elections will hold on April 13, 2026, declaring its Electoral Committee (ELECO) fully prepared and cautioning against any directive capable of undermining the process.
The resolution followed an expanded National Executive Council (NEC) meeting held on April 9 at Ijaw House in Yenagoa, convened to assess the level of preparedness for the forthcoming elections.
INC NEC Affirms ELECO Readiness
In a communiqué issued at the end of the meeting, the NEC unanimously endorsed the report presented by ELECO, expressing satisfaction with the level of preparedness and affirming that the elections would proceed as scheduled.
The council stated that members “endorsed the report of the ELECO… that the rescheduled INC National elections should hold on the 13th of April 2026 as planned.”
It further noted that concerns raised at a stakeholders’ meeting convened by the Bayelsa State Government in March had been adequately addressed.
Affirmation of Electoral Independence
The NEC stressed the need to preserve the independence of the electoral body, directing that ELECO be allowed to carry out its responsibilities without interference.
According to the communiqué, ELECO is to “carry out its assignment without interference from other organs of Congress, except to receive logistics support from the NEC.”
The council also expressed confidence in the committee’s readiness, particularly in the preparation of both sensitive and non-sensitive election materials.
Clarifies CITRE’s Role
In a move seen as addressing internal governance concerns, the NEC clarified the constitutional role of the Conference of Ijaw Traditional Rulers and Elders (CITRE), describing it as an advisory organ in line with Article 14(D) of the INC 2019 Constitution.
It noted that CITRE’s functions in election matters are limited to clearing nominees and managing disputes arising from the electoral process, similar to the role of the Board of Trustees (BOT).
The NEC, however, reiterated its openness to constructive input from CITRE, BOT and other organs, provided such advice aligns with the overall interest of the Congress.
INC Discourages Misinformation
The council issued a strong advisory to the public and stakeholders to disregard any information or directive inconsistent with the official position of ELECO.
“The general public is therefore advised to discountenance any information or directive that runs contrary to the position of the ELECO…,” the communiqué stated.
NEC Attendance Across INC Structures
The meeting drew a wide representation of leadership across the INC structure, including NEC members, BOT officials, CITRE leaders, National Representative Committee (NRC) members, zonal executives and chapter representatives.
Among those in attendance were INC President, Prof. Benjamin Okaba; National Secretary, Engr. Ebiowei Wodu; Acting Chairman of CITRE (East), HRH (Gen. Rt.) B.A. Fipinimama; ELECO Chairman, HRM (Justice) Dr. F. F. Tabai; and ELECO Vice Chairman, HRM Seiyifa Koroye.
Others included ELECO Secretary, Dr. Otobo Choice Jamaica; former INC President, Prof. A.W. Obianime; National Legal Adviser, Bomo Tons Fetepigi Obhe; National Organising Secretary, Onengiyeofori Fenibo; and Leader of the NRC, HRH (Dr.) Anyanate Kio.
Also present were CITRE leader, HRH Okoko Stample Esau (PhD); BOT Vice Chairman, Chief M. Tiemo; BOT Secretary, Barr. Fidelis Agbiki; National Treasurer, High Chief Philip B. Agu; National Women Leader, Alali R. Danagogo; and Vice President, Rose Obuoforibo.
Chapter and zonal representatives included Barr. Agha Toru-Ibe (Benin City Secretary), Ephraim Gogo (Benin City Chairman), Tonye Harry (Lagos Chairman), A. Elayelagha (Lagos Secretary), Daniel Ebijor Tonibor (Abuja Chairman), Tete K. Friday (Abuja Assistant Secretary), Ajele Ayokeji Johnson (Akure Chairman), John Ebiofini (Akure Secretary), and Chief Bare Etolor (Chairman, Ijaw Elders Forum).
Others were HRH Akcheseinimie Micah Frank (BOT member), Princess Ebiseni Adesola Joyce (NRC Deputy Leader), Elder Gabriel Benamiensia (NRC Clerk), Karibo Lawrence (Eastern Zone Vice Chairman), God’swill Seke (Central Zone Secretary), Mrs. Peremo Isenali Opiali (National Welfare Secretary), and King Koma A. Eteko (CITRE Deputy Chairman).
The NEC’s resolution is widely interpreted as a strategic effort to consolidate authority within the INC and prevent internal divisions ahead of the elections.
By reaffirming ELECO’s independence and clarifying institutional roles, the leadership appears focused on ensuring a credible, transparent and conflict-free electoral process.
With the April 13 date now firmly set, attention will shift to the conduct of the elections and the ability of the Congress to sustain unity in the post-election period.