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Fact Check: Did former CBN Gov, Emefiele refund N4trillion looted money?
Fact Check: Did Former CBN Governor, Emefiele Refund N4Trillion Looted Money?
Claims: There is a news report making the rounds that the estranged former CBN governor, Godwin Emefiele allegedly refunded N4 trillion looted money to the federal government.
Full Text: According to the online media that circulated this emerging claims, the “Ex-CBN Governor, Emefiele Refunds N4 Trillion, Lemo $500m, As Special Investigator Officer, Obazee, Recovers N12 Trillion From Looted MoneyJim Osayande Obazee, the Special Investigator to investigate the Central Bank of Nigeria (CBN) and related entities, has recovered over 12 Trillion looted mostly by members of the former President Mohammadu Buhari’s administration.#Cbn”(sic)
One of those that followed the news of these latest claims had this to say: “I am speechless… So this could happen under Mr integrity. Nigeria is in a mess and the future of Nigeria is bleaked”…
Another X user (june12 Mandate @Gen_buhar), shared the story with a different caption as follows, “Shocking: Emefiele refunds N4tr, Lemo $500m, $275m and N1.9 tr found with Buhari’s P.A.”
Recall that the former CBN governor, Godwin Emefiele, was first arrested on Friday, June 9, 2023 by the Department of State Services (DSS) after he was suspended by President Bola Tinubu. He was later released on bail on Tuesday, July 26, 2023 but was immediately re-arrested by the Economic and Financial Crimes Commission (EFCC) for alleged illegal possession of firearms and misappropriation of funds.
Verification: Inorder to ascertain the originality of the claims, PRNigeria fact-check team examined related stories across the Nigerian news ecosystem but there was no reputable media platform that had reported any forfeiture by the ex-cbn governor despite the fact that blogging sites like Nairaland carried the story.
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Further online search revealed that the only closest report to the claim as reported by trusted and verifiable news platform was the reported recovery of N1.9 trillion within two months after the naira redesign on 30 January, 2023 as claimed by Emifiele himself while he was still CBN Governor.
Fact Check investigation found that the claim was first posted on X (formally Twitter) by Jackson Ude, a journalist and the tweet, which has since gone viral, has gathered over 82,000 views, 934 likes and 684 reposts.
“Jim Osayande Obazee, the Special Investigator to investigate the Central Bank of Nigeria (CBN) and related entities, has recovered over N12 trillion looted mostly by members of the former President Mohammadu Buhari’s administration. The former CBN Governor, Godwin Emefiele, allegedly returned N4 trillion, gave up ownership of six Banks linked to him, while a Deputy Governor, Tunde Lemo, refunded $500 million. The Committee has also rejected several millions of Dollars in bribe offers from former members of the Buhari’s Government”, Ude tweeted.
PRNigeria reached out to the Ministry of Finance to confirm the validity of the report but the ministry confirmed that it has no such record of such humungous refund.
Mr Emefiele’s family while speaking to The Will, have also described the report as false and an attempt to continue to malign the reputation of the banker.
“This is another lie. Same pattern of lies they have been writing about Godwin Emefiele to destroy his name and reputation. If you follow his persecution, you will clearly see that it is a case of pure witch-hunting and harassment of someone who served this country to the best of his ability. People know the truth. The world knows what is going on. His sin is the Naira redesign policy, which former President, Muhammadu Buhari, has said he approved to protect our elections from vote buying and fraud.
“Nigeria just passed a N2.1 trillion supplementary budget that is being funded by borrowing. Will it need to borrow if it has such so-called refunded money?” said a family source.
Additional investigation by PRNigeria revealed that the 2022 operational income of the apex bank was N2.15 trillion, including the “credit loss expenses of N875bn, of which N610bn was part losses linked to loans and receivables;” according to Budgit Foundation reports on CBN financial statements.
Moreso, according to the Nairametrics report, the audited financials of CBN put the apex bank “net operating income at N1.2 trillion compared to N1.1 trillion in the same period in 2021. Total operating expenses also rose from N1.1 trillion in 2021 compared to N1.2 trillion in 2022.
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Another verification equally revealed that CBN “spent a total of N1.2 trillion on personnel costs in seven years and recorded a net income of N520.04 billion.”
Comparatively, the CBN operating income of N2.15 trillion and N1.2 trillion expenditure in 7 years is far below the alleged N4trillion looted refunds by the embattled former CBN helmsman.
Hence, the N4trillion refunds in questions is above the annual operating income of the central bank of Nigeria.
PRNigeria observed that at the time of the circulation of this claim, the former CBN boss was still in custody and had no verifiable report of entering an official plea bargain.
However, there have been grapevine reports suggesting so.
In September, Sahara Reporters exclusively reported that the embattled former Central Bank Governor, Godwin Emefiele, is set to be released from the detention of the Department of State Services (DSS) after his plea bargain with the President Bola Tinubu’s administration has been concluded, Sahara Reporters has learnt.
Sahara Reporters further gathered that the non-prosecution plea bargain for Emefiele was being premised upon the former governor’s willingness to return N50billion which he had corruptly amassed.
This was followed by unconfirmed report that Mr Emefiele was reportedly set to return over N 1.6 billion to secure a plea bargain.
This is as a Federal High Court in Abuja has given him until January 25 to appear in court to explain circumstances surrounding the $53 million-judgment debt arising from the Paris Club refund.
A Senior Advocate of Nigeria, Mr Joe Agi, had initiated a garnishee proceeding against the CBN for the purpose of recovering a judgment debt of $70m from Linas International Limited and the Minister of Finance.
According to a court document, Form 15 (Judgment Summons), following the garnishee order absolute, the CBN had paid Agi part of the $70m, leaving a balance of $53m.
Meanwhile, Mr Emefiele was granted bail from detention on Wednesday to the sum of N300 million and two sureties in like sum.
According to Justice Hamza Muazu of the Federal Capital Territory High Court Abuja, the sureties must have certificates of occupancy and titles of properties within the Maitama District.
Emefiele is mandated to deposit all his travel documents with the registrar of the court and must remain within the Abuja Municipal Council.
He is expected to remain in Kuje Correctional Centre pending when he meets the bail conditions.
Emefiele was absent Wednesday morning for the ruling on his bail application. His lawyer, Mr Mathew Burkaa, however, said it was normal, as he is already at the Kuje Correctional Centre.
PRNigeria recalls that the Economic and Financial Crimes Commission (EFCC) had arraigned Emefiele on a six-count charge bordering on alleged procurement fraud.The original charge, which was 20 counts of N6.5bn, was reduced to six counts, to N1.6bn.
Conclusion: Findings by PRNigeria revealed that there is no credible and verifiable evidence to the claim that former CBN Governor, Godwin Emefiele has refunded the sum of 4 trillion naira and his arraignment by the EFCC was a six counts of N1.6bn not N4 Trillion.
PRNigeria therefore concludes that the claims that the former CBN boss refunded N4 trillion looted money lacks enough evidence to substantiate the claims.
By PRNigeria
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Jowizaza’s Billionaire Father, Reverend Sister Regain Freedom After N1.5bn Ransom Demand
Jowizaza’s Billionaire Father, Reverend Sister Regain Freedom After N1.5bn Ransom Demand
Chief Sir Joseph Ebere Ezeokafor, the billionaire businessman and father of popular socialite Jowizaza, has regained his freedom alongside a Reverend Sister after spending several harrowing days in the custody of kidnappers in Anambra State. The Anambra State Police Command confirmed on Saturday, August 15, 2026, that the septuagenarian chairman of Jezco Group of Companies and the Reverend Sister, who were abducted by armed men at Ifite-Awka, Awka South Local Government Area, have been released and safely returned to their families.
Chief Ezeokafor was abducted in the early hours of Tuesday, August 4, 2026, while reportedly on his way to a prayer ground in Awka, Anambra State. He was travelling alone without any security personnel at the time of the incident, a practice his family described as a monthly routine, and his abduction had generated widespread concern across Anambra State and beyond, with security agencies coming under immense pressure to secure his release. The businessman was released late on Friday night and subsequently picked up by a family member near the boundary between Anambra and Enugu states, close to Ebenebe, near Awka. Described by a family member as an emerging location for kidnapping activities in the axis, the Ebenebe area has reportedly been where several victims have either been abducted or taken after being kidnapped elsewhere. Confirming the development, the Anambra State Police Public Relations Officer, SP Tochukwu Ikenga, said the command is currently taking necessary steps to establish the circumstances surrounding their release and obtain relevant information that will assist ongoing investigations and the identification of the perpetrators.
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According to multiple reports, the abductors initially demanded N700 million from Ezeokafor’s family before allegedly increasing the ransom to N1.5 billion during negotiations. The family had reportedly accepted the initial N700 million demand as part of efforts to secure the businessman’s release, but sensing that there might be more money, the kidnappers subsequently raised their demand to N1.5 billion, after which they stopped further engagement with the family until their release on Saturday. A close family source claimed the family paid N1.5 billion to secure his release, though police have not officially confirmed whether any ransom was paid. The source told Punch that the family paid N1.5 billion for his release, with the kidnappers initially demanding N700 million, a figure which the victim’s family had accepted as part of efforts to secure their father’s release, but sensing some feelings that there may be more money, the kidnappers subsequently raised their demand to N1.5 billion, after which they stopped further engagement with the family until their release on Saturday. Although a police source had earlier confirmed to journalists during a police function in Awka on Friday that the family had paid the sum of N1.5 billion and was expected to be released soon, the police spokesperson declined to disclose whether ransom was paid.
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The businessman’s abduction sparked tension within the Ezeokafor family, with his eldest daughter, Blessing, publicly blaming her younger brother, Eberechukwu (Jowizaza), for making their father a target through his flamboyant lifestyle on social media. In a series of Facebook posts, Blessing accused Jowizaza of flaunting wealth on social media despite the family’s alleged financial struggles, claiming that his public display of wealth may have attracted kidnappers to their father and influenced them to demand a higher ransom. In her posts, Blessing wrote that her brother was the cause of the madness, saying social media noise when they don’t have that money, and that he uses audio money to make hoodlums think the money is available, imagining 1 billion. She further claimed the family owes banks over N40 billion in debts and insisted that the wealth projected online was “audio money.”
The Commissioner of Police, Anambra State Command, CP Nnanna Oji Ama, commended the safe return of the victims and directed intensified intelligence-led operations and a manhunt for those responsible for the abduction. The ongoing operation involves the Nigeria Police, Department of State Services, the military, Nigeria Security and Civil Defence Corps, Agunechemba security operatives and other relevant security agencies, and the command appealed to members of the public to remain vigilant and provide credible information that could assist security agencies in apprehending the perpetrators. Following his father’s release, Jowizaza took to Instagram on Saturday, August 15, 2026, to share his first public reaction with the caption “Forever grateful 🙏,” and the post, which gathered thousands of reactions within an hour, drew an outpouring of support from celebrities including Obi Cubana, Kiddwaya, and Cubana Chiefpriest, who flooded the comments with prayers and thanksgiving.
Jowizaza’s Billionaire Father, Reverend Sister Regain Freedom After N1.5bn Ransom Demand
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[UPDATED] Osun Election: Police Arrest Lawmaker with 200 PVCs, 146 Suspected Electoral Mercenaries
[UPDATED] Osun Election: Police Arrest Lawmaker with 200 PVCs, 146 Suspected Electoral Mercenaries
The Osun State Police Command has arrested a serving member of the State House of Assembly, Honourable Abiola Ibrahim Inaolaji, alongside 146 suspected electoral mercenaries in the early hours of Saturday in Ikire, Irewole Local Government Area, as part of security operations ahead of the governorship election. The lawmaker, who represents Irewole/Isokan State Constituency, was arrested at his residence during a joint operation. Confirming the arrest, the Osun State Police Public Relations Officer, Abiodun Ojelabi, said the operation was carried out by the FBI-IRT as part of intensified measures to prevent activities capable of undermining the credibility of the poll. According to the police, no fewer than 200 Permanent Voter Cards were recovered from the residence during the raid.
In a video clip obtained after the arrest, Inaolaji was seen identifying himself and allegedly stating that he facilitated the movement of the 146 suspects into Osun State from neighbouring states to participate in the governorship election. The police said the allegation remains subject to further investigation. Ojelabi told journalists that the lawmaker was arrested in Ikire with about 146 suspected mercenaries in the early hours of Saturday, and the suspects were allegedly found camped at the lawmaker’s father’s residence, with preliminary investigations indicating they were brought into Osun State from Ondo State to participate in unlawful electoral activities.
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In a separate operation at Babs Hotel, located behind the State High Court in Ede, operatives of the Anti-Robbery Section and the Violent Crime Response Unit arrested 33 suspected electoral mercenaries comprising 30 males and three females. Police said preliminary investigations indicated that the suspects were brought into Osun from Ondo State for alleged unlawful electoral activities, while four voters’ cards were recovered from them as exhibits. The suspects reportedly told investigators that an unidentified politician recruited them and promised financial rewards in exchange for voting, and the police said further investigation is ongoing to establish the identities and roles of those behind the alleged operation.
The Commissioner of Police in charge of election security, CP Samuel Etaifo Erale, reiterated the command’s commitment to ensuring a peaceful, free, fair and credible electoral process in Osun State, warning individuals and groups planning to engage in activities capable of undermining the election to desist, stressing that the police would deal decisively with electoral offences in accordance with the law. The Commissioner of Police in charge of election security had earlier disclosed that no fewer than 15,000 personnel had been deployed for the conduct of the poll, with a Deputy Inspector-General of Police overseeing the operation.
The arrests come as voting commenced across the 30 local government areas of the state amid heightened security. The election is being conducted under tight security following pre-election concerns over possible violence and intimidation, and stakeholders have continued to call on voters and political actors to maintain peace throughout voting and collation. Meanwhile, the APC deputy governorship candidate, Kayode Adereti, who voted at Ward 11, Unit 3, Ilare in Ife Central, described the voter turnout as impressive and commended the security arrangements and the operation of the Bimodal Voter Accreditation System. “The turnout is impressive and the security is perfect. The BVAS is working well, and everyone is happy here,” Adereti said, urging eligible voters to come out and participate, saying the future of the state depended on active citizen participation, and appealing to political parties and supporters to remain peaceful and allow voters to freely choose the next governor.
[UPDATED] Osun Election: Police Arrest Lawmaker with 200 PVCs, 146 Suspected Electoral Mercenaries
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