Fact Check: Did former CBN Gov, Emefiele refund N4trillion looted money? – Newstrends
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Fact Check: Did former CBN Gov, Emefiele refund N4trillion looted money?

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Former CBN Governor, Godwin Emefiele during a court appearance

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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$6bn fraud: Judge scolds Agunloye’s counsel over delay tactics

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Former Power and Steel Minister Olu Agunloye

$6bn fraud: Judge scolds Agunloye’s counsel over delay tactics

Justice Jude Onwuegbuzie of the Federal High Court, Apo, Abuja On Thursday, chastised Adeola Adedipe, SAN, counsel to former Minister of Power, Olu Agunloye, for using delay tactics to slow the pace of the former minister’s prosecution. 

Agunloye is being prosecuted by the Economic and Financial Crimes Commission, EFCC, on seven counts of official corruption and fraudulent award of the Mambilla Power Project contract worth $6 billion.

During Thursday’s hearings, the court observed that the defence counsel has been in the habit of making excuses based on Agunloye’s health and age, as well as filing various motions, ensuring that little progress has been achieved in the trial.

Addressing the defence counsel, Justice Onwuegbuzie stated that “My principle of justice is that of no delay. The other time you brought the issue of amicus curiae and wasted the time of the court. You should also know that in my court I don’t read processes.

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“If you need time to serve processes, it must reach me on time, and your colleague must also be duly aware in time. There must be mutual respect. Do not come and serve processes in court; I don’t take that in my court,” he said.

Prosecuting Counsel Abba Mohammed, SAN, informed the court at the start of proceedings that the business of the day was the adoption of the prosecution’s application for the amendment of the charge, which was filed on October 30, 2024, to which the defence responded with a counter-affidavit and a request for an adjournment to allow the prosecution to study the affidavit.

Justice Onwuegbuzie adjourned the case until November 28, 2024, to rule on the adoption of the application.

 

$6bn fraud: Judge scolds Agunloye’s counsel over delay tactics

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Emefiele printed new naira notes different from what Buhari approved – Ex-CBN official

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Former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele

Emefiele printed new naira notes different from what Buhari approved – Ex-CBN official

The trial of former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, continued at the Federal Capital Territory (FCT) High Court in Maitama on Thursday, November 14, 2024.

A former CBN Deputy Governor, Kingsley Obiora, who served in the policy department, testified that the newly printed naira notes issued during Emefiele’s tenure deviated from the approval granted by then-President Muhammadu Buhari.

In his testimony before Justice Maryann Anenih via Zoom, Obiora disclosed, “the approval by then President Muhammadu Buhari was different from what was eventually produced,” according to a statement from the Economic and Financial Crimes Commission (EFCC).

Obiora, responding to evidence presented by prosecution counsel Rotimi Oyedepo SAN, explained that he noticed discrepancies when comparing the naira notes in circulation with the President’s original directive.

During his seven-year tenure at the CBN, Obiora served on the Committee of Governors (COG), which he described as a body comprising “the governor, four deputy governors, and the director of corporate services.” He clarified, “The governor is the Chairman of the Committee, and during my tenure as Deputy Governor, Emefiele was our Chairman.” Obiora said the Committee met every Wednesday to address significant policy matters.

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Obiora recalled the initial introduction of the redesign plan during an event marking the one-year anniversary of the e-naira in Lagos on October 25, 2022. “The governor called all four deputy governors into a huddle and informed us of the plan to redesign the currency,” he said, expressing immediate concerns, as he felt “the event itself may not be the appropriate place to announce such a major policy.” He advised that the policy undergo further scrutiny before any public announcement.

Despite his reservations, Obiora noted that Emefiele proceeded with the plan, formally presenting it to the COG on October 26, 2022. “The governor mentioned that we had already had the president’s approval for the policy,” he stated, adding, “The deputy governor in charge of currency operations presented a memo, and it was discussed, deliberated upon.” Following this, a press conference was held to announce the redesign.

Obiora explained that the CBN Board was formally briefed on the naira redesign months later, in mid-December 2022. He said, “The policy was discussed at the board level mid-December. The board did not sit as day-to-day management but instead gave policy directions.” Obiora clarified that “the board’s involvement in the policy was limited to endorsing the COG’s prior decision, not initiating it.”

During cross-examination, defense counsel Olalekan Ojo, SAN, questioned Obiora about the timing of the board’s formal involvement. Ojo suggested that the December meeting “conforms with the naira notes currently in circulation,” to which Obiora responded, “Yes, sir.” He noted there had been no indication or directive from former President Buhari challenging the redesign.

Reflecting on past experiences with currency design, Obiora mentioned that while he was with the bank during the introduction of a redesigned N100 note in 2014, he was not directly involved in its development.

After delivering his testimony, Justice Anenih discharged Obiora and adjourned the case to December 4, 2024, and January 21, 2025, for further proceedings.

 

Emefiele printed new naira notes different from what Buhari approved – Ex-CBN official

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Train attack: ECOWAS court dismisses SERAP suit against FG

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Train attack: ECOWAS court dismisses SERAP suit against FG

The Community Court of the Economic Community of West African States (ECOWAS Court) has rejected a suit filed by a group of Nigerian activists, the Socio-Economic Rights and Accountability Project (SERAP) over an attack by bandits on an Abuja-Kaduna train on March 28, 2022.

The court held that it lacks jurisdiction over the case because relevant ingredients that could qualify it to be entertained as a public interest litigation were missing.

SERAP filed the case after bandits attacked the Abuja-Kaduna passenger train in 2022.

In the attack, armed assailants bombed the train carrying over 970 passengers on the Abuja-Kaduna rail line near Rigasa in Kaduna.

The attack led to numerous fatalities, injuries, and abductions.

SERAP, by its case, sought to hold the government of Nigeria accountable for alleged human rights violations in relation to the terrorist attack.

The organisation claimed, among others, that the attack was the result of the state’s inability to provide tight security for the passengers.

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SERAP argued that Nigeria’s alleged lack of measures to avert the attack violated the rights of passengers to life, security, and dignity.

It prayed for a N50 million compensation for each of the passengers and their families.

In a judgment delivered on Wednesday, the regional court declared the suit inadmissible due to lack of victim status required for public interest litigation.

A statement by the court said the judgment was delivered by Justice Dupe Atoki.

It added: “The court recognised its jurisdiction to hear the case as it involved potential human rights violations within a member-state, in accordance with Article 9(4) of the ECOWAS Supplementary Protocol.

“However, the court found the claim inadmissible on grounds that it failed to meet the victim status requirement essential for litigation under Article 10(d) of the same Protocol.

“In its findings, the court said that SERAP claimed to be acting in public interest, citing previous incidents of terrorism in the region, including attacks on educational institutions and transportation services.

“However, the court determined that the case did not meet the criteria for a public interest action, or actio popularis, which requires that the alleged violations affect a large, indeterminate segment of the public or the general public itself.

“The Court highlighted that: The victims of the March 28 attack were identifiable individuals rather than an indeterminate public group, making the claim unsuitable as a public interest litigation.

“The reliefs sought, including specific monetary compensation, were directed at the identifiable victims of the attack rather than the public at large.

“Members of the three-member panel of the court were Honourable Justice Ricardo Cláudio Monteiro Gonçalves(presiding judge), Honorable Justice Sengu Mohamed Koroma (panel member), and Honorable Justice Dupe Atoki (judge rapporteur).”

Train attack: ECOWAS court dismisses SERAP suit against FG

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