The suspects currently in custody were said to have presented a forged letter on February 7 and 8, 2023, purportedly signed by Buhari to withdraw the money allegedly meant for payment for foreign election observation missions.
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REVEALED! Emefiele operated 593 illegal US, UK, China accounts – CBN investigator
REVEALED! Emefiele operated 593 illegal US, UK, China accounts – CBN investigator
The former Central Bank of Nigeria Governor, Godwin Emefiele, illegally lodged billions of naira in no fewer than 593 bank accounts in the United States, United Kingdom, and China without the approval of the apex bank’s board of directors and the CBN Investment Committee.
The Special Investigator on the CBN and Related Entities, Jim Obaze, found that the ex-CBN governor lodged £543, 482,213 in fixed deposits in UK banks alone without authorisation.
When contacted, counsel for Emefiele, Mathew Bukkaa, SAN, asked one of our correspondents to send him a text message. He has yet to reply to the message as of the time of filing this report.
Meanwhile, Obaze submitted his final report tagged, ‘Report of the Special Investigation on CBN and Related Entities (Chargeable offences) to President Bola Tinubu on Wednesday.
The report partly read, “The former governor of CBN, Godwin Emefiele invested Nigeria’s money without authorization in 593 foreign bank accounts in United States, China and United Kingdom, while he was in charge.
“All the accounts where the billions were lodged have all been traced by the investigator.”
In a letter dated July 28, 2023, sighted by The PUNCH, President Bola Tinubu had named a former Executive Secretary of the Financial Reporting Council of Nigeria, Obazee, as the CBN special investigator
Emefiele, who is currently in Kuje Custodial Centre, is being prosecuted for N1.2 billion procurement fraud.
He has not been able to perfect the N300m bail granted him by a High Court of the Federal Capital Territory on November 22.
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However, documents obtained by our correspondent on Thursday indicated that the former apex bank governor might face fresh criminal charges over the handling of the CBN naira redesign policy.
Emefiele could be prosecuted for illegal issuance of currency under section 19 of the CBN Act alongside Tunde Sabiu, a former aide to former President Muhammadu Buhari, and 12 top directors of the CBN.
It was gathered that the naira redesign policy was sold to Buhari at the instance of Sabiu and that the initiative was done without the approval of the board of the CBN.
No approval
The investigator found that Buhari didn’t approve of the naira redesign. It was Tunde Sabiu who first told Emefiele in September 2022 to consider the redesign of the naira. On October 6, 2022, Emefiele wrote to Buhari that he wanted to redesign and reconfigure N1000, N500 and N200 notes.
“The former President tagged along but did not approve the redesign as required by law. Buhari merely approved that the currency be printed in Nigeria. The redesign was only mentioned to the board of the CBN on December 15, 2022, after Emefiele had awarded the contract to the Nigerian Security Printing and Minting Plc on October 31, 2022,’’ the documents noted.
Emefiele was said to have contracted the redesign of the naira to De La Rue of the UK for £205, 000 pounds under the vote head of the Currency Operations Department after the NSPM said it could not deliver the contract within a short timeframe.
The special investigator found that N61.5bn was earmarked for the printing of the new notes out of which N31.79bn had been paid.
As of August 9, 2023, findings revealed that N769bn of the new notes were in circulation.
The probe of the CBN also revealed the fraudulent use of N26.627tn Ways and Means of the Apex Bank as well as the misuse of the COVID-19 intervention fund.
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For instance, the CBN under Emefiele at its 661st meeting held on October 27, 2020, approved that the Consolidated Revenue Fund Account should be debited with the sum of N124.860bn, and the decision was implemented on October 9.
Similarly, the Committee of Governors at its 670th meeting held on December 9, 2020, granted anticipatory approval ‘’pending receipt of a formal request by Mr President and ratification by the board of directors the payment of the sum of N250bn only to the Federal Government of Nigeria to address challenges as a result of low revenue inflow and the payment of salaries.
The decision was implemented on December 15, 2020.
Anticipatory approval
Also on December 30, 2020, the committee of governors at its 672nd meeting granted another anticipatory approval for N250bn to the Federal Government for payment of salaries pending receipt of a formal request by Mr President and ratification by the board of directors.
The apex bank’s management through the Finance and General Purpose Committee equally granted anticipatory approval on the investment of $200mn in equity warrants of the Africa Finance Corporation.
According to section 38 of the CBN Act, 2007, the CBN could grant temporary advances to the Federal Government in respect of temporary deficiency of budget revenue at an interest.
The section also provides that such advances are to be repaid by the end of the financial year in which they are granted otherwise, the CBN shall be stopped from granting such advances in the subsequent year.
The advance is not to be repaid by way of promissory note, securitization or issuance of treasury bills.
The CBN investigator discovered that the CBN Ways and Means was abused under the Buhari administration.
The document further said, “In an instance, they (senior CBN and government officials) padded what the former President Muhammadu Buhari approved with N198,963,162, 187. There are instances where no approvals are received from the former president and yet, N500bn is taken and debited to Ways and Means.
“There are more shocking instances where the erstwhile CBN governor and his four deputy governors connived to steal outright in order to balance the books of the CBN.
“This was by violently taking money from the Consolidated Revenue account and then charging it to Ways and Means. It was a total of N124.860bn. They even created the narration as a presidential subsidy and expanded the ways and Means portfolio to accommodate crime.
“The CBN officers and even the then acting CBN governor could not produce the Presidential Approval of most of the expenses described as ‘Ways and Means.’ When confronted, to provide the breakdown of the supposed N22.7trn that was presented to the 9th National Assembly to illegally securitise as ‘Ways and Means’ financing, they were only able to partially explain a total of N9.063 trn or N9.2trn depending on which official you are considering his submission and an unreasonable attribution of non-negotiated interest element of N6.5tn.
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“This shows that this was the point where the officers of the immediate past administration as well as the erstwhile CBN governor and his four deputy governors connived, defrauded, and stole from the commonwealth of our country with the aid of civil servants.’’
Continuing, the report said, “The true position of the Ways and Means as documented from the reconciliation between the CBN and the Ministry of Finance at the time is N4,449,149,411,584.54.
“This may have been the main reason the past administration hurriedly sought that the advances of N22.7trn be securitised by the 9th National Assembly on December 19, 2022, which they also hurriedly did despite the fact that it contravenes section 38 of the CBN Act, 2007.”
Legal fees
The CBN under Emefiele was also said to have spent N1.7bn on questionable legal fees for 19 cases instituted against the naira redesign policy.
The investigator also discovered how Emefiele misrepresented the presidential approval for the NESI Stabilisation Strategy Limited approved by former president Goodluck Jonathan.
The document read, “The Presidential approval granted by then President Goodluck Jonathan was rightly stated by him NESI should be a company limited by guarantee but the Committee of Governors misled the Board of the CBN by relying on non-existent advice by the office of Attorney-General and Minister of Justice to incorporate a company limited by shares for which the allotted share capital exceeded the authorised share capital (See 380th meeting of the Committee of Governors held in January in January 2015) and allotting unauthorised share capital to Mr Godwin Emefiele and Mr Mudashiru Olaitan without lawful approval by the President.
“N1.325bn was stolen pre-incorporation and the money funnelled to four companies, including a legal firm which got N300mn.’’
Between 2015 and 2021, an investment company was said to have collected unlawfully a total of N4.89bn.
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A breakdown indicated that the firm received N262mn in 2015, N464mn in 2016, N550mn in 2017, N726mn in 2018, N762 in 2019, N684 in 2020 and N1.44bn in 2021, totalling N4.89bn.
Emefiele also allegedly paid N17.2bn to 14 deposit money banks participating in the Nigerian Electricity Market Stabilisation Facility.
“A total of 14 DMBs engaged in the manipulation by unlawfully arranging and collecting 1.9535 per cent of the total disbursements paid to the DMBs participating in the Nigerian Electricity Market Stabilisation Facility.
The fees are paid to the banks in the ratio of their contributions to the NEMSF disbursement, according to External Auditor’s Notes to the Financial Statement of NESI Stabilisation Strategy Limited.
“The CBN also went further by authorising the issuance of debenture for the NESI SPV, starting with N64.8bn in 2015. By 2021, N952bn debenture had been issued. The investigator said the money was diverted from public funds,’’ the document further stated.
It was further gathered that Emefiele could be tried for alleged manipulation of the naira exchange rate, fraudulent implementation of the e-naira project, and exemption of three foreign firms from paying income tax.
Meanwhile, the investigation has uncovered the strange illegal withdrawal/theft of $6.23mn from the CBN vault by two persons who used a forged presidential letter.
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UNILORIN VC to graduates: Let this investment count
UNILORIN VC to graduates: Let this investment count
ILORIN — The Vice-Chancellor of the University of Ilorin (UNILORIN), Professor Wahab Olasupo Egbewole, SAN, has urged graduating students to justify the sacrifices made by their parents, guardians and other stakeholders by using their education, knowledge and skills to solve societal problems and contribute meaningfully to national development.
Egbewole gave the charge in his address titled “Let This Investment Count!” at the university’s 41st Convocation Ceremony, where he congratulated the graduands and challenged them to translate the opportunities provided by university education into tangible benefits for themselves and society.
The Vice-Chancellor’s message placed emphasis on the responsibilities that come with obtaining a university degree, particularly the need for graduates to demonstrate that the time, money, energy and other resources invested in their education have produced meaningful results.
He called on the graduands to appreciate the contributions of their parents and guardians, whose sacrifices had helped them reach the milestone, while also recognising the efforts of the university’s academic and non-academic staff and other stakeholders in their educational journey.
According to the message of the address, the significance of graduation goes beyond receiving certificates and celebrating academic achievements. It also marks the beginning of a new phase in which graduates are expected to apply their learning, demonstrate discipline and integrity, and contribute to the development of their communities.
The charge comes at a time when Nigerian graduates face concerns over unemployment, changing workplace requirements and the need to acquire practical competencies that complement conventional academic qualifications.
Egbewole’s appeal therefore highlights the importance of ensuring that university education produces individuals capable of creating opportunities, addressing real-life challenges and adding value to their workplaces and communities.
16,152 students to graduate
The 41st Convocation Ceremony is expected to see the university graduate a total of 16,152 students for the 2025/2026 academic session.
The figure comprises 11,213 students receiving first degrees and 4,939 candidates earning higher degrees and diplomas.
Among the undergraduate graduands, 365 earned First-Class honours, while 4,367 obtained Second-Class Upper Division degrees. Another 5,102 graduated with Second-Class Lower Division degrees, 1,006 earned Third-Class degrees and 30 obtained Pass degrees.
The graduating class also includes students from several professional programmes, including Medicine and Surgery, Nursing, Pharmacy, Optometry, Physiotherapy and Veterinary Medicine.
The scale of the graduating class underscores the responsibility confronting the university and other stakeholders in ensuring that graduates are adequately prepared for the demands of employment, entrepreneurship, professional practice and further learning.
For the graduands, the Vice-Chancellor’s message serves as a reminder that the value of their qualifications will increasingly be demonstrated through their conduct, competence, creativity and contributions beyond the university environment.
Beyond certificates, emphasis on practical skills
The university has also placed increasing emphasis on equipping students with practical skills to complement their academic qualifications.
One of the initiatives highlighted ahead of the convocation is the University of Ilorin’s U-INSPIRE programme, through which 8,320 participants successfully completed training designed to strengthen their employability, entrepreneurial capacity and readiness for the demands of the modern workplace.
The programme was developed in collaboration with industry partners to help students acquire relevant competencies beyond classroom instruction.
At the graduation ceremony for the programme’s second cohort, Egbewole urged participants to move beyond academic certificates, develop practical capabilities and turn innovative ideas into sustainable businesses.
The initiative reflects a broader recognition that graduates need more than theoretical knowledge to thrive in an increasingly competitive economy.
Practical experience, problem-solving ability, creativity and the capacity to identify and respond to emerging opportunities are becoming important complements to formal qualifications.
The university’s efforts in this area provide additional context for the Vice-Chancellor’s appeal to graduands to make their educational investment count.
Parents, guardians and stakeholders share in the investment
The address also draws attention to the role played by parents, guardians and other supporters in the education of university students.
For many Nigerian families, sponsoring a child through university involves considerable financial and personal sacrifices, including the payment of tuition-related charges, accommodation, feeding, learning materials, transportation and other expenses.
Beyond financial contributions, families often provide emotional support, encouragement and guidance throughout their children’s academic journeys.
The successful completion of a degree is therefore not only a personal achievement for the graduand but also a milestone for the families and communities that supported the process.
The Vice-Chancellor’s call places a responsibility on graduates to honour those sacrifices by making responsible decisions, upholding ethical standards and applying their knowledge in ways that benefit others.
It also reinforces the need for graduates to recognise education as an opportunity to develop their potential and contribute to society, rather than merely as a means of obtaining certificates.
UNILORIN highlights institutional progress
The convocation also provides an opportunity for the university to showcase its academic and institutional achievements during the 2025/2026 session.
Ahead of the ceremony, Egbewole highlighted several developments, including the accreditation of 11 academic programmes, the expansion of campus transportation and the strengthening of research, innovation and institutional partnerships.
The university also disclosed that it received a ₦25 million award from the Joint Admissions and Matriculation Board in recognition of its compliance with admission regulations.
In addition, the institution announced the introduction of 12 compressed natural gas-powered buses and 20 electric tricycles to improve transportation within the campus.
The university has continued to pursue its Vision 1:10:500 aspiration, which seeks to make it Nigeria’s leading university, place it among Africa’s top 10 institutions and secure a position among the world’s top 500 universities.
The vision reflects the institution’s stated ambition to strengthen academic standards, research output, innovation, partnerships and its international standing.
Egbewole has also stressed the importance of continuity, responsible management of resources and collective commitment to sustaining institutional progress.
A new responsibility for graduands
As the graduands prepare to leave the university, the message of “Let This Investment Count!” places their future contributions at the centre of the convocation celebration.
Their degrees represent years of learning and assessment, but they also carry expectations from families, employers, communities and the wider society.
For those entering the labour market, the challenge will be to demonstrate the knowledge and skills acquired through their studies. For aspiring entrepreneurs, it will be to identify opportunities, develop viable ideas and create value. Others will pursue postgraduate education, professional development or careers in public service.
Whatever paths they choose, the central challenge is to make their education relevant to the needs of society.
The university’s 41st Convocation Ceremony, which runs from October 16 to 25, 2026, celebrates the achievements of its graduating students while providing an opportunity to reflect on the responsibilities that accompany higher education.
For the graduands, the message is clear: the completion of a degree is not the end of their journey but the beginning of a new responsibility to themselves, their families and society.
The ultimate measure of the investment in their education will be what they do with the knowledge, discipline and opportunities they have acquired.
UNILORIN VC to graduates: Let this investment count
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Mexico Clears Reno Omokri as Nigeria’s Ambassador After Eight-Month Wait
Mexico Clears Reno Omokri as Nigeria’s Ambassador After Eight-Month Wait
The Mexican government has granted diplomatic approval for Reno Omokri’s appointment as Nigeria’s ambassador to Mexico, ending an eight-month wait for the confirmation of his posting by the host country.
Omokri disclosed this in a post on his X account on Tuesday, saying José Manuel Briseño Flores, chargé d’affaires of the Embassy of Mexico in Abuja, had delivered the diplomatic approval, known as agrément, to Babagana Wakil, Director of Protocol at Nigeria’s Ministry of Foreign Affairs.
The approval covers Omokri’s appointment as Ambassador Extraordinary and Plenipotentiary to Mexico, with concurrent accreditation to Guatemala, Honduras and Nicaragua.
“ To God be the glory, the Chargé d’affaires of the Embassy of the United Mexican States in Abuja, Mr José Manuel Briseño Flores, today in Abuja delivered the agrément from the Government of the United Mexican States accepting me,” Omokri said.
The development clears a major hurdle in the process of deploying the former presidential aide and political commentator to his diplomatic assignment, following months of uncertainty over the status of his appointment.
President Bola Tinubu had in March approved the posting of 65 ambassador-designates and high commissioners to various countries as part of efforts to strengthen Nigeria’s diplomatic representation abroad.
Omokri was among those named for ambassadorial postings, with Mexico designated as his principal country of assignment.
However, his deployment could not be concluded immediately because Mexico had yet to formally accept his nomination, a necessary step in the diplomatic appointment process.
Under established diplomatic practice, a government seeking to appoint an ambassador must obtain the receiving country’s agrément before the nominee can be formally deployed. The procedure allows the host country to indicate its acceptance of the proposed envoy.
In August, the Ministry of Foreign Affairs disclosed that Mexico and Japan were among the countries that had yet to communicate formal acceptance of two outstanding ambassadorial appointments.
The ministry said it was engaging the relevant authorities in the affected countries and expressed confidence that the outstanding approvals would be secured in due course.
Mexico’s decision now resolves the uncertainty surrounding Omokri’s posting, although the completion of any remaining formalities and the commencement of his diplomatic duties may still depend on the applicable procedures.
Omokri, a former aide to ex-President Goodluck Jonathan, is known for his political commentary and frequent interventions in Nigeria’s public discourse. His appointment forms part of the Tinubu administration’s wider effort to fill key diplomatic positions and strengthen the country’s engagement with foreign governments.
With the approval secured, attention will now turn to the completion of the remaining diplomatic formalities and his eventual assumption of duty in Mexico.
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Delta Mourns as Former Governor Uduaghan Dies After Brief Illness
Delta Mourns as Former Governor Uduaghan Dies After Brief Illness
A former Governor of Delta State, Dr Emmanuel Eweta Uduaghan, has died at the age of 71 after a brief illness, his family announced on Monday.
Uduaghan, who governed Delta State for eight years between 2007 and 2015, died on the morning of October 19, 2026, according to a statement issued by the family and signed by Toju Andre Uduaghan.
The family described his death as a devastating loss, saying his life and years of public service touched many people across Delta State and Nigeria.
The statement, titled “Announcement of the Passing of His Excellency, Dr Chief Emmanuel Eweta Uduaghan,” read in part, “It is with hearts weighed down by immeasurable grief and profound sorrow that we announce the passing to glory of our beloved Father, Brother, Uncle, and Patriarch.”
The family said Uduaghan was a source of strength and a respected elder whose contributions to public service and family life would remain indelible.
“He served as Commissioner for Health from 1999 to 2003, Secretary to the Delta State Government from 2003 to 2007, and Governor of Delta State from 2007 to 2015,” the statement said.
It added that throughout his years in public service, the former governor demonstrated a commitment to the human and infrastructural development of the state.
The family described his death as a profound loss not only to his relatives but also to the people of Delta State and the country at large.
While expressing gratitude to God for his life and legacy, the family prayed for the repose of his soul and for divine comfort for those mourning his death.
“We pray that Almighty God, in His infinite mercy, will grant his soul eternal rest and comfort our family, friends, associates, former colleagues, and all who mourn this painful loss,” the statement added.
The family said Uduaghan’s memory would remain alive through the lives he touched and the legacy he left behind.
“Rest well, our beloved Father, Brother, and Uncle. Your memory will forever remain in our hearts, and your legacy will endure in the lives of those you touched,” it said.
The statement concluded with a prayer for the peaceful repose of his soul.
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