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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News
Five teenagers arrested over multiple shop burglaries in Ogun
Five teenagers arrested over multiple shop burglaries in Ogun
Operatives of the Ogun State Police Command have arrested five teenagers suspected of involvement in a series of shop burglaries across the Ado-Odo/Ota Local Government Area of the state.
The suspects were identified as Lateef Kalid, 15; Kareem Jamal, 16; Sofiu Alabi, 14; Taofik Abioro, 16; and Ogundele Monday, 15.
The arrests were made in separate incidents on September 2 and September 4, 2026, following reports of suspicious movements and alleged burglary activities in the area.
The Command’s spokesperson, DSP Oluseyi Babaseyi, confirmed the arrests in a statement issued in Abeokuta, explaining that the first incident occurred at about 3:30am on September 2.
According to Babaseyi, concerned members of the community alerted the police after a watchman noticed suspicious movements inside a market stall.
Following the report, police operatives were immediately mobilised to the location, where they allegedly found Kalid and Jamal inside the shop.
The police said stolen foodstuffs and other items were recovered from the suspects.
Babaseyi said further interrogation of the two teenagers led to the arrest of Alabi, who allegedly confessed to providing the key used to gain access to the shop.
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The police spokesperson said the three suspects arrested in connection with the first incident had already been charged to court.
In a separate incident on September 4, personnel of the Social Orientation and Safety Corps (So-Safe Corps) reportedly arrested Abioro and Monday before handing them over to the police for further investigation.
According to the police, preliminary interrogation indicated that the two teenagers allegedly confessed to participating in multiple shop burglaries across the area.
The police said subsequent searches conducted at their premises resulted in the recovery of additional items suspected to have been stolen during previous burglary operations.
Babaseyi said the case had been transferred for further investigation, while police operatives were also working to track down an outstanding accomplice who remains at large.
The police did not disclose the total monetary value of the recovered items or provide further details about the other shops allegedly targeted by the suspects.
The arrests highlight continuing concerns over property crime and burglary in Ogun State, particularly in commercial communities where shops and business premises can become targets during the night.
The Commissioner of Police, CP Bode Ojajuni, commended officers of the Ado-Odo Division for their prompt response to the initial report and praised the So-Safe Corps for assisting in the arrest and transfer of the other two suspects.
Ojajuni also called on parents and guardians to exercise closer supervision over young people and take steps to discourage them from becoming involved in criminal activities.
The commissioner urged community leaders to strengthen cooperation with security agencies and promptly report suspicious movements or activities in their neighbourhoods.
He also advised business owners and shop operators to strengthen security around their premises, particularly outside business hours, and to report suspected criminal activity to the police without delay.
The Ogun State Police Command said investigations are continuing into the second incident, while efforts remain underway to apprehend the outstanding suspect.
The allegations against the five teenagers remain subject to investigation and judicial proceedings. Their arrests and reported confessions do not amount to convictions, and they are presumed innocent unless proven guilty by a court of law.
Five teenagers arrested over multiple shop burglaries in Ogun
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NAF recruitment 2026: Step-by-step guide to applying for BMTC 47/2026
NAF recruitment 2026: Step-by-step guide to applying for BMTC 47/2026
The Nigerian Air Force (NAF) has commenced its 2026 recruitment exercise, inviting qualified Nigerians to apply for enlistment as tradesmen/women and non-tradesmen/women under the Basic Military Training Course (BMTC) 47/2026.
The NAF recruitment 2026 exercise opened on Thursday, September 3, 2026, and the online application portal will remain open until October 14, 2026.
The application is free of charge, and prospective applicants have been advised to carefully study the eligibility requirements and application guidelines before submitting their forms.
The recruitment exercise provides an opportunity for eligible Nigerians who meet the educational, age, physical and medical requirements to begin the process of joining the Nigerian Air Force.
Applicants are expected to complete the entire registration process through the official NAF recruitment portal and should not engage agents or individuals who request money in exchange for recruitment assistance.
To begin the application, prospective candidates should visit the official NAF recruitment portal and select the BMTC 47/2026 recruitment exercise.
Applicants should first read the recruitment guidelines carefully to determine whether they meet the requirements for their preferred category. Candidates are advised to understand the requirements before starting the form because the conditions for tradesmen/women and non-tradesmen/women are different.
After confirming their eligibility, applicants should complete the online application form by providing the required personal, educational and other relevant information.
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Candidates should ensure that the information supplied is accurate and corresponds with their official documents. Particular attention should be paid to names, dates of birth, educational qualifications and other personal details because inconsistencies could create difficulties during subsequent verification.
Before submitting the form, applicants should carefully review all the information entered and make any necessary corrections.
Candidates who successfully complete the online application will be required to print the relevant documents generated by the recruitment portal. These include the Acknowledgement Form, Parent/Guardian Consent Form and Local Government Area Attestation Form.
The LGA Attestation Form must be properly signed and authenticated by an authorised official in accordance with the NAF’s requirements. Depending on the conditions specified for the exercise, an authorised signatory may include a military officer from the applicant’s state, a police officer of the required rank, a substantive local government chairman or secretary, or a magistrate.
Applicants should carefully check the specific instructions on the form before obtaining the required signature and authentication.
The NAF has also warned that applicants who fail to successfully complete their online registration may not be able to generate the required forms.
For general eligibility, applicants must be Nigerian citizens by birth and must be medically, physically and psychologically fit. They must also satisfy the medical and employment standards prescribed by the Nigerian Air Force.
The minimum height requirement is 1.66 metres for male applicants and 1.63 metres for female applicants.
For tradesmen/women, applicants must be between 18 and 27 years old by March 1, 2027.
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Candidates applying under this category with National Diploma (ND) or National Certificate in Education (NCE) qualifications must have obtained their certificates from accredited institutions and meet the required academic conditions.
Applicants must generally possess at least five credits, including Mathematics and English Language, in not more than two sittings in recognised examinations such as WAEC, NECO, GCE, NABTEB or NBAIS, where applicable to the particular category.
Candidates applying for driving positions and other trades requiring a Trade Test certificate must possess the relevant Trade Test qualification and satisfy the required secondary-school certificate conditions.
Applicants seeking recruitment as drivers must also possess a valid driving licence.
Those applying under sports-related categories are expected to provide evidence of professional sporting experience. Such evidence may include relevant certificates, medals and other recognised records of sporting achievement, subject to the specific requirements of the recruitment exercise.
For non-tradesmen/women, applicants must be between 18 and 22 years old by March 1, 2027.
They must possess at least five credits, including Mathematics and English Language, in not more than two sittings in WAEC, NECO, GCE, NABTEB or NBAIS.
Applicants in this category are also required to possess the relevant Primary School Certificate and Secondary School Testimonial.
Candidates should ensure that the names and other personal information contained in their educational documents are consistent with the details provided on their NAF application form.
Submitting an application does not automatically mean that a candidate has been selected for enlistment.
According to the recruitment guidelines, applicants who successfully progress to the next stage will be considered for a Zonal General Aptitude Test.
The NAF said the date and other details concerning the aptitude test will be communicated through the official recruitment portal.
Only applicants who are successful at the aptitude-test stage will subsequently be invited for the selection interview.
Candidates are therefore advised to regularly check the official recruitment portal for announcements concerning the aptitude test, shortlisted applicants, selection interviews and other stages of the recruitment exercise.
The NAF has also warned applicants to beware of recruitment scams.
The Force says the NAF recruitment exercise is free of charge, meaning applicants are not required to pay money to submit their forms or secure consideration for enlistment.
Candidates should not give money to anyone claiming to have the ability to secure a recruitment slot, influence the selection process, guarantee placement on the shortlist or manipulate examination or interview results.
Prospective applicants should also be cautious about fake websites, social-media accounts and individuals impersonating NAF officials.
Applicants are advised to obtain recruitment information only through official Nigerian Air Force communication channels and the designated NAF recruitment portal.
Candidates should also avoid submitting multiple applications. Applicants are expected to provide accurate information and complete the application process carefully under the appropriate recruitment category.
The NAF BMTC 47/2026 recruitment exercise will close on October 14, 2026. Applicants who are interested in joining the Nigerian Air Force are advised to complete their registration before the deadline rather than waiting until the final days of the exercise.
The recruitment process is free, and meeting the eligibility requirements does not by itself guarantee enlistment. Candidates must successfully pass the various stages of the selection process before they can be considered for training.
Prospective applicants should therefore carefully follow every instruction published by the Nigerian Air Force and continue monitoring the official recruitment portal for subsequent announcements.
NAF recruitment 2026 at a glance
Recruitment exercise: Basic Military Training Course 47/2026
Application opening date: September 3, 2026
Application closing date: October 14, 2026
Application method: Online
Application fee: Free
Male minimum height: 1.66 metres
Female minimum height: 1.63 metres
Non-tradesmen/women age: 18–22 years by March 1, 2027
Tradesmen/women age: 18–27 years by March 1, 2027
Next major stage: Zonal General Aptitude Test
Subsequent stage: Selection interview
Applicants should verify the latest requirements directly on the official NAF recruitment portal before submitting their applications, particularly if the Force publishes additional instructions or updates during the recruitment period.
NAF recruitment 2026: Step-by-step guide to applying for BMTC 47/2026
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Federal Workers Demand N300,000 Minimum Wage as Cost of Living Bites Harder
Federal Workers Demand N300,000 Minimum Wage as Cost of Living Bites Harder
The Federal Workers Forum has written to President Bola Tinubu and the National Assembly, demanding an immediate review of the salaries of federal civil servants and an increase in the minimum wage from N70,000 to N300,000. The forum argued that the current wage structure no longer reflects the economic realities confronting federal workers amid Nigeria’s escalating cost of living. The letter, dated September 2, 2026, and signed by the National Coordinator of the FWF, Andrew Emelieze, and General Secretary, Ogundele Ayodele, was addressed to the Senate President and Speaker of the House of Representatives through the Clerk of the National Assembly. President Tinubu, the Chief Justice of Nigeria, and the Head of the Civil Service of the Federation were also listed among the recipients, underscoring the urgency and high-level nature of the workers’ demands.
The forum proposed a new salary structure with a minimum of N300,000 for Level 1 Step 1 workers and a maximum of N1.5 million for Level 17 officers. The proposed structure would set salaries progressively across all grade levels, with Level 2 workers earning N330,000; Level 3, N360,000; Level 4, N390,000; Level 5, N420,000; Level 6, N450,000; and Level 7, N480,000. For senior officers, the forum proposed N510,000 for Level 8; N550,000 for Level 9; N600,000 for Level 10; N700,000 for Level 12; N750,000 for Level 13; N800,000 for Level 14; N1 million for Level 15; N1.2 million for Level 16; and N1.5 million for Level 17 officers. “We call for justice and immediate wage review now, adjust the federal minimum wage to N300,000 and a maximum wage of N1.5m for the Level 17 officers,” the forum stated. The workers said their N300,000 minimum wage proposal was based on an estimated monthly expenditure covering feeding, transportation, accommodation, family support, electricity, cooking gas, phone and data, water and other utilities. “Our projections here are fair, and we believe it can still be accommodated in the present budget based on the daily increased earnings and the excess crude oil sales earnings,” the forum said, linking their demands to the government’s improved revenue position.
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The FWF said the demand was necessitated by what it described as the incomplete implementation of the N70,000 minimum wage approved in 2024, claiming that federal workers had yet to receive the full consequential adjustment and associated allowances. “It will surprise you to hear that the Federal Government has not fully implemented the new national minimum wage since July 2024. We have been in the battle for full consequential adjustment of the new minimum wage,” the group stated. According to the workers, the 2024 wage review increased the minimum wage from N30,000 to N70,000 but resulted in what they described as a flat N40,000 increase across all levels of the federal civil service. “Only N40,000 was added to the salaries of every federal worker across all levels,” the forum said. The FWF argued that the statutory three-year review period should not prevent the government from responding immediately to what it described as an emergency deterioration in workers’ purchasing power, making the case that waiting until 2027 would be catastrophic for workers already struggling to survive.
The workers complained that the rising cost of food, transportation, accommodation, electricity, cooking gas and other necessities had made the N70,000 minimum wage inadequate. “Federal workers have been enduring the situation, and everything has been frustrating and nauseating. We cannot cope again. Federal workers are dying in instalments; we are suffering in silence; our salary is too poor; it is not taking us home,” the letter stated. The FWF further alleged that some federal workers had become heavily indebted to microfinance institutions and digital loan platforms in an attempt to meet their daily needs. “Federal workers are now heavily indebted to microfinances and, most times, federal workers resort to phone loan apps to get transportation to work,” the group said. The forum also claimed that some workers had resorted to using firewood because they could no longer afford cooking gas. It argued that the worsening financial situation could affect workers’ productivity and create conditions conducive to corruption, painting a grim picture of the daily struggles facing federal civil servants.
Amid the growing pressure, the Presidency has signalled a willingness to consider a wage review. In June 2026, Chief of Staff Femi Gbajabiamila acknowledged that the N70,000 minimum wage, while a milestone in 2024, must be reassessed against today’s realities. “The N70,000 wage, which was a milestone in 2024, must be honestly reassessed against today’s realities,” Gbajabiamila said. He added that when the review process begins, “this administration will approach that endeavour not as an adversary of labour, but as a partner,” signalling a more conciliatory stance from the government compared to previous wage negotiations.
The demand for a higher minimum wage is not limited to the FWF. The Nigeria Labour Congress and the Trade Union Congress have also reopened negotiations with the Federal Government, pushing for a significantly higher wage of N500,000. NLC President Joe Ajaero, speaking at the Rights of Workers Summit in Birnin Kebbi, said the current N70,000 wage was no longer sufficient to meet workers’ basic needs. “Anything less than N500,000 cannot cater for workers. The current minimum wage is due for review, and we will soon begin negotiations with the government,” Ajaero said, raising the stakes in the wage debate and setting the stage for potentially contentious negotiations with the federal government.
While labour unions push for N500,000, some stakeholders have described the proposal as unrealistic given Nigeria’s prevailing economic conditions. The Coordinator of the Forum of Delta State NGOs suggested a more moderate range of between N250,000 and N300,000, arguing that the labour unions’ demand may be impractical. The debate highlights the tension between workers’ needs and the government’s fiscal capacity, with the FWF’s N300,000 proposal representing a middle ground between the current N70,000 wage and labour’s more ambitious N500,000 target.
Kebbi State Governor Nasir Idris has pledged to champion the unions’ demands at a meeting of the Nigeria Governors’ Forum. The governor, who noted that his administration was the first among state governments to implement a N75,000 minimum wage, assured workers that his state would implement any new national minimum wage agreed upon by the Federal Government. His commitment signals that some state governments may be willing to support a wage increase, though the fiscal implications for cash-strapped states remain a significant concern.
Federal Workers Demand N300,000 Minimum Wage as Cost of Living Bites Harder
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News2 days agoNAF recruitment 2026: Step-by-step guide to applying for BMTC 47/2026
